Key facts · Box Advance

The short version

Eleven things to know

The main terms of a Box Advance, in plain words.
Term	In plain words
Who it is for	Businesses, HNW individuals and professional investors. Not available to retail consumers. Every application is subject to due diligence, and we may decline any application or request.
What you get	An advance in USDT or USDC against your crypto, held in a vault set up only for you. Accepted collateral: bitcoin (BTC), ether (ETH), solana (SOL), XRP and BNB, with more to come.
How much	Up to 60% of the collateral value. The minimum and maximum advance and the term are agreed for each advance and stated in your Advance Confirmation.
The fee	A fixed fee of 9.25% of the advance, stated before you sign. It is set once, does not grow with time, and repaying early does not reduce it. Half is deducted when the advance is paid, half is due at maturity.
Other costs	Network fees, sale costs, VAT or tax where payable, and enforcement costs, all at actual cost. A default adds no extra fee; enforcement costs can still apply.
If the price falls	Warning at 75% loan-to-value, top-up request at 80% (24 hours to act), partial sale at 85%, full close at 90%. Sales can happen with little or no notice, and a shortfall remains a debt. These are the bitcoin levels. The levels for other assets are set for each asset and stated in your Advance Confirmation.
Custody	A vault for you alone, never mixed with others. It is not lent, staked or re-pledged, so it earns no yield.
Repay and release	Repay all or part at any time, on one business day's notice, with no penalty. The fee does not change. Collateral is released within one business day of everything owed arriving in cleared funds.
If you do not repay	At maturity, your collateral may be applied without further notice. If a sale does not cover what you owe, you still owe the rest.
Who you contract with	Boxwind CR, S.R.L., a company incorporated in Costa Rica (cédula jurídica 3-102-887839). It is the lender and holds the collateral. English law, with arbitration in London.
Not a bank	Boxwind CR is not a bank or other supervised financial entity. An advance is not a deposit and is not insured. Nothing on this site is an offer.

The full detail

Every term, grouped

Open a group to read it. Each term summarises the client agreement. The signed agreement and your Advance Confirmation govern.

The parties and the productWho lends, who can borrow, and that we choose.

The parties and the product.
Product	An advance in USDT or USDC against crypto collateral, for a single fixed fee.
Lender	Boxwind CR, S.R.L., a company incorporated in Costa Rica (cédula jurídica 3-102-887839). It is the lender, holds the collateral and is the secured party.
Eligible borrower	Businesses, HNW individuals and professional investors. Not available to retail consumers. Subject to due diligence and the onboarding documents we ask for. We may ask for evidence of status.
Not a bank	Boxwind CR is not a bank or other supervised financial entity. An advance is not a deposit and is not insured.
Our discretion	We are not obliged to make any advance. You request one by submitting a proposed Advance Confirmation. We may accept, vary or decline it, and an advance is made only when both sides have signed. Every application is subject to due diligence, and we may decline any application or request.

Collateral and the advanceWhat you can pledge, how much you can borrow, how you are paid.

Collateral and the advance.
Collateral	Bitcoin (BTC), ether (ETH), solana (SOL), XRP and BNB, with more to come. Each asset goes to an address on its own network. XRP needs the destination tag. BNB only on BNB Smart Chain (BEP-20). ETH only on Ethereum mainnet. Sending on the wrong network can lose the asset.
Ineligible collateral	If an asset becomes ineligible (for example it is no longer traded on enough major venues, its network fails or is halted, our custody provider stops supporting it, or an authority restricts it), we may require you to add collateral or repay part within five business days (a day banks are open in San José, Costa Rica, and New York), or sooner if it is falling rapidly or hard to move or sell. Until then we may value that asset at zero. If you do not comply, we may sell it.
Advance rate	All advances together are at most 60% of the collateral value at the time each is made. If the price falls before payment, the advance may be reduced to stay within 60%.
Advance currency	USDT or USDC, as stated in your Advance Confirmation.
Payment	Paid to a whitelisted account in your name, less the upfront half of the fee. Never paid to a third party.
Minimum advance	Agreed for each advance and stated in your Advance Confirmation.
Maximum advance	Agreed for each advance and stated in your Advance Confirmation.
Term	Agreed for each advance. The maturity date is stated in your Advance Confirmation.

Fee and costsThe one fixed fee, when it is paid, and what else you pay at cost.

Fee and costs.
Fee	One fixed amount in USDT or USDC (the Advance Currency), stated in your Advance Confirmation before the advance is made. It does not accrue, compound or change with time.
Fee timing	Two equal halves. The upfront half is deducted when the advance is paid. The maturity half is due at maturity, with the advance.
Other costs	Network fees on transfers to and from the vault. Trading, venue and counterparty fees if collateral is sold. Registration and notarial fees if a filing protects the security. Enforcement costs, including reasonable legal fees. VAT where payable. A tax gross-up if tax must be withheld. Costs are charged at actual cost and cannot be known in advance. A default adds no extra fee; enforcement costs can still apply.
Tax	If tax must be withheld from a payment you make, you increase the payment so we receive what we would have received. You are responsible for taxes that arise for you under the agreement, including on a sale of collateral. This page is not tax advice.

Monitoring and levelsThe five levels, the 24-hour cure period, prices and what we may sell.

