You have agreed to enter into either a digital asset interest account and/or borrowing facility with Blockchain Access UK Ltd and its affiliates (Blockchain.com) with Blockchain Access UK Ltd and its affiliates (Blockchain.com) in connection with your Blockchain.com Wallet (the Agreement) subject to the following:
Blockchain Access UK Ltd is a company incorporated in England & Wales under registered number 11337627. Blockchain.com operates the website www.blockchain.com (the Site) and the Blockchain.com Platform (defined below) and provides related services (the Services).
By accepting this Agreement, you agree with and accept all of the policies published on the Site from time to time and as amended. If you do not accept the Agreement, do not access the Site, the Blockchain.com Platform or the Services.
Digital assets and digital asset services are not currently regulated by the Financial Conduct Authority (FCA) or any other regulator in the UK and Blockchain.com is not regulated by the FCA.
Airdrop means a distribution of a new Digital Asset (or Digital Assets) resulting from the ownership of a pre-existing Digital Asset.
Blockchain.com Account means an account, opened by you with Blockchain.com, through which you may access the Interest Account and the Services, accessible through the Blockchain.com Platform.
Blockchain.com Platform means any Blockchain.com website, mobile app and any other official Blockchain.com communication channel, including the content and services made available on or through the same, and any updates and versions thereof.
Blockchain.com User Agreement means the user agreement entered into between you and Blockchain Luxembourg S.A. or Blockchain Access UK Ltd, as the case may be, in order for you to access the Blockchain.com Platform.
Borrow means the borrowing facility in respect of certain Digital Assets (each individual loan, a Borrow, and collectively, Borrow) as approved and provided by Blockchain.com hereunder.
Collateral shall have the meaning given in Section 6.
Digital Assets means any digital assets (such as cryptocurrencies, stablecoins and tokenised assets) accepted by Blockchain.com.
Hard Fork means a permanent protocol divergence of a Digital Asset in a block chain.
Eligible Interest Assets means any Digital Assets eligible for transfer to the Interest Account, which shall be as published on the Blockchain.com Platform from time to time.
Hard Fork means a permanent protocol divergence of a Digital Asset in a block chain.
Intellectual Property means any intellectual property rights belonging to Blockchain.com, for example, trademarks, service marks, logos, copyright and related rights, know-how, research, publications, agreements, trade and company names.
Wallet means the wallet software and website published by Blockchain Luxembourg S.A., made available through the Blockchain.com Platform.
By applying for an Interest Account and/or Borrow, you expressly represent and warrant that you meet all of the following conditions:
In the event that we determine that you no longer meet any of these conditions, we may suspend the provision to you of your Interest Account and/or Borrow and/or close your Blockchain.com Account.
3.2 Additional Conditions for Borrow
3.2.1 At any time, at our sole and absolute discretion (without liability to you), we may:
3.2.2 The amount of a Borrow (including the accrued interest, the current interest, any fees and other amount due in respect of Borrow (Total Borrow)) shall not exceed the Pledge Value (see Section 6.3 below).
3.2.3 Each Borrow shall be recorded in account statements and set out in the “Borrow” tab in the Wallet. Such account statements shall be considered a confirmation of the amount owed in respect of Borrow and shall constitute conclusive proof that you have borrowed such amount, unless there is an obvious error.
In order to create an Interest Account or access Borrow, you must create a Blockchain.com Account for the purposes of storing Digital Assets and agree to the terms of this Agreement and the Blockchain.com User Agreement. Without limiting the foregoing, you agree to:
(a) provide accurate, current and complete information when creating the Blockchain.com Account and using the Services;
(b) maintain and promptly update your account information to keep it accurate, complete, and current;
(c) maintain the security and confidentiality of your login credentials and restrict access to your accounts and your computer;
(d) promptly notify Blockchain.com if you discover or otherwise suspect any security breaches related to the Blockchain.com Platform or any of the Services; and
(e) take responsibility for all activities that occur under your accounts and accept all risks of unauthorised access.
5. Operations provisions
Eligible Interest Assets that are transferred from your Blockchain.com Account into your Interest Account shall accrue interest in accordance with the terms set out below.
5.1 Minimum initial transfer: The minimum initial transfer of Eligible Interest Assets into your Interest Account shall be $100 in value of the Eligible Interest Asset (the Initial Transfer), or such other amount as may be published on the Blockchain.com Platform.
