Transfer services at QB Europe

This document covers information about transfer services provided by QB Europe AB (“QB”) or other companies belonging to QB Europe AB. Information about QB and the companies belonging to QB is available under the menu item About us.

Information on the primary service provider

Name: QB Europe AB
Domicile: Sweden
Address: Kommendörsgatan 30, 114 48 Stockholm
Corp. reg. no.: 559265-3793
E-mail: support@valuno.com

The primary service provider is acting under the supervision of the national competent authority, Finansinspektionen (Sweden). If the customer is located in Finland, Norway, Poland or Lithuania, the service provider is a local one and its contact details are presented in the Terms and Conditions related to the service.

Transfer services, as per the MiCA regulation, are provided in two (2) of our products: QB App (natural persons) and Corporate Wallet (legal persons). Below you will find information about the transfer service in each product.

QB App

Details about the service — The transfer service is explained in the section “QB services and payment services” in the Terms and Conditions for the QB App.

How do I initiate a transfer service? — You initiate a transfer by selecting the corresponding button in the QB App (app or web interface). When initiating a transfer order you are required to enter the necessary information to place an order of transfer services.

The information required to execute a transfer is:

• amount of the crypto asset in scope that you want to transfer;
• receiving account/address including who owns the address/account; and
• which CASP (Crypto Asset Service Provider, i.e. the company providing the custody and administration of the crypto address you want to transfer crypto to) hosts the receiving address/account.
• If the transfer is made to an unhosted wallet, i.e. a wallet not under custody of a CASP, you need to provide either evidence of your ownership of the receiving address, or name of the natural or legal person owning the receiving address/account.

Can I withdraw my consent to execute the transfer? — Before the actual approval of the transfer you will be provided with a warning about the risks and the irreversibility related to proceeding with the transfer, plus information about any applicable fees. This is the last moment when you can withdraw your consent. If you select the option to proceed, the transfer will be executed to the agreed upon terms.

How do I authenticate myself before executing a transfer? — You identify yourself using Swedish BankID (or other eID systems) or through ID verification with OnFido for markets where no eID solutions are available. All these authentication methods are handled through integrations with our third-party service provider, Signicat.

Can QB reject my order? — The conditions are explained in the section “QB’s right to delay or refuse a transaction” in the Terms and Conditions QB App.

Which crypto-assets can I process, which distributed ledger technology (DLT) network is supported, and what is the estimated time or number of block confirmations needed for the transfer to be irreversible?

• Bitcoin is based on its own unique implementation of Distributed Ledger Technology (DLT) known as the Bitcoin blockchain. Bitcoin uses a Proof-of-Work (PoW) consensus mechanism, where miners solve complex cryptographic puzzles to validate transactions and add new blocks to the blockchain. 6 confirmations (approx. 60 minutes) are generally accepted as an industry standard to consider a transaction irreversible.
• Bitcoin Cash is based on its own DLT, which is derived from the original Bitcoin blockchain. Bitcoin Cash uses the PoW mechanism to validate transactions and secure the network. Similar to Bitcoin but with shorter block time, Bitcoin Cash is set to 6 confirmations (approximately 10 minutes) to consider a transaction irreversible.
• Ethereum is based on its own unique DLT implementation, commonly referred to as the Ethereum blockchain. It combines several key innovations that set it apart from other blockchain systems, particularly in its support for smart contracts and decentralized applications (dApps). Ethereum uses Proof-of-Stake (PoS). Transactions become irreversible after two epochs (~12 minutes).
• Litecoin uses a PoW consensus mechanism for mining and validating transactions. Litecoin’s blockchain is a public, decentralized ledger where transactions are grouped into blocks and linked together cryptographically. Litecoin has a block time of ~2.5 minutes, and 6 confirmations (approximately 15 minutes) are generally considered sufficient to consider a transaction irreversible.
• Polkadot isn’t built as a fork of an existing blockchain (like Bitcoin or Ethereum). Instead, it uses its own custom DLT framework called Substrate, developed by Parity Technologies. A transaction is considered irreversible immediately after approval (approximately 12 seconds).
• Cardano has been designed and built from the ground up with its own Ouroboros Proof-of-Stake consensus protocol. The Cardano ledger and protocol were developed by Input Output Global (IOG) (formerly IOHK) following a rigorous, peer-reviewed academic approach. Cardano’s Ouroboros system considers transactions probabilistically final after 15–30 confirmations (~5–10 minutes).
• Chainlink is primarily deployed on Ethereum — its native LINK token is an ERC-677 token (an extension of ERC-20). However, it’s important to note that Chainlink is blockchain-agnostic in its design. 12–15 confirmations (~3–4 minutes on Ethereum) are required before a transaction is considered irreversible.
• USDC (USD Coin) is a stablecoin that operates on multiple Distributed Ledger Technologies (DLTs), making it blockchain-agnostic. It is issued on various blockchain platforms, each utilizing its own underlying DLT. Unlike USDT, USDC is fully backed by reserves held in regulated U.S. financial institutions, with monthly attestations provided to ensure transparency. The transaction is considered irreversible depending on the blockchain used:
  • Ethereum (ERC-20 USDC): ~12–15 confirmations (3–4 minutes)
  • Algorand (USDC-ASA): 1 block (~4.5 seconds)
  • Solana (USDC-SPL): Immediate (~400ms to 1 sec)

What is the maximum execution time for the transfer of crypto-assets service to be provided? — There is no maximum execution time; the transfer services are provided as soon as possible.

How does QB communicate with me if needed? — Any communication between QB and you will be made via any of the contact points that you have shared as part of the onboarding procedure. Also, we always communicate and define our contractual agreements with our customers in English.