Monitoring and levels. The levels are the bitcoin values.
Levels	Warning 75%. Top-up 80%. Partial sale 85%. Full close 90%. Release below 60%. LTV is everything owed, including any unpaid fee, divided by the collateral value. At the warning level we make reasonable efforts to tell you. No action is required at this level, but you still owe the full amount.
Monitoring	We monitor your LTV continuously, including outside business days. Watching it is also your responsibility, and a notice may not reach you in time.
Cure period	24 hours from the Top-Up Notice to add collateral or repay enough to get back below 75%. It counts only once received with the required confirmations, or in cleared funds.
Price source	We use the median of the US dollar prices from at least two reputable sources that we select. A median limits the effect of one bad price, but with two sources it is simply their average. If fewer than two sources are available, we may use another reputable source we select. Our calculation is conclusive unless there is a manifest error. Stablecoins are not assumed to be worth USD 1.00.
Records	Our records of what you owe, the collateral, the reference prices, the levels, the LTV and any sale are conclusive unless there is a manifest error.
Partial sale and full close	At 85% we may sell enough collateral to bring LTV below 75%, without further notice. At 90% everything owed falls due and we may sell what clears it. We decide how much to sell, acting in a commercially reasonable manner. In a fast fall, more may be sold. Prices can move fast, and you may get little or no notice.

Custody and releaseWhere the collateral is, how you get it back, and what repaying early costs.

Custody and release.
Custody	A vault set up solely for you on the Fireblocks platform. Boxwind CR has agreed not to mix it with other assets, or to lend, re-pledge or stake it or put it in a protocol, so your collateral earns no yield. Our transaction policy requires at least two authorised approvers for any transfer out of your vault.
Custody change and control	While your collateral is in the vault, Boxwind CR has exclusive possession and control of it, and you authorise it in advance to sell it in the cases the agreement sets out. We may move it to replacement custody of equivalent or better security on at least 10 business days' notice, or at once for security reasons. The promises about never lending or re-pledging it continue to apply.
Release	We release your collateral within one business day of receiving everything you owe on all your advances in cleared funds, less network fees. We may delay a release if the law requires it. A business day is a day banks are open in San José, Costa Rica, and New York.
Release of excess collateral	You may ask for excess collateral back only if your LTV is below 60% and your LTV after the release would be no higher than your starting LTV. Example in bitcoin: in the illustrative example, nothing is releasable until the price is above USD 100,000.
Early repayment	Repay all or part at any time before maturity, on one business day's notice, with no penalty. The fee is unchanged: the upfront half is not refunded and the maturity half is still due. A partial repayment lowers the advance and LTV, not the fee.
Stablecoin value	If your stablecoin's reference price is below USD 0.99 when you repay, you pay enough units to equal the dollars due. You may instead pay in the other stablecoin, one for one, if its reference price is not below USD 0.99.
Extension	Only by a new Advance Confirmation with a new fee, signed before maturity. Nothing renews automatically.
If you do not repay	At maturity, collateral may be applied without further notice. A default adds no extra fee; enforcement costs can still apply.

Default and liabilityWhat counts as a default, what we may do, and where our liability stops.

Default and liability.
Events of default	Not paying when due (with one business day's grace for an administrative or technical error). Not bringing LTV back below the warning level within the cure period. LTV at or above the full close level. Not complying with a notice about ineligible collateral. A material misrepresentation. Another breach not remedied within five business days of our notice. Insolvency. Sanctions on you or your directors, officers or owners. Not giving requested information within 30 days. Giving anyone else security over the collateral. A change of control without our written consent. A default under another agreement with us or our affiliates. It becoming unlawful for us to perform.
After an event of default	We may declare everything owed due, end any obligation to make further advances, sell some or all of the collateral, set off amounts due, and use any other remedy of a secured creditor.
Liability	We are not liable for losses from price changes, from a sale made under the agreement, from network, venue or technology failures outside our control, or from steps we take to follow the law, except to the extent caused by our gross negligence, fraud or wilful misconduct. Our total liability is capped at the market value of the collateral the claim relates to, except where the law does not allow a limit. You indemnify us for your breaches.

If collateral is soldThe sale statement, any surplus, and any shortfall.

If collateral is sold.
Sale statement	Within one business day: quantity sold, prices obtained, costs deducted and how the proceeds were applied. Order: costs of sale, unpaid fee, advance, other secured obligations, then the balance to you.
Surplus	Returned to a whitelisted account within two business days.
Shortfall	If proceeds do not cover what you owe, the shortfall is a debt you pay on demand.

Notices, changes, law and disputesHow we reach you, how terms change, and where disputes go.

Notices, changes, law and disputes.
Notices	Operational notices, including warnings, Top-Up Notices and sale statements, may be sent by email, SMS, messaging application or client portal to any authorised person, and are treated as received when sent. You must keep each authorised person reachable by email and telephone at all times, and watch our communications, including outside business days.
Transfer of rights	You may not transfer your rights. Boxwind CR may transfer or grant security over its rights, including to an affiliate or a funding vehicle. Its custody promises continue to apply to your collateral.
Changes to the terms	Changes need both sides to sign, except that we may change Schedule 2 (the levels and related rules) on at least 30 days' notice. A change does not affect an advance already confirmed, except a change to the rules on ineligible collateral.
Governing law	The laws of England and Wales.
Disputes	Arbitration under the LCIA Rules, seated in London, in English, before one arbitrator. We may still apply to any competent court for interim or precautionary measures, or to enforce our security or an arbitral award.

Figures elsewhere on this site are illustrative. This page is a summary and not advice. The risks are set out in the risk disclosure, including what happens if Boxwind CR becomes insolvent.

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