Terms and conditions

Hentsch Vault allows a verified and previously invited client to deposit stablecoins or tokenized gold as collateral ("pledge"), and to obtain in return a credit line, usable internally and with an associated bank card. The service is provided by H. Hentsch Asset Management SA, an independent asset manager (IAM) within the meaning of FinIA, in collaboration with licensed third-party depositary and custody institutions (see section 5).

The platform is not open to the public. Access is reserved for a list of clients determined by H. Hentsch Asset Management SA, by invitation, as part of an existing wealth management relationship. Opening an account, generating a deposit address, any deposit of collateral and any granting of credit are further subject to prior verification of the client's identity ("KYC"). As long as the client's verification status is not confirmed, these operations are refused. The company reserves the right to refuse, suspend or close an account in the event of failure or doubt regarding this verification, or suspicion of fraud, money laundering or terrorist financing.

The following stablecoins are accepted as collateral, valued at par (1:1 USD): DAI, USDT, USDC; the following euro-pegged stablecoin, valued at the live spot price: dEURO; the following tokenized precious metals, also valued at the live spot price: XAUT (gold), KAG (silver); the following tokenized industrial metals and commodities, valued at the live spot price: XPT (platinum), XPD (palladium), XCU (copper), WTI (synthetic oil); as well as the following native cryptocurrencies, valued at the live spot price and subject to their own volatility: ETH, SHIB. These assets are accepted exclusively on the Ethereum network. For some assets, the deposit address provided is individual to each client; for others, it is pooled between clients and the declared deposit is subject to manual validation before being credited. The list of accepted assets, supported networks or the address mechanism applicable to each asset may be changed at any time, with no retroactive effect on positions already established.

When collateral is locked in, credit is granted equal to 350% of the amount pledged, at the rate in effect at the time of lock-in. The account's total purchasing power is calculated as follows:

Total purchasing power = Available balance + Locked collateral + Granted credit − Used credit

The applicable collateral rate is the one in effect at the time of each new lock-in. Any subsequent change to this rate does not retroactively affect credit already granted for collateral locked in previously: that credit remains subject to the terms of the time.

Credit issued on eligible collateral (tokenized precious metals, tokenized industrial metals and commodities, ETH) may be repaid up to a maximum of 60% through the real appreciation observed on that collateral, applied automatically to the credit used. The remaining 40% must be repaid through the client's personal contribution (deposit or explicit transfer). This cap applies to the amount of credit issued when the position was opened and is not recalculated if the credit ratio is later changed.

An indicative yield target (currently 8 to 14% per year) is communicated for information purposes on tokenized industrial metals and commodities (platinum, palladium, copper, synthetic oil): it reflects the target of the company's own treasury strategy on these assets (arbitrage, collateralized lending, liquidity provision), and not a guaranteed or contractual rate. This target has no effect on the calculation of the client's credit, which remains governed exclusively by the mechanism described in the previous paragraph.

Les liquidités et titres des clients restent déposés sous mandat auprès de banques dépositaires tierces, avec lesquelles la société a conclu des accords de coopération (banques non nommées publiquement). Ce sont ces établissements qui assurent la protection légale des avoirs déposés.

Les actifs numériques déposés en garantie (stablecoins, or tokenisé) sont conservés par un prestataire de garde d'actifs numériques agréé, Taurus SA, spécialisé dans la conservation sécurisée de crypto-actifs pour le compte d'établissements financiers suisses.

La garantie des dépôts esisuisse (jusqu'à CHF 100'000 par client, sur la part en espèces) s'applique, le cas échéant, au niveau de la banque dépositaire tierce, pour la part en espèces uniquement. Elle ne s'applique pas aux actifs numériques conservés auprès des prestataires de garde crypto : H. Hentsch Asset Management SA n'accepte aucun dépôt de fonds du public en son nom propre, et les actifs numériques ne bénéficient pas du statut de dépôt bancaire garanti.

The amount pledged and locked in cannot be withdrawn as long as the corresponding used credit has not been fully repaid. Only the available balance, excluding blocked collateral, can be freely withdrawn at any time, subject to applicable compliance controls.

