Terms & Conditions

• (1) Block Sage GmbH is a limited liability company, registered at the commercial register of the Vienna Commercial Court under FN 514983 d, with its registered office in Vienna and its business address at Seidlgasse 21 /2, 1030 Vienna ("Block Sage" or "We"). The business purpose of Block Sage is the development, production and marketing of IT products, especially online platforms and the associated provision of services.
• (2) The customer ("Customer" or "You") is a natural or juridical person. The client intends to invest in a portfolio consisting of various virtual currencies in order to benefit from increases in the value of virtual currencies or to protect the value of his own assets.
• (3) To provide the services offered through https://blk-sage.com , Block Sage cooperates with a number of partners ("Partners" or "Contract Partners") to enable the trading of virtual currencies. In the process, individual accounts are created with the partners in the name and on account of the customer. The customer takes note and accepts that the terms and conditions and the privacy policies of the partners apply. In case the terms and conditions of Block Sage and its partners are contradicting, the terms and conditions of Block Sage take priority. The partners and their terms and conditions and their privacy policies are listed in Annex 2 and provided in the terms and conditions section on https://blk-sage.com.

• (1) The customer commissions and authorizes Block Sage to manage virtual currencies and the resulting capital gains in his name and on his account at his own discretion and without prior instructions in accordance with these contractual conditions.
• (2) Block Sage is within the scope of its activities particularly authorized by the customer to buy and sell, convert, exchange, or lend virtual currencies, to settle the costs and fees to be borne by the customer in the event of insufficient funds by selling virtual currencies at its own discretion, and to take all other measures that appear appropriate in the context of managing the portfolio. This can also include transferring virtual currencies from one of the customer’s accounts to another of his accounts. Block Sage is also entitled to execute all orders and measures electronically. Block Sage is not obliged to inform and consult with the customer before the investment decision is made.
• (3) Management shall not include investment, tax and legal advice.
• (4) Block Sage does not carry out the investment decisions made in the name and on the account of the customer itself but passes them on to the partners.
• (5) Block Sage is not authorized to (i) acquire ownership or possession of the customer's virtual currencies and/or (ii) make withdrawals, transfers or other dispositions from the portfolio to the account of a third party. The only exception is the remuneration of Block Sage under this agreement.
• (6) Block Sage is authorized to represent the customer within the scope of the management to the partners and other third parties and thus to act in the name of the customer as well as on his account and risk ("Power of Attorney").
• (7) The power of attorney may be revoked by the customer at any time. The power of attorney shall not expire upon the death of the customer.
• (8) The customer instructs Block Sage to forward desired deposit orders and withdrawal orders from/to his reference account via a secure authentication procedure by electronic means to the exchange for execution after checking the respective order.
• (9) The customer will notify Block Sage of any changes to the customer master data electronically via a secure authentication procedure. This does not apply to changes of name and date of birth, for which a letter with original signature and, if necessary, further documents are required. The customer acknowledges that these changes to the customer master data will not be forwarded to the partners and must therefore be notified separately.
• (10) The customer does not carry out his own transactions on his accounts. The customer refrains from giving instructions directly or indirectly to the exchange or other contractual partners of Block Sage or from making claims against the contractual partners of Block Sage resulting from the execution of instructions by Block Sage to them.
• (11) The partners receiving the orders are explicitly entitled to reject the execution of orders at any time without giving reasons and without prior notification.
• (12) The customer can view his portfolio online at any time via the website offered by Block Sage (login via https://blk-sage.com ). The customer thus has the possibility to obtain comprehensive information regarding the portfolio directly online at any time. In this context, the customer confirms that he has regular access to the internet by signing this agreement.
• (13) Over the course of the representation, contractual matters that are required to fulfill the services offered by Block Sage are shared with the partners in the name and on account of the customer. These contractual matters include personal documents such as an official photo identification and, if needed, an address verification, and information concerning the customer’s acceptance of the terms and conditions, which may be needed for the execution of orders by the partners.

