How is the Service Fee calculated?
Numbrs charges a fee for the provision of the Services (the "Numbrs Bitcoin Self-Custody Service Fee"). The Numbrs Bitcoin Self-Custody Fee is a recurring annual fee that is calculated as a percentage of a client's USD denominated average annual balance of Virtual Currencies on the Bitcoin Self-Custody (the "Annual Recurring Service Fee"). The Numbrs Bitcoin Self-Custody Service Fee shall accrue as soon as the Numbrs Client Account has been successfully opened and the value of the Virtual Currencies held on the Bitcoin Self-Custody is more than USD 50’000.
The Annual Recurring Service Fee shall be the greater of the annual average of USD denominated value of Virtual Currencies on the Bitcoin Self-Custody multiplied by the percentage displayed below; or the Minimum Yearly Service Fee displayed below.
The annual average of USD denominated value of Virtual Currencies on the Bitcoin Self-Custody shall be calculated as follows: At 4:00 PM CE(S)T of each calendar day during the billing year, the sum of Virtual Currencies is to be quantified in USD using the spot rate(s) available on Coinbase at that time and day. The USD values so determined for all calendar days during the billing year shall be added together, such sum then to be divided by the number of calendar days in the billing year.
Any Numbrs Bitcoin Self-Custody Service Fee shall be due and paid within three (3) days of receiving the invoice, which will usually be sent on the last day of the calendar year. The firstBitcoin Self-Custody Minimum Service Fee is due within three (3) days after the value of your Virtual Currency Assets is more than USD 50’000. The Numbrs Bitcoin Self-Custody Service Fee must be settled in BTC and will not be automatically charged to the clients's Bitcoin Self-Custody. On the one year anniversary of the first Minimum Yearly Service Fee payment, the Annual Recurring Service Fee will be due. The paid Minimum Service Fee will be deducted from the invoiced Annual Recurring Service Fee. In case you were charged the Minimum Yearly Service Fee at the beginning of the year and your balance at the end of the year is below USD 50’000, the Minimum Yearly Service Fee shall still be due for the year to come. The Payment may occur either by a wire of BTC from the Bitcoin Self-Custody or from any other wallet. In case a Numbrs Bitcoin Self-Custody Service Fee has not been settled within a given time period, the Numbrs Client Account will be deactivated.
As an example, if a client opens a Bitcoin Self-Custody Account with the equivalent of USD 100’000 in Bitcoin in it, he is charged a Minimum Fee of USD 500 within three days of opening the account. On the one year anniversary, assuming the Client held annually average assets of USD 100’000 on the Bitcoin Self-Custody, a Annual Recurring Service Fee of USD 350 will be invoiced (USD 100’000*0.85%-USD 500 Paid Minimum Fee). The amount invoiced will however only be USD 500.