Collateral whose value moves with the market (tokenized precious metals, tokenized industrial metals and commodities, ETH) is subject to daily monitoring of its value, compared with its value at the time of lock-in:

• in the event of a depreciation of at least 30% from this entry value, an alert is recorded on the account, with no other effect;
• in the event of a depreciation of at least 50%, the collateral is automatically removed from the account (liquidated) at its entry value.

Liquidation of collateral does not extinguish the credit already used against that collateral: that credit remains fully due by the client, no longer covered by the collateral originally pledged. Liquidated collateral can no longer be returned, even if the price of the asset concerned subsequently recovers. The thresholds mentioned above may be changed at any time, with no retroactive effect on the assessment of a depreciation already observed.

A bank card, issued by a licensed third-party partner, may be linked to the account to use the credit line granted, within the limit of the available credit (credit granted minus credit already used). Any transaction exceeding this limit is refused. The specific terms for issuing, using and blocking the card are set out in the specific conditions associated with it.

The client may repay all or part of the used credit at any time. Full repayment of the used credit against a given collateral releases that collateral, which becomes withdrawable again. The repayment simulators made available on the platform (flexible projection, fixed instalments) are provided for indicative purposes only: they are based on a yield estimated from past performance, which is no guide to future performance, and constitute neither a contractual commitment nor an enforceable payment schedule.

The fees and rates currently applied are: an origination fee of 2.0%, charged once on the credit issued at the time the collateral is locked in; a collateral custody fee of 0.5% per year, on the amount of locked collateral; and interest on the credit used of 13.5% per year in USD (12.0% per year in EUR), made up of a monetary reference rate (SOFR for USD, EURIBOR for EUR) and an 8.5-point risk premium, justified by the platform's high credit ratio (350%). The up-to-date detail of this pricing is on the platform's Pricing page. These rates may be updated at any time, with no retroactive effect on positions already established: the rate structure fixed at the time a position is locked in remains in effect until it's repaid or matures.

The client acknowledges and accepts the risks inherent to digital assets, in particular:

• the volatility of the price of assets valued at spot price (tokenized gold), which may affect the value of the collateral and the account's total purchasing power;
• the risk of collateral liquidation in the event of severe depreciation (see section 7), which does not extinguish credit already used;
• counterparty risk and operational risk linked to the depositary institutions and third-party custody providers mentioned in section 5;
• regulatory risk linked to changes in the legal framework applicable to digital assets and stablecoins.

These terms constitute neither investment advice nor a recommendation to buy, sell or hold any digital asset.

Distinct from collateralized credit (section 4) and direct credit, direct investment is a placement: the client locks up funds from their available balance in exchange for a return, with no credit issued and no collateral required.

The capital placed is neither guaranteed nor insured. The daily return applied reflects real market data and can be negative, which may reduce the position's value below the capital originally placed. The indicative return targets communicated to the client are never a performance commitment.

The return on the “RWA strategy” basket reflects the operator's real treasury-strategy performance on tokenized industrial metals and commodities; the return on the “Stocks” basket reflects the real movement of a basket of listed stocks, measured via a third-party market data provider.

The client may request the full withdrawal of their position at any time, with no notice or penalty; no partial withdrawal is offered at this stage.

The client may close their account at any time, subject to full repayment of any credit used. The company may suspend or terminate access to the service in the event of a breach of these terms, suspicion of fraud or money laundering, or for any legal or regulatory reason.

The company implements reasonable means to ensure the availability and security of the platform, with no guarantee of a total absence of interruption. Its liability cannot be engaged in the event of force majeure, malfunction of a blockchain network or of a third-party provider beyond its control, within the limits permitted by applicable Swiss law.

The company may amend these terms and conditions at any time, subject to prior notice to the client through the usual means of communication. Amendments have no retroactive effect on credit positions already established, unless otherwise required by law.

These terms and conditions are governed by Swiss law. Any dispute relating to their validity, interpretation or performance falls under the exclusive jurisdiction of Nyon (Canton de Vaud, Suisse), Tribunal d'arrondissement de La Côte, subject to applicable mandatory legal provisions.