5.2 Minimum balance: To preserve the integrity of the Initial Trasfer, we recommend that you maintain a minimum balance equivalent to $100 in Eligible Interest Assets (the Minimum Balance). By maintaining the recommended Minimum Balance, any interest earned on your Eligible Interest Assets should cover the cost of any network fees charged to your Interest Account. However, we make no guarantee that this will be the case and your Interest Account balance may still fall below the Minimum Balance. While the Minimum Balance is recommended at the date hereof, Blockchain.com reserves the right at its sole discretion to make the Minimum Balance mandatory. In such a case, should your Interest Account fall below the then mandatory Minimum Balance, you would cease to earn any interest until such time as there had been a resumption in the Minimum Balance.
5.3 Interest as an AER: Interest on the Interest Account shall be variable, set at our discretion and may change without prior notice. We will determine the annual equivalent rate (AER) in our sole discretion, and you acknowledge that such underlying interest rate may not be equivalent to benchmark interest rates observed in the market for bank deposit accounts or any other purpose. We may announce a change to the AER, by posting an update to the Blockchain.com Platform and contacting customers in accordance with this Agreement. The published AER reflects the interest rate and the effect of the frequency of interest compounding on a monthly basis.
5.4 Payment of interest: Interest accrues daily on a daily periodic rate applied to the Eligible Interest Assets in your Interest Account. Interest will be payable in arrears and added to your Interest Account on the first day of each calendar month, regardless of when in the preceding month the transfer occurs (provided the transfer deadlines are met as per Section 5.6). All interest will be paid in the Eligible Interest Asset contained in your Interest Account.
5.5 Daily interest computation method: Daily interest is calculated using your daily Interest Account balance and a daily interest rate that is derived from the applicable AER. The interest shall compound on a daily basis and be paid in the following month in accordance with Section 5.4.
5.6 Cut-off time for transfers into Interest Account: The cut-off time for a transfer of Eligible Interest Assets from your Blockchain.com Account to your Interest Account is 5.00pm UTC. Transfers occurring prior to 5.00pm shall accrue interest from the same day. For any transfer of Eligible Interest Assets from your Blockchain.com Account to your Interest Account which occurs after 5.00pm UTC, interest shall accrue from the following day.
5.7 Minimum holding period: You are required to hold any Eligible Interest Assets stored in your Interest Account for a minimum period of 7 days, or such other length of period as may be published on the Blockchain.com Platform, and you will not be able to withdraw any such Eligible Interest Assets before that time (the Minimum Holding Period).
5.8 Cut-off time for withdrawals after the Minimum Holding Period: After the Minimum Holding Period, you are able to withdraw any amount of Eligible Interest Assets from your Interest Account at any subsequent time (an Interest Account Withdrawal). Once you submit an Interest Account Withdrawal, your Eligible Interest Assets will be returned promptly in accordance with Section 5.11. For large amounts, this may take up 7 days.
5.9 Impact of withdrawals on your Interest Account: You will not receive interest on any Eligible Interest Asset that is withdrawn before 5.00pm UTC on the day of the Interest Account Withdrawal (in such case, we will deduct any amount shown in your Interest Account as having been accrued on that day). You shall accrue interest on any Eligible Interest Asset remaining in your Interest Account. For example, if you make an Interest Account Withdrawal before 5.00pm UTC of 25% of the Eligible Interest Assets held in your Interest Account, we will deduct 25% of the interest accrued on the day of such Interest Account Withdrawal.
5.10 Transfer and withdrawal fee: For each transfer and withdrawal, you will be charged a network fee. The precise amount will be displayed at the time your transfer or withdrawal is confirmed on chain. For more information regarding network fees, please refer to: https://support.blockchain.com/hc/en-us/articles/360043658491-How-the-Interest-Account-works
5.11 Withdrawal destination: following an Interest Account Withdrawal, any Eligible Interest Assets to be returned to you shall be paid into the default withdrawal account nominated in your Blockchain.com Account in the Wallet.
5.12 Restrictions on interest payment: If for any regulatory or legal reason we are limited in the interest rate we may offer you (or if we are completely restricted from paying any interest to you whatsoever), the interest to which you shall be entitled will be limited and/or adjusted accordingly.
