₦
NGNT

Terms and Conditions

These Terms and Conditions ("Terms") constitute a binding agreement between you and 100X Limited, including its affiliates and subsidiaries ("100X," "we," "us"). "You," "User," or "Users" refers to any person accessing or using 100X services and products.

Please read these Terms carefully before using any 100X services. By signing up for or using any 100X services, you acknowledge that you have read, understood, and agree to be bound by these Terms and our Privacy Policy.

1. Introduction

100X Limited is the Nigerian operating entity of African Stablecoin, developing digital tokens pegged to central bank digital currencies (CBDCs) to facilitate seamless transactions between token holders and users of other cryptocurrencies. These tokens operate across supported blockchains to enable ease of use.

2. Our Services

NGNT Token

100X provides a tokenized representation of the Nigerian Naira (₦), known as NGNT, pegged 1:1 to the Naira. These Terms govern your access to and use of NGNT.

By obtaining, holding, transacting, or otherwise interacting with NGNT, you agree to be bound by these Terms, regardless of whether you are a direct customer of 100X. You confirm that you have read, understood, and accept these provisions.

Minting of NGNT

100X mints NGNT exclusively in exchange for Naira deposits. Each NGNT is fully backed by an equivalent unit of Naira held in reserve on a 1:1 basis. At this time, only Naira is accepted for minting NGNT. No other currencies, assets, or tokens are supported.

Burning of NGNT (Redemption)

Users may request to burn NGNT to receive the corresponding Naira. Upon completion of the burn, 100X will return the equivalent Naira to the designated account. Only KYC-verified users may redeem NGNT. Network or processing fees may apply.

Treasury Services

100X may offer Treasury services and yield products to eligible users. Additional terms will apply at the time of subscription.

3. Registration and Eligibility

Users with a Merchant account are "Merchants." Users without a Merchant account but holding NGNT are "Retail Holders." Retail Holders are not considered customers of 100X.

By holding or using NGNT or any 100X service, you agree to these Terms and the Privacy Policy.

a. Account Registration

To access services, you must create an account and provide accurate, complete, and current information.

b. Eligibility

You are eligible to hold or use NGNT if:

  • You are at least 18 years old;
  • You are not a citizen or resident of a prohibited country;
  • You are legally permitted to hold digital tokens;
  • If acting for a corporate entity, you are duly authorized.

General Terms

Governing Law:

These Terms are governed by the laws of the Federal Republic of Nigeria.

Contact:

For any questions regarding these Terms, please contact us at: support@cube.ng