• (1) Before using the website, customers are required to register on the website and create a user account. As part of the registration process, customers first enter their first name, last name, e-mail address and choose a password of their choice. After entering this information, customers receive an e-mail with an activation code, which must be entered on the website to continue the registration process. Afterwards, customers have to upload an official photo identification and, if necessary, other documents, such as a current utility bill as a proof of address. The customer then completes a data collection sheet via the website. Block Sage forwards this information to the partners and creates accounts in the name and on behalf of the customer. Only after successful registration at the partners, customers can use the services of Block Sage via the website.
• (2) To continue the registration process, customers must explicitly agree to the terms and conditions of Block Sage and the partners and take note of the privacy policy of Block Sage and the partners. The partners, their terms and conditions and their privacy policies are listed in Annex 2 and provided in the terms and conditions section on https://blk-sage.com. In case the terms and conditions of Block Sage and its partners are contradicting, the terms and conditions of Block Sage take priority.
• (3) Customers have the possibility to log in via the website of Block Sage using an account from Google, Facebook, or Apple. When choosing one of these providers, customers are automatically redirected from the website to the Google, Facebook or Apple login page. After logging in via Google, Facebook or Apple, Block Sage receives the customer's name and email address; the registration process can then be continued by the customer via the website.
• (4) Customers are responsible for ensuring the confidentiality of their account and password and for restricting access to their devices such as computers and smartphones. Customers should take all necessary steps to keep their account information confidential. If there is reason to believe that a third party has obtained knowledge of the customer password or is otherwise using the password in an unauthorized manner, customers are required to notify us immediately. In the event of suspicion of money laundering or terrorism financing or other activities that violate these Terms and Conditions or the Terms and Conditions of any partner, Block Sage reserves the right to block user accounts.
• (5) Customers can access a dashboard via the website and the mobile app, which displays information on the amount paid into the portfolio, the performance of the portfolio and a news ticker. Through the dashboard, customers can view their portfolio of virtual currencies and navigate between different functions such as making deposits or withdrawals. Block Sage reserves the right to make changes to the dashboard at any time and to remove or add features, excluding features that are necessary for the management of the portfolio. Block Sage is not obliged to continuously offer functions that are not necessary for the management of the portfolio, such as the news ticker.
• (6) All information provided by Block Sage concerning the portfolios, asset classes, cryptocurrencies, strategies or the platform are mean purely for informational purposes. The customer accepts that none of the mentioned or any other information provided by Block Sage constitute investment advice.
• (7) Block Sage reserves the right to reject customers without giving reasons as well as to block user accounts and dissolve the portfolio if Block Sage becomes aware that the customer has opened a customer account with false information.

• (1) The customer accepts that Block Sage provided all information necessary in accordance with Article 4 paragraph (1) of the Austrian Fern- und Auswärtsgeschäfte-Gesetz (FAGG), which requires additional information to be provided before closing a contract online. These considerations are listed in Annex 1 and sent to the customer via email. Thus, these considerations are provided to the customer on a permanent storage medium.
• (2) Furthermore, Article 11 of the Austrian Fern- und Auswärtsgeschäfte-Gesetz (FAGG) allows customers to withdraw from the contract within 14 days without giving reasons. This term begins on the day the contract was closed. By accepting the Terms and Conditions, the customer expressly declares that the 14-day period of notice becomes void as soon as he begins using the services provided by Block Sage, as written in Article 18 Paragraph 1 line 11 of the FAGG.

• (1) Block Sage offers a cost-transparent management service. Block Sage provides the management of the portfolios. The partners provide the execution of investment decisions (trading with virtual currencies).
• (2) The flat-rate management fee is 2% per year including VAT and is calculated monthly. The management fee is calculated at the end of each month, on the basis of the daily market value of the portfolio (at 00:00 UTC) for each respective day of the previous month. The management fee is subtracted from the portfolio and sent to the Account of Block Sage once a month during the weekly rebalancing.
• (3) The, passed on, flat-rate transaction fee for every purchase and sale of virtual currencies amounts to 1% on the value of the transaction. VAT is already included in the fee. Rounding is always performed to the nearest full cent, which is why rounding differences can occur that may result in the 1% mark being exceeded. The transaction fee is subtracted during every purchase and sale of virtual currencies and sent to the account of Block Sage. Block Sage reserves the right, however, to only execute a Rebalancing at its sole discretion once certain minimum sizes per order have been reached. Purchases and sales of virtual currencies are executed during the weekly rebalancing of the portfolio, when switching from one portfolio to another, during the initial purchase of the portfolio following a deposit, and during the sale of the portfolio before a withdrawal. No additional costs are incurred through the trading of virtual currencies.
• (4) Optional special services explicitly requested by the customer (e.g. a tax report) are additionally charged by Block Sage.
• (5) All fees are displayed in the transaction overview in the dashboard.