6. Collateral arrangements
6.1 Pledge and Collateral: Borrow, as well as any other right of Blockchain.com against you, shall be secured at all times by the following:
6.2 Maintenance of acceptable Collateral: You shall maintain Digital Assets with Blockchain.com that Blockchain.com considers acceptable to constitute the Collateral.
6.3 Pledge Value: The value attributed by Blockchain.com to each form of Collateral shall be dynamically calculated by Blockchain.com in accordance with Blockchain.com’s applicable collateral policy then in effect, on the basis of margin percentages applied to the market value of assets that are part of this Collateral, which shall be valued at an exchange ratio equivalent to the volume-weighted average price of the asset, across leading cryptocurrency exchanges, including but not limited to Kraken, GDAX, Bitstamp, Bitfinex, Gemini, and ItBit (the Pledge Value).
6.4 Mandatory Security Level: The Pledge Value of the Collateral must at all times be sufficient to cover at least 150% of the Total Borrow and any other amount that may be owed to Blockchain.com by you for any reason (Mandatory Security Level).
6.5 Additional Collateral: If, in Blockchain.com’s opinion, the Pledge Value is less than the Mandatory Security Level, you shall, at Blockchain.com’s request, provide additional Collateral and/or make the required repayments and/or instruct Blockchain.com to liquidate the necessary amount of the Collateral.
6.6 Failure to comply: Any breach by you of your obligation to provide any additional Collateral and/or to make the required repayments and/or instruct Blockchain.com to liquidate the necessary amount of the Collateral within the deadline, to the satisfaction of Blockchain.com, shall constitute an event of default (an Event of Default, defined in Section 10 below) and shall permit Blockchain.com to exercise all or part of its rights related to the Collateral, in particular those described in Section 7 below.
7.1 Authority to realise Collateral: In the event you do not replenish the Mandatory Security Level in accordance with Blockchain.com’s request, or an Event of Default occurs, Blockchain.com shall be expressly authorised, but not under the obligation, to sell and/or realise, all or part of the assets pledged to Blockchain.com by you or by third parties, in accordance with the Pledge provided for in Section 6 above, in the manner and within the deadline that Blockchain.com deems appropriate, and without any obligation to comply with the procedures set forth by applicable laws and regulations in England & Wales or to allocate the proceeds of the realisation net of costs to the reimbursement of the Borrow (such exercise referred to as realising the Collateral).
7.2 Automatic realisation of Collateral: Without limiting the foregoing, in the event the Pledge Value of the Collateral falls to below 110.1% in respect of the Total Borrow and any other amount that may be owed to Blockchain.com by you for any reason, Blockchain.com shall immediately sell and/or realise the Collateral.
7.3 Exclusion of liability: You hereby release Blockchain.com from all liability in connection with the realisation of the Collateral.
8.1 Borrow Interest: The interest rate applicable to each Borrow, as well as any fees related thereto, shall be determined by Blockchain.com and notified to you at the time that Borrow is granted. The interest rate will be refreshed weekly and be displayed in the “Borrow” tab in the Wallet.
8.2 Daily Interest: Interest shall be calculated and accrued by Blockchain.com on a daily basis and debited monthly.
8.3 Interest deductions: You expressly authorise Blockchain.com to automatically debit any due interest from the Collateral at the end of the month without further notice to you. Any shortfall resulting from this debit shall be considered a principal amount borrowed by you from Blockchain.com under Borrow.
8.4 Interest displayed in Wallet: Interest calculated, accrued and/or payable will be shown in the Borrow tab in your Wallet. You may transfer for storage additional Digital Assets into your Collateral to cover any interest which is payable within a given month.
9.1 Each Borrow shall be granted for an indefinite term until terminated by either party in accordance with this Section 9.
9.2 The parties are entitled to terminate a Borrow at any time with immediate effect by written notice to the other party.
9.3 If a Borrow is terminated, all amounts due in respect of that Borrow shall become immediately due and payable, including the interest and other fees accrued as of the effective date of termination (subject to the Events of Default defined in Section 10 below).
9.4 If a Borrow is terminated within the first 60 days of its being granted, you shall be required to pay an early termination fee, which shall be an amount equal to the interest that would have been payable had that Borrow been in effect for that 60-day period.
