1. Acceptance of Terms
By accessing or using Kova's platform, mobile application, and related services (collectively, the "Service"), you agree to be bound by these Terms of Service ("Terms"). If you do not agree to these Terms, you may not use the Service.
These Terms constitute a legally binding agreement between you and Kova ("we," "us," or "our"). We may update these Terms from time to time, and we will notify you of material changes through the Service or via email. Your continued use of the Service after such notification constitutes acceptance of the updated Terms.
2. About the Service
Kova is a technology platform that provides a user-friendly interface for converting Brazilian Reais (BRL) to US Dollar-denominated stablecoins (primarily USDC, issued by Circle) and accessing yield-generating opportunities through selected decentralized finance (DeFi) protocols.
The Service is designed to simplify access to DeFi-based yield opportunities, but all investment decisions are yours alone.
3. Eligibility
To use the Service, you must be at least 18 years of age, have the legal capacity to enter into a binding agreement, successfully complete our identity verification (KYC) process, and not be a resident of any jurisdiction where use of the Service is prohibited or restricted by law.
We reserve the right to refuse service, restrict access, or terminate accounts at our discretion, including for compliance with applicable laws and regulations.
4. Account and Wallet
4.1 Account Creation
You must provide accurate and complete information when creating your account. You are responsible for maintaining the security of your account credentials, including your email address and passkey authentication.
4.2 Non-Custodial Wallet
Your wallet is created and managed through Turnkey, a third-party wallet infrastructure provider. Kova operates on a non-custodial model, meaning we never hold, store, or have access to your private keys. Your wallet is secured using passkeys (biometric or device-based authentication) tied to your email.
5. Stablecoins and USDC
The primary stablecoin used within the Service is USDC, which is issued by Circle Internet Financial, LLC ("Circle"). USDC is a digital dollar backed by reserves held by Circle. Kova does not issue, guarantee, or control USDC in any way.
While USDC is widely regarded as a reliable stablecoin with transparent reserve backing, it is important to understand that:
USDC is not legal tender and is not insured by any government deposit insurance program (including but not limited to FGC in Brazil or FDIC in the United States). The value and redeemability of USDC depend on Circle's operations and reserves. While the risk of USDC losing its peg or Circle ceasing operations is considered low, it is not zero. Kova has no control over Circle's policies, reserve management, or continued operation.
6. Yield and DeFi Investments
6.1 Nature of Yield
The yield opportunities available through Kova are generated by deploying your stablecoins into carefully selected DeFi protocols on blockchain networks. These are not savings accounts, fixed deposits, or guaranteed returns. Yield rates are variable and may change at any time based on market conditions and protocol performance.
6.2 Protocol Selection
We take great care in selecting DeFi protocols, prioritizing established, audited, and reputable platforms with strong track records. However, no DeFi protocol is risk-free. Even well-vetted protocols can experience smart contract vulnerabilities, exploits, or unforeseen technical issues.
6.3 Risk Acknowledgment
By using the yield features of the Service, you acknowledge and accept that:
Past performance is not indicative of future results and yield rates are not guaranteed. All DeFi investments carry inherent risks including but not limited to smart contract risk, protocol risk, liquidity risk, and market risk. Your investments are not covered by any government deposit insurance program (such as FGC, FDIC, or equivalent). Kova acts as a technology interface only and does not guarantee the safety or performance of any DeFi protocol. While we select protocols with strong security profiles, the risk of loss is not zero.
7. Fees
Kova may charge fees for certain services, including currency conversion spreads, yield management fees, and transaction processing fees. All applicable fees will be clearly disclosed to you before you confirm any transaction. We reserve the right to modify our fee structure with reasonable advance notice.
You are also responsible for any third-party fees that may apply, including blockchain network fees (gas fees) and fees charged by fiat on-ramp providers such as MoonPay.
8. Prohibited Uses
You agree not to use the Service for any unlawful purpose, including money laundering, terrorist financing, or sanctions evasion; to circumvent or attempt to circumvent any KYC/AML requirements; to manipulate or attempt to exploit the Service, its protocols, or other users; to use automated systems, bots, or scripts to interact with the Service without our express permission; to impersonate another person or misrepresent your identity; or to violate any applicable law, regulation, or third-party rights.