• (1) Before any investment is executed, the customer chooses a portfolio with his desired allocation of virtual currencies. The portfolios differ in the composition of the different virtual currencies. The portfolio choice is performed solely by the customer without any influence of Block Sage. Block Sage does not classify the customer in risk criteria and does not suggest a portfolio to the customer. The mere offering of different portfolios does not constitute investment advice.
• (2) The trading strategy is based on predetermined quantitative and rational criteria. These criteria were defined through a data-driven approach with the goal of maximizing the portfolio return and/or minimizing the portfolio risk. The trading strategy may include exchanging one virtual currency for another. Past returns and trends of the trading strategy do not indicate future returns or price developments. Block Sage reserves the right to adjust, remove or change the trading strategy at any time in order to improve its services for the customer. In case Block Sage should decide to adapt, remove or change the trading strategy, Block Sage will notify the customer through the customer’s email address.
• (3) The presentation of the performance of a benchmark is for informal purposes only and does not constitute a statement, commitment or guarantee with regard to the performance of the managed portfolio or the achievement of such a benchmark. Past performance or increases in value are not a reliable indicator of future performance or increases in value. No conclusions can therefore be drawn from the past with regard to future developments.
• (4) Block Sage does not keep the purchased virtual currencies at its own addresses on the blockchain. For every customer, individual accounts are created with the partners in the name and on account of the individual customer. At any time, the customer’s balances are held on his individual accounts with the partners.
• (5) Block Sage takes efforts to constantly improve the portfolios by adding further innovative asset classes. On some virtual currencies of the current portfolios, the customer receives a reward, which corresponds to current market conditions and is paid out daily. The virtual currencies to which this applies are marked in the dashboard. The reward is always paid out in the respective virtual currency and the exact amount of the reward is visible in the dashboard at any time. The customer acknowledges and accepts that the partner can freely dispose of the virtual currencies held by the customer that are marked in the dashboard. For example, these virtual currencies held by the customer may be lent to exchanges for virtual currencies or other third parties, and in return the partner may receive a reward.
• (6) Through the partner, customers are offered the possibility to hold their balance as Block Sage Tokens ("CPT") on the customer’s individual account. The CPT is described as a token that is given out by the partner of Block Sage and can exclusively be used on the Block Sage platform. The token can neither be traded outside of the Block Sage platform, nor can it be traded with other customers within the Block Sage platform. The token serves to simplify the execution of the portfolios offered by Block Sage and shall not be interpreted as a deposit ("Einlage").
• (7) If a customer undertakes a deposit, this means that the customer offers to pay a certain amount of a legal currency to acquire the CPT that can only be used within the Block Sage platform from the partner of Block Sage. A purchase agreement is concluded between the customer and the partner. This token is used to conduct transactions and thus to execute the chosen portfolio strategy. If a customer undertakes a withdrawal, this means that the customer offers to sell the CPT that can only be used within the Block Sage platform to the partner to receive a certain amount of a legal currency. Again, this concludes a purchase agreement between the customer and the partner of Block Sage.
• (8) The client's portfolio and the market development of the virtual currencies it contains is constantly monitored by Block Sage in order to be able to detect changes in the value of the virtual currencies in a timely manner. If there are significant changes in the value of the virtual currencies in the customer's portfolio, Block Sage will automatically adjust the portfolio according to the trading strategy.
• (9) Clients have the right to withdraw the Euro value of their portfolio at any time. To do so, customers select the corresponding function on the dashboard. Block Sage then commissions the partners to sell the virtual currencies held in the customer's account. The client then receives the Euro amount, which corresponds to the value of the portfolio at the time of the sale of the virtual currencies.