9.5 If, at the repayment date of any amount owed in respect of a Borrow, you do not pay any amount whatsoever, whether principal, interest or otherwise, Blockchain.com reserves the right to require you to pay default interest (both before and after a judgment) beginning on such date and until such amounts are paid, at an annual rate of two percent (2%) above the interest rate, as determined by Blockchain.com in accordance with Section 8, or that would have applied to said amount if it had resulted from use of a Borrow. Your obligation to pay the default interest shall survive the termination of such Borrow.
10.1 The occurrence of one of the following events constitutes an Event of Default:
10.2 If Blockchain.com is aware of an Event of Default, Blockchain.com may:
11. Consent to Rehypothecate Eligible Interest Assets and Collateral
11.1 In consideration for the interest earned on the Eligible Interest Assets in your Interest Account and/or for the ability make use of the lending facility under Borrow, you grant Blockchain.com the right, subject to applicable law, without further notice to you, to hold the Eligible Interest Assets and/or Collateral you have transferred for storage with Blockchain.com in Blockchain.com’s name or in another name, and to pledge, re-pledge, hypothecate, rehypothecate, sell, lend, or otherwise transfer or use any amount of such Eligible Interest Assets and/or Collateral, separately or together with other property, with all attendant rights of ownership, and for any period of time and without retaining in Blockchain.com’s possession and/or control a like amount of Digital Assets corresponding to the Eligible Interest Assets and/or Collateral (or any other monies or assets), and to use or invest such Eligible Interest Assets and/or Collateral at Blockchain.com’s own risk.
11.2 You acknowledge that, with respect to assets used by Blockchain.com pursuant to this Section 11: (a) you may not be able to exercise certain rights of ownership; (b) Blockchain.com may receive compensation in connection with using the Eligible Interest Assets and/or Collateral in its business to which you have no claim or entitlement; and (c) Blockchain.com may experience losses in certain situations. If the losses exceed Blockchain.com’s balance sheet, you authorise Blockchain.com to use Eligible Interest Assets and/or Collateral stored with Blockchain.com to absorb the remaining losses.
11.3 You expressly acknowledge and agree that neither your Interest Account nor Borrow is a checking or savings account, and is not covered by insurance against losses.
12.1 Property of Blockchain.com: All content on the Blockchain.com Platform is the property of Blockchain.com and is protected by copyright, patent, trademark and any other applicable laws, unless otherwise specified hereby. The trademarks, trade names, service marks and logos of Blockchain.com and others used on the Blockchain.com Platform are the property of Blockchain.com and its respective owners. The software, applications, text, images, graphics, data, charts, graphs, video and audio materials used on this Site belong to Blockchain.com. The trademarks and other content on the Blockchain.com Platform should not be copied, reproduced, modified, republished, uploaded, posted, transmitted, scraped, collected or distributed in any form or by any means, no matter manual or automated, without prior written consent of Blockchain.com.
12.2 Prohibition of use of content: The use of any content from the Blockchain.com Platform on any other site or a networked computer environment for any other purpose is strictly prohibited; any such unauthorised use may violate copyright, patent, trademark and any other applicable laws and could result in criminal or civil penalties.
12.3 Trademark: Blockchain.com is a trademark owned by the Company and allows no unauthorised use by any user or third parties. Blockchain.com supports the protection of intellectual property. If you would like to submit (i) a trademark claim for violation of a mark on which you hold a valid, registered trademark or service mark, or (ii) a copyright claim for material on which you hold a bona fide copyright, please send us an email to [email protected].
13.1 Changes to operating rules: The underlying protocols are likely to be subject to sudden changes in operating rules (ie forks, including Hard Forks). Forks may materially affect the value, function, and/or the name of Digital Assets you store in your Blockchain.com Account. Where possible, we may provide you with notices or alerts on forks and you must read such notices or alerts received from us to consider how to deal with upcoming forks.
13.2 Risks relating to forks: However, it is your responsibility to make yourself aware of, and consider how to deal with, upcoming forks. In the event of a fork, there is a risk that we may need to temporarily suspend operations in relation to that fork without providing advance notice to you. We may, in our reasonable discretion, decline to support either or both branches of a fork. You acknowledge the risks presented by forks and you accept that we have no responsibility to assist you to move or sell an unsupported branch of a forked protocol and understand that the unsupported forked digital assets may not be made available to you.