What software requirements apply to be able to execute a transfer at QB? — To be able to interact and execute transfers with us, you need software to access the web or the latest updated version of a mobile operating system (iOS or Android). Please ensure that your device has the latest update for maximum security and the best in-app experience.

How do I find information about the transfer service in general and my transfer specifically? — The general information related to the transfer service can always be found on our website, please see our Support page. Information related to your transfers, sent or received through our solution, can always be accessed in the transaction log found in your personal wallet.

Does QB have secure procedures in place related to suspected fraud and how am I notified in such situations? — QB can decide to terminate a customer relationship due to insufficient understanding of the source of the customer’s funds. The termination of the customer relationship means that QB will close the customer’s account and erase the customer’s data to the extent possible in accordance with the General Data Protection Regulation, the Anti-Money Laundering legislation and agreed upon Terms & Conditions. In such a case, the customer will be notified through any of the contact points that were shared as part of the onboarding procedure.

What should you do in case you suspect or experience any unauthorised or incorrectly initiated transfers? — If the customer suspects or experiences any unauthorized or incorrectly initiated or executed transfers of crypto-assets, the customer shall immediately notify QB. The case will be dealt with as soon as possible and the customer’s account might be frozen until further investigation is done.

What rights do I have to terminate the agreement? — The Agreement can be terminated in accordance with the section “How can I close my QB account?” in the Terms and Conditions QB App.

What is QB’s liability? — Please see the section “Liability” in the Terms and Conditions QB App for further information.

Wallet

Details about the service — The service is explained in the section “The service” in the Terms of Use for the Corporate Wallet.

How does a merchant initiate a transfer service? — Merchants use the QB Backoffice to execute transfers. When initiating a transfer order a recipient has to be defined and confirmed by at least two (2) users to ensure duality and lower the risk of financial crimes. When initiating a transfer order the merchant is required to enter the necessary information to place an order of transfer services.

The information required to execute a transfer is:

• amount of the crypto asset in scope that the merchant wants to transfer;
• receiving account/address including the owner of the address/account; and
• which CASP (Crypto Asset Service Provider, i.e. the company providing the custody and administration of the crypto address you want to transfer crypto to) hosts the receiving address/account.
• If the transfer is made to an unhosted wallet, i.e. a wallet not under custody of a CASP, the merchant needs to provide either evidence of its ownership of the receiving address, or name of the natural or legal person owning the receiving address/account.

Can the merchant withdraw its consent to execute the transfer? — Before the actual approval of the transfer the merchant will be provided with a warning about the risks and the irreversibility related to proceeding with the transfer, plus information about any applicable fees. This is the last moment when a merchant can withdraw its consent. If the merchant selects the option to proceed, the transfer will be executed to the agreed upon terms.

How does a merchant authenticate itself before executing a transfer? — Merchants in the Corporate Wallet are provided with a user name and password set-up after successful KYB as part of the onboarding.

Can QB reject the merchant’s order? — The conditions are explained in the section “Blocking of the services” in the Terms of Use for the Corporate Wallet.

How does QB communicate with the merchant if needed? — Any communication between QB and the merchant will be made via any of the contact points that the merchant has shared as part of the onboarding procedure. Also, we mainly communicate and define our contractual agreements with the merchants in English. However, some communication might also be done in Swedish if appropriate for both parties.

What software requirements apply to be able to execute a transfer at QB? — To be able to interact and execute transfers with us the merchant needs software to access the web.

How does the merchant find information about the transfer service in general and the merchant’s transfer specifically? — The general information related to the transfer service can always be found on our website, please see our Support page. Information related to the merchant’s transfers, sent or received through our solution, can always be accessed in the transaction log found in the merchant’s wallet.

Does QB have secure procedures in place related to suspected fraud and how is the merchant notified in such situations? — QB can decide to terminate a relationship with a merchant due to insufficient understanding of the merchant’s KYB, or investigate the matter if a violation against the agreed upon Terms and Conditions is suspected. The termination of the relationship means that QB will close the merchant’s account and erase the merchant’s data to the extent possible in accordance with the General Data Protection Regulation, the Anti-Money Laundering legislation and the agreed upon Terms & Conditions. In such a case, the merchant will be notified through any of the contact points that were shared as part of the onboarding procedure.

What should the merchant do in case the merchant suspects or experiences any unauthorised or incorrectly initiated transfers? — If the merchant suspects or experiences any unauthorized or incorrectly initiated or executed transfers of crypto-assets, the merchant shall immediately notify QB. The case will be dealt with as soon as possible and the merchant’s account might be frozen until further investigation is done.

What rights does the merchant have to terminate the agreement? — The Agreement can be terminated in accordance with the section “Term and Termination” in the Terms of Use for the Corporate Wallet.

What is QB’s liability? — We are liable for any unauthorized or incorrectly initiated or executed transfers of crypto assets, provided that the incident is attributable to us. Such liability shall be limited to the maximum market value of the crypto-assets at the time the incident occurred.

We shall not be liable for unauthorized or incorrectly executed transfers that result from factors beyond our control, including but not limited to:

• the merchant’s failure to maintain the confidentiality or security of access credentials;
• errors or malfunctions inherent to the distributed ledger or blockchain network.

In cases of unauthorized or incorrect transfers, the merchant must notify us without undue delay upon becoming aware of the issue. Failure to provide timely notice may limit or void our liability.

We reserve the right to investigate any claims regarding unauthorized or incorrectly executed transfers to determine responsibility and may require the merchant’s cooperation in such investigations.