• (1) Block Sage emphasizes that virtual currencies are subject to considerable fluctuations in value and a reliable forecast of the price development of virtual currencies is not possible. Block Sage tries to reduce this risk for customers by means of a proprietary trading strategy. However, there is a risk that due to unexpected price fluctuations, customers' portfolios may lose considerable value. Therefore, a total loss of the invested capital cannot be ruled out.
• (2) The customer uses the services provided by Block Sage at his own risk. Block Sage is not liable for a possible loss of assets of the customer due to exchange rate fluctuations of virtual currencies. The risk of a loss of value of the portfolio lies exclusively with the customer.
• (3) Block Sage is only liable for willful intent and gross negligence. Liability for ordinary/slight negligence is explicitly ruled out.
• (4) Block Sage is not liable for any damages or losses caused by force majeure, insurrection, war and/or natural disasters. Block Sage is not liable for damages or losses caused by extraordinary and/or unforeseeable circumstances that are not under the influence of Block Sage. These circumstances may constitute but are not limited to malfunctions of the software and/or hardware of third parties and/or customers.
• (5) Block Sage takes every effort to ensure full functionality of the platform and to prevent malfunctions of software and/or hardware at any time. Despite this, the customer acknowledges that malfunctions of software and/or hardware that lead to disruptions of the platform cannot be ruled out completely. Block Sage is not liable for any damages or losses caused by interruptions or malfunctions of its software and/or hardware. These malfunctions may constitute, but are not limited to, outages of the platform or erroneous transactions.
• (6) The customer acknowledges that availability of the platform can be interrupted temporarily due to technical maintenance. Technical maintenance can for example be needed to increase the platform’s stability and functionality.
• (7) The cryptocurrencies held by customers are secured by Fireblocks Ltd. ("Fireblocks") against damages or losses caused by cyber attacks against the partner and against gross negligence by the partner. The total amount for one insurance case amounts to 30,000,000 USD.
• (8) The services provided by Block Sage constitute only the providing of different portfolios between which customers can choose freely without any influence by Block Sage. The activities of Block Sage do not constitute investment advice within the meaning of § 1 Z 3 lit e) Wertpapieraufsichtsgesetz (Austrian Securities Supervision Act 2018; WAG 2018).

• (1) The contractual relationship between the customer and Block Sage is of indefinite duration.
• (2) The customer can terminate the contractual relationship with Block Sage at any time at the end of the month by making a corresponding declaration to Block Sage via the website in the dashboard of his user account.
• (3) Block Sage is entitled to terminate this contract at the end of each month with a one month notice period. The notice of termination will be sent electronically to the last e-mail address provided or by mail to the last address provided.
• (4) Irrespective of this, the contractual relationship between the seller and the customer may be terminated with immediate effect for good reason. An important reason is in particular the repeated violation of essential provisions of these terms and conditions despite written warning or the prohibition of the business activities of Block Sage according to these terms and conditions by Austrian authorities or courts.
• (5) In case of a termination of the contract, Block Sage will continue its activities unchanged until the termination becomes effective and will order our partner to sell all virtual currencies within the termination period.

• (1) These terms and conditions may subsequently be modified at any time by agreement of the contracting parties. Block Sage has the right to make offers to the customer to change the terms of contract by sending an email to the email address last provided by the customer.
• (2) Customers have the right to object to the offer according to paragraph (1) within a period of 2 weeks. If the customer does not object to the offer to change the terms of the contract within the set period, his silence shall be deemed to be consent to the change of the terms of the contract. The customer is explicitly informed of this legal consequence by email.

• (1) Apart from the agreements made and mentioned in these Terms and Conditions, there are no other agreements between the parties to the contract. The validity of conflicting or deviating Terms and Conditions is contradicted; previous agreements shall cease to be valid.
• (2) The transfer of rights and obligations from the contractual relationship between the customer and Block Sage requires the prior explicit written consent of Block Sage.
• (3) Statements or messages of the customer are to be addressed to Block Sage GmbH, Seidlgasse 21 /2, 1030 Vienna.
• (4) The customer undertakes to pay any levies, taxes or speculation taxes independently.
• (5) If any provision of this contract is invalid, void, voidable or unenforceable, the validity of the contract shall not be affected, provided this is consistent with the intent of the parties as reflected by the provisions of this agreement in their context.
• (6) Block Sage adheres to all legal provisions on data protection in the currently valid version. Personal data provided when concluding the contract, which is necessary and required solely for the purpose of implementing the contractual relationship that is being established, is collected, stored and processed on the basis of legal entitlements (in accordance with Article 6 paragraph (1) lit b, lit c and lit f of the General Data Protection Regulation). Any use of personal data beyond this and the collection of additional information requires the customer's separate explicit consent while making our privacy policy available. Detailed information on data protection can be found in the privacy policy, available at Block Sage
• (7) Austrian law shall apply to this agreement. The place of jurisdiction is the customer’s place of residence/principal office.