Blockchain.com reserves the right to amend this Agreement, at any time, in an exercise of its sole discretion. You will be notified of any changes in advance through the Blockchain.com Platform. Upon such notification, it is your responsibility to review the Agreement, as amended. Your continued use of the Blockchain.com Platform following notice of changes to the Agreement signifies your acceptance and agreement to such changes, and that all subsequent transactions by you will be subject to the Agreement, as amended.
It is your responsibility to determine what, if any, taxes apply to any Eligible Interest Assets that you transfer for storage or withdraw from the Blockchain.com Platform and to collect, report, and remit the correct tax to the appropriate tax authority. We may deduct or make any tax withholdings or filings that we are required by law to make, but we are not responsible for determining whether taxes apply to your transactions, or for collecting, reporting, or remitting any taxes arising from any transaction. You are responsible for complying with all applicable laws in relation to any actions you make through the Blockchain.com Platform.
16.1 No advice: Blockchain.com is not giving investment advice, tax advice, legal advice, or other professional advice by allowing you to use the Services, the ability to purchase or sell Digital Assets or the storage of Digital Assets, and we do not recommend, or endorse that you purchase or sell Digital Assets, or make any investment. Before engaging in any transaction or investment activity, you should consult a qualified professional.
16.2 Services: the Services are provided to you on a strictly “as is,” “where is” and “where available” basis. Blockchain.com does not represent or warrant as to the accuracy, completeness, currentness, non-infringement, merchantability, or fitness for a particular purpose or the information contained therein or services contained thereon. Blockchain.com shall not be liable to you or anyone else for any loss or injury resulting directly or indirectly from your use of the Site or the Services, including any loss caused in whole or part by any inaccuracies or incompleteness, delays, interruptions, errors or omissions, including, but not limited to, those arising from the negligence of Blockchain.com or contingencies beyond its control in procuring, compiling, interpreting, computing, reporting, or delivering blockchain.com, the Services thereon or the information therein. In no event will Blockchain.com be liable to you or anyone else for any decision made or action taken by you in reliance on, or in connection with your use of the Services or the information therein.
16.3 Limited liability: in no event will Blockchain.com be liable to you, whether in contract or tort, for any direct, special, indirect, consequential or incidental damages or any other damages of any kind even if Blockchain.com has been advised of the possibility thereof. This limitation on liability includes, but is not limited to, the transmission of any viruses which may infect a user’s equipment, failure of mechanical or electronic equipment or communication lines, telephone or other interconnect problem, unauthorised access, theft, operator errors, strikes or other labour problems or any force majeure (including but not limited to (i) acts of god, nature, court or government; (ii) failure or interruption in public or private telecommunication networks, communication channels or information systems; (iii) acts or omissions of acts of a party for whom Blockchain.com is not responsible; (iv) delay, failure, or interruption in, or unavailability of, third party services and sites; (v) strikes, lock-outs, labour disputes, wars, terrorist acts and riots; and (vi) viruses, malwares, other malicious computer codes or the hacking of Blockchain.com’s systems). We cannot and do not guarantee continuous, uninterrupted or secure access to the Site.
17.1 Risks relating to Digital Assets: transactions in Digital Assets may be subject to high risks.
These include but are not limited to:
(a) The risk of loss in trading Digital Assets may be substantial and losses may occur over a short period of time.
(b) The price (which can go up or down and even drop to zero) and liquidity of Digital Assets have been subject to large fluctuations in the past and may be subject to large fluctuations in the future.
(c) The timing of transactions may be affected by matters in the blockchain and the application of the relevant protocols.
17.2 Decisions relating to Digital Assets: You acknowledge that (i) you are solely responsible for determining the nature, potential value, suitability, and appropriateness of these risks for you, and that Blockchain.com does not give advice or recommendations; (ii) you are familiar with the operation of Digital Asset trading and have the experience required to use the Services; and (iii) you are responsible for determining whether using the Services is legal in your jurisdiction and you shall not use any of the Services if such use is illegal.
17.3 No guarantee: We cannot and do not guarantee the timeliness, accuracy or completeness of any information (whether pricing, exchange rate or otherwise) provided in connection with any digital asset or your holding or trading of or in the same.
17.4 Regulation and law relation to digital assets: Legislative and regulatory changes at the state, federal or international level may adversely affect the use, transfer, exchange and value of digital assets. It is possible that in the future, certain laws, regulations, policies or rules relating to digital assets may be implemented, which would directly or indirectly affect or restrict your interaction with Blockchain.com.
You agree to indemnify and hold harmless Blockchain.com from any claim, demand, action, damage, loss, cost or expense, including without limitation reasonable legal fees, arising out of or relating to any third-party claim concerning this Agreement or your use of the Interest Account and/or Borrow or any of our services in breach of this Agreement or any applicable laws and regulations.
You understand and agree that all communication with you will be via electronic communication, including emails, site messages, Blockchain.com Platform notices and SMS and we will use those means to provide you with account-related notices and order receipts. To ensure that you receive all our communications, you agree to keep your email address up-to-date and notify us immediately if there are any changes. Delivery of any notice to the email address/mobile number on record with your user account will be considered valid. If any email is returned as undeliverable, Blockchain.com retains the right to block access to your user account until you provide and confirm a new email address.
20.1 Governing law: This Agreement shall be governed and construed in accordance with the law of England and Wales.
20.2 Jurisdiction: Unless any alternative dispute resolution procedure is agreed between the parties, the parties agree to submit to the exclusive jurisdiction of the Courts of England and Wales in respect of any dispute which arises out of or under this Agreement.
21.2 If, at any time, a provision of this Agreement is declared unlawful, invalid or unenforceable in any manner with respect to the laws of any jurisdiction, the lawfulness, validity and enforceability of the remaining provisions of this Agreement shall not be affected thereby. The parties shall replace the unlawful, invalid or unenforceable provision with a provision that is as consistent with the original intent as possible.
21.3 If, at any time, you are required by law or regulations to make a deduction or a withholding on an amount, you agree to pay the additional amount necessary such that, once the deduction or withholding is taken into account, Blockchain.com will actually receive the total amount that it would have received if that deduction or withholding had not been made.
21.4 Notwithstanding Blockchain.com’s right to offset any obligation of you against any credit balance owed to you under any contract, and regardless of the currency of such obligations, all amounts owed by you in respect of Borrow (principal, interest or fees) must be paid to Blockchain.com without invoking any offset or a counterclaim.
21.5 You shall, within three business days of the request, pay to Blockchain.com the amount of all fees and expenses (including attorney’s fees) that it may occur in connection with the enforcement or preservation of any right under Borrow, the Pledge or any other document in connection with Borrow.
21.6 If, pursuant to a legal or regulatory requirement or the request of a supervisory authority, Blockchain.com must incur an additional cost to maintain or finance Borrow, you agree to pay to Blockchain.com, upon request, the amount that Blockchain.com certifies as necessary to offset this increased cost. Blockchain.com’s confirmation that such circumstances have occurred with the related consequences shall be binding on you.
You, as pledgor, depending on your country of residence, hereby pledge in favour of Blockchain.com (including any holding companies, subsidiaries or related entities, all of which are referred to as Blockchain.com), any and all assets regardless of their form or kind that currently are (or which may be in the future) held in your Blockchain.com Wallet(s) (Wallet) as collateral for any present or future claims (including any interest, commissions, fees or other charges) that Blockchain.com may have against you, including as a result of third-party claims related to the Wallet.
The right of pledge granted to Blockchain.com by virtue hereof shall extend to any and all present or future interest, dividends, proceeds, subscription rights or any other matured rights deriving from or appurtenant to the pledged assets.
The right of pledge shall extend in particular to:
Upon Blockchain.com’s request, you undertake to carry out all formalities that may be necessary for Blockchain.com to exercise its rights as pledgee. The right of pledge shall remain valid independently of any other present or future security interests or guarantees held by Blockchain.com, and shall only expire once Blockchain.com has been repaid in full. Blockchain.com shall be entitled to sell and/or realise all or part of the pledged assets without having to serve formal notice and without having to observe the procedures set forth by applicable law. You shall be deemed to have duly received all notifications sent to your email address by Blockchain.com.
The relationship between Blockchain.com and you is governed exclusively by the laws of England & Wales.
Any dispute concerning the relationship between Blockchain.com and you is subject to the exclusive jurisdiction of England & Wales. The place of performance and the place of enforcement is England & Wales. Blockchain.com is nonetheless entitled to initiate proceedings in any other competent jurisdiction.