Violation of these prohibitions may result in immediate suspension or termination of your account and, where applicable, referral to law enforcement authorities.
9. Third-Party Services
The Service integrates with and relies on several third-party providers, including MoonPay for fiat-to-crypto conversion, Turnkey for wallet infrastructure and passkey authentication, Circle as the issuer of USDC, various DeFi protocols for yield generation, and blockchain networks for transaction processing.
Each of these third-party services operates under its own terms, conditions, and privacy policies. Kova is not responsible for the availability, performance, security, or policies of any third-party service.
10. Intellectual Property
All content, features, and functionality of the Service — including but not limited to text, graphics, logos, software, and design — are owned by Kova and are protected by applicable intellectual property laws. You are granted a limited, non-exclusive, non-transferable license to access and use the Service for personal, non-commercial purposes in accordance with these Terms.
11. Disclaimers
THE SERVICE IS PROVIDED "AS IS" AND "AS AVAILABLE" WITHOUT WARRANTIES OF ANY KIND, EITHER EXPRESS OR IMPLIED, INCLUDING BUT NOT LIMITED TO WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, OR NON-INFRINGEMENT.
Kova does not guarantee that the Service will be uninterrupted, error-free, or secure at all times. We do not guarantee any specific yield rate or investment outcome. We are not responsible for any losses arising from DeFi protocol failures, smart contract exploits, stablecoin depegging events, blockchain network issues, or user error (including loss of wallet credentials).
Kova is a technology platform, not a fiduciary. We do not owe you a fiduciary duty. Nothing in the Service constitutes financial, investment, tax, or legal advice.
12. Limitation of Liability
TO THE MAXIMUM EXTENT PERMITTED BY APPLICABLE LAW, KOVA AND ITS OFFICERS, DIRECTORS, EMPLOYEES, AND AGENTS SHALL NOT BE LIABLE FOR ANY INDIRECT, INCIDENTAL, SPECIAL, CONSEQUENTIAL, OR PUNITIVE DAMAGES, OR ANY LOSS OF PROFITS, REVENUE, DATA, OR FUNDS, WHETHER INCURRED DIRECTLY OR INDIRECTLY, ARISING OUT OF OR IN CONNECTION WITH YOUR USE OF THE SERVICE.
This limitation applies regardless of the legal theory on which the claim is based, including negligence, breach of contract, or strict liability, and even if we have been advised of the possibility of such damages.
13. Indemnification
You agree to indemnify, defend, and hold harmless Kova and its officers, directors, employees, agents, and affiliates from and against any and all claims, damages, losses, liabilities, costs, and expenses (including reasonable legal fees) arising out of or related to your use of the Service, your violation of these Terms, your violation of any applicable law or regulation, or any dispute between you and a third party related to the Service.
14. Service Modifications and Termination
We reserve the right to modify, suspend, or discontinue any part of the Service at any time. This includes changes to yield rates, supported protocols, available features, and fee structures. We will make reasonable efforts to notify you of material changes in advance.
We may terminate or suspend your access to the Service at any time for violation of these Terms, compliance with legal or regulatory requirements, extended periods of inactivity, or any other reason we deem necessary to protect the Service or its users.
Upon termination, you will retain access to your non-custodial wallet and any assets within it, as Kova does not control your wallet.
15. Governing Law and Dispute Resolution
These Terms shall be governed by and construed in accordance with the laws of the Federative Republic of Brazil. Any disputes arising out of or relating to these Terms or the Service shall be submitted to the competent courts of the city of Florianópolis, State of Santa Catarina, Brazil.
Before initiating any formal proceeding, you agree to first attempt to resolve any dispute informally by contacting us. We will work in good faith to resolve the matter.
16. General Provisions
Severability: If any provision of these Terms is found to be unenforceable or invalid, that provision will be limited or eliminated to the minimum extent necessary, and the remaining provisions will remain in full force and effect.
Entire Agreement: These Terms, together with our Privacy Policy, constitute the entire agreement between you and Kova regarding the Service.
No Waiver: Our failure to enforce any right or provision of these Terms shall not constitute a waiver of that right or provision.
Assignment: You may not assign or transfer your rights under these Terms without our prior written consent. We may assign our rights and obligations without restriction.
17. Contact Us
If you have questions or concerns about these Terms, please contact us: