Terms of Service

Effective date: 15 July 2026

1. Who we are

  1. Squirrel Labs Ltd, trading as "Peanut" ("Peanut", "we", "our", "us"), is a company registered in England and Wales with company number 14558823 and registered address at Office One, 1 Coldbath Square, Farringdon, London, EC1R 5HL.
  2. We develop the Peanut app and website at peanut.me (together, the "Services"). The Services let you hold digital dollars in a self-custodial wallet, send and receive them, and connect to third-party services for deposits, withdrawals, and card payments.
  3. If you would like to contact us, use the details at the end of these Terms of Service.

2. Your relationship with us

  1. This document, together with the documents it refers to that are between you and us (collectively, the "Terms of Service"), sets out the terms of your relationship with us. Documents between you and third parties — such as the Peanut Card terms (section 9) — are separate agreements with those parties. Please read and understand it before using the Services.
  2. By creating a Peanut account or using the Services, you agree to these Terms of Service. If you do not agree, do not use the Services.
  3. The Services are for your own personal use only, unless we expressly agree otherwise (some business use may be permitted under the card program's policies after review — see the Prohibited Activities Policy).
  4. Our Privacy Policy explains how we collect, use, and share information about you. It applies alongside these Terms of Service.
  5. These Terms of Service are written in English, and the English version controls. Any translation we may provide is for convenience only.

3. What Peanut is (and is not)

  1. Peanut is a self-custodial smart wallet. Your funds are held as digital dollars (the stablecoin USDC) in a blockchain account controlled by a passkey on your device. We never hold your passkey, we cannot freeze your funds, and we cannot take or recover them for ourselves — Peanut is never in the flow of funds. If you activate the Peanut Card, you grant one scoped permission over part of your balance, described in section 5.6.
  2. Through the Services you can:
    • send and receive digital dollars person-to-person, including through payment links and QR codes;
    • deposit and withdraw money through third-party banking and payment rails (see section 8);
    • request the Peanut Card, a payment card issued by a third party under its own separate terms (see section 9).
  3. Peanut is not a bank, broker, financial institution, money transmitter, custodian, or investment adviser. We do not hold your money, we do not give financial advice, and we have no fiduciary relationship with you. Decisions to transact through the Services are yours alone.
  4. Squirrel Labs Ltd is not authorised by the Financial Conduct Authority or any other financial regulator. The digital assets you manage through the Services are not covered by any regulatory guarantee or compensation scheme, such as the UK Financial Services Compensation Scheme.
  5. The app is available globally, but the banking and payment rails you can use depend on where you are and which third-party partners operate there. Availability of any specific rail is not guaranteed.

4. Eligibility

  1. To use the Services you must:
    • be at least 18 years old and legally capable of entering into a binding agreement in your country of residence;
    • not be located in, or a citizen or resident of, a jurisdiction where your use of the Services would be illegal, or a jurisdiction we do not serve — currently North Korea, Iran, Cuba, Syria, the Crimea region, Russia, Belarus, and Myanmar; and
    • not be subject to economic sanctions, including any list maintained by the UN Security Council, HM Treasury, OFAC, or any other relevant sanctions authority.
  2. Some features — including bank deposits and withdrawals, QR payments, and the Peanut Card — require you to complete identity verification with our third-party verification partners (see section 8). We may decline, limit, or suspend access to those features if verification is not completed or cannot be confirmed.
  3. You agree to use the Services only with legally obtained funds that rightfully belong to you.
  4. We may change our eligibility criteria or refuse access to the Services at our discretion, where permitted by law.

5. Your wallet, your passkey, your responsibility

  1. Your Peanut wallet is self-custodial: it is controlled by a passkey generated on and secured by your own device. We do not keep a copy of your passkey and we cannot use it. We cannot freeze the funds in your wallet, and we cannot take or recover them for ourselves — Peanut is never in the flow of funds. The one scoped permission you grant if you activate the Peanut Card is described in paragraph 6 below.
  2. You are solely responsible for your passkey and your device. Keep your device secure, keep your operating system up to date, and follow your device provider's recommendations (such as a strong PIN and biometric lock).
  3. Passkeys can typically be synced and recovered through your device ecosystem provider (for example, Apple or Google passkey sync). This recovery is provided by your device ecosystem, not by us. We have no recovery mechanism of our own.
  4. If your passkey is lost and cannot be recovered through your device ecosystem, you will permanently lose access to the funds in your wallet. To the fullest extent permitted by law, we are not liable for any loss you suffer because you lose access to your passkey, your device, or your device ecosystem account, or because someone else gains access to them.
  5. Transactions you sign are executed on a public blockchain network and are irreversible. We cannot cancel, reverse, or modify a transaction once you have confirmed it. Always check the recipient and amount before you confirm.
  6. Peanut Card collateral permission. If you activate the Peanut Card, you sign a scoped, destination-restricted permission that allows Peanut to initiate transfers from your wallet only to your own card collateral account — the on-chain arrangement that implements the collateral requirements of the card terms (section 9). Funds move directly from your wallet to that collateral contract — they do not pass through Peanut, and we remain outside the flow of funds. Withdrawals from the collateral account back to your wallet require your passkey signature plus the card issuer's co-signature. The permission ends with the card: if you cancel the card, the permission ends, and collateral not needed to settle outstanding card obligations returns to your wallet in accordance with the card terms.

6. Digital asset risks

By using the Services you acknowledge and accept that:

  1. digital assets such as USDC involve risk, including the risk that a stablecoin does not hold its intended value or that its issuer fails;
  2. blockchain networks are operated by independent third parties. We do not control them and cannot guarantee that any transaction will be confirmed or processed, or how quickly;
  3. transactions recorded on a blockchain are final. Sending funds to a wrong or incompatible address means they cannot be recovered, and we are not responsible for errors or omissions you make when transacting;
  4. software may contain bugs and vulnerabilities, and networks and third-party services may be unavailable, congested, delayed, or compromised;
  5. laws applying to digital assets are evolving and may change in ways that affect the Services; and
  6. you are responsible for determining what taxes apply to your transactions and for reporting and paying them.

7. Fees

  1. We do not charge fees for using the Services. There is no charge to create an account, hold a balance, send or receive digital dollars, or create payment links, and we cover blockchain network fees on transactions made through the Services.
  2. When a transaction involves converting between currencies, the all-in exchange rate is always shown to you before you confirm. The amount shown on the confirmation screen is the final amount.
  3. Fees related to the Peanut Card, if any, are governed by the card terms (see section 9).
  4. Third parties outside the Services — such as your bank — may charge their own fees, which we do not control.
  5. If we ever introduce a fee for a feature of the Services, we will show it to you clearly before you incur it, and section 17 (changes to these terms) will apply.

8. Third-party services

  1. Parts of the Services depend on third-party providers. Their services are governed by their own terms and privacy policies, which are agreements between you and them, not with us. We are not responsible for third-party services, and we do not endorse them or guarantee their availability. Key providers currently include:
    • Bridge — banking rails for deposits and withdrawals in the US, the SEPA zone, Mexico, and the UK. When you activate these rails you will be asked to accept Bridge's own terms of service in the app.
    • Manteca — deposits, withdrawals, and QR payments in certain Latin American countries.
    • Rhino.fi — cross-chain transfers when you deposit or withdraw digital assets across blockchain networks.
    • Sumsub — identity verification.
    • ZeroDev — smart wallet infrastructure.
    • Rain and Third National — the Peanut Card program and card issuing (see section 9).
  2. We may add, change, or remove third-party providers at any time. A reference to a third party in the Services is not an endorsement of it.
  3. If a third-party service is unavailable, delayed, or fails, the related feature of the Services may not work. To the fullest extent permitted by law, we are not liable for losses arising from third-party services, including failed or delayed deposits, withdrawals, conversions, or verifications.
  4. Where a third party requires you to accept its terms, your use of the related feature is conditional on that acceptance.

9. The Peanut Card

  1. The Peanut Card is a payment card issued by Third National, a third-party issuer, not by us; Rain manages the card program. The card is provided under its own separate documents, which you must accept before receiving a card:

    Where the card terms refer to the "User Terms", "User Agreement", or "Peanut Terms", they mean these Terms of Service. The card is available in fewer countries than the app — the card documents set their own eligibility and country restrictions, which are stricter than section 4.

  2. Those card terms, together with the Prohibited Activities Policy they incorporate, are incorporated into your relationship with the card issuer by reference. If there is a conflict between these Terms of Service and the card terms with respect to the card, the card terms prevail for the card.

  3. We are not the issuer of the card and, to the fullest extent permitted by law, we are not responsible for the card program, card transactions, declines, or disputes, which are governed by the card terms.

  4. Use of the card through Apple Pay, Google Pay, or similar device payment services is subject to those providers' own terms, and we are not responsible for those services.

10. Acceptable use

  1. When using the Services you must not:
    • break any law that applies to you, or use the Services for any illegal purpose, including fraud, money laundering, terrorist financing, sanctions evasion, or dealing in illegal goods or services;
    • use the Services if we have suspended or banned you;
    • let anyone else use your account, or impersonate another person or use another person's account without authorisation;
    • circumvent, disable, or interfere with security features of the Services, or attempt to gain unauthorised access to the Services or related systems;
    • distribute viruses or other harmful code, or place an unreasonable load on our or our providers' infrastructure; or
    • use the Services in connection with activities prohibited for cardholders under the Prohibited Activities Policy, where your use relates to the Peanut Card.
  2. We may monitor use of the Services for compliance with these rules. Breaking them is a serious breach of these Terms of Service and may result in warning, suspension or withdrawal of your access, disclosure to law enforcement, and legal action.

11. Points and Rewards

  1. Points offered through the Services ("Points") — the promotional score shown in the app — are promotional only. They have no cash or property value, are not redeemable for any consideration, and are non-transferable and non-assignable. Points do not include Rewards (paragraph 4).
  2. We may, at our sole discretion, create, modify, reallocate, withhold, correct, suspend, revoke, or terminate the Points program or any user's Points, in whole or in part, at any time, for any reason, with or without notice — including for errors, abuse, fraud, compliance, or technical issues.
  3. You acquire no entitlement or expectancy in Points, and we are not liable for any loss, expectation of value, or opportunity relating to Points or to changes in your Points balance. Your sole and exclusive remedy for any dispute relating to Points is to stop using the Services.
  4. Rewards are separate from Points. The two are independent systems: Points have no monetary value; Rewards are real amounts of digital dollars; and neither converts into the other. You can earn Rewards through programs we run, such as our referral program, where you earn a share of the revenue generated by users you invite.
  5. Rewards accrue as a pending balance shown in the app. You claim pending Rewards in the app (typically when making a payment; some promotional Rewards can be claimed without one). Pending Rewards that remain unclaimed expire 3 months after the date they were earned. Once claimed, Rewards are added to your balance, do not expire, and are your funds like any other digital dollars in your wallet (section 5 applies).
  6. Reward programs are promotional and not guaranteed: we may change reward rates, eligibility, or program mechanics, or suspend or end a program, prospectively at any time. We may withhold, correct, or cancel pending (unclaimed) Rewards in cases of error, fraud, abuse, or breach of these Terms of Service. Rewards you have already claimed to your balance are held in your self-custodial wallet and are not affected.

12. Intellectual property

  1. The materials and content comprising the Services belong to us or our licensors. We grant you a personal, revocable, non-exclusive, non-transferable licence to use them solely to use the Services in accordance with these Terms of Service.
  2. Except as these Terms of Service allow, you agree not to copy, modify, distribute, sell, or sublicense any portion of the Services, or attempt to derive source code we have not published.
  3. If you give us feedback, you agree we may use it freely, without restriction or payment to you.

13. Disclaimers

  1. The Services are provided "as is" and "as available". To the fullest extent permitted by law, we disclaim all warranties, express or implied, including merchantability, fitness for a particular purpose, and non-infringement.
  2. We do our best to keep the Services available and of a reasonable standard, but we cannot promise they will be uninterrupted, error-free, secure, or meet your expectations, and we do not guarantee any content or information in the Services is accurate or complete.
  3. Nothing in the Services is investment, financial, legal, or tax advice.

14. Limitation of liability

  1. Nothing in these Terms of Service excludes or limits our liability for death or personal injury caused by our negligence, for fraud or fraudulent misrepresentation, or for any other liability that cannot be excluded or limited under applicable law. Nothing in this section affects your statutory rights as a consumer under the law of the country where you live.
  2. Subject to paragraph 1, we are not liable for:
    • loss of, or inability to access, digital assets in your self-custodial wallet, including through lost passkeys, lost devices, or compromised device ecosystem accounts;
    • failed, delayed, or erroneous blockchain transactions, or the acts or omissions of blockchain networks;
    • third-party services, including those named in section 8 and the Peanut Card program;
    • unauthorised access to your account or device; or
    • indirect or consequential losses, loss of profit, loss of business, or loss of opportunity.
  3. Subject to paragraphs 1 and 2, our total aggregate liability to you for all claims arising out of or in connection with the Services shall not exceed one hundred pounds sterling (GBP 100).

15. Indemnity

To the extent permitted by applicable law, you agree to indemnify and hold harmless us, our affiliates, and our respective directors, officers, employees, and agents from and against claims, damages, losses, and expenses (including reasonable legal fees) arising from your use of the Services, your breach of these Terms of Service, or your violation of any law or the rights of any third party.

16. Suspension and termination

  1. You may stop using the Services at any time by ceasing to use the app and deleting it from your device.
  2. We may suspend or terminate your access to the Services (in whole or in part) if you breach these Terms of Service, if we are required to by law, or on reasonable notice if we withdraw the Services.
  3. Because your wallet is self-custodial, ending your use of the Services does not affect your ownership of your digital assets. Your wallet balance remains in your blockchain account, which you can access with your passkey through compatible third-party wallet software. Any amount parked as Peanut Card collateral is not directly accessible that way — when you cancel the card, collateral not needed to settle outstanding card obligations returns to your wallet (see the card terms). If your access to the Services is ending, you should cancel the card, and transfer or arrange continued access to your assets, before it does.
  4. Termination does not affect obligations that by their nature survive it, including sections 11 to 15 and 18 to 19.

17. Changes to these terms and the Services

  1. We may revise these Terms of Service from time to time. The current version will always be available at peanut.me.
  2. If we make material changes, we will give notice on the website and attempt to notify you by email or in the app. Material changes take effect for existing users no earlier than 30 days after we post the updated terms, unless you accept them sooner through a mechanism we provide (such as a click-through acceptance), or unless a change is required by law or is urgently needed for security reasons.
  3. If you do not agree to the updated terms, you must stop using the Services before they take effect. Continuing to use the Services after that date means you accept the updated terms.
  4. The Services will change over time. We may modify, suspend, or discontinue features, and this is an important basis on which we make the Services available. Changes to the Services do not affect your rights to the digital assets you hold in your wallet.

18. Governing law and disputes

  1. These Terms of Service, and any dispute or claim arising out of or in connection with them or the Services, are governed by the law of England and Wales.
  2. The courts of England and Wales will have non-exclusive jurisdiction over any such dispute or claim. If you live in another country, this does not deprive you of any protection or right you have under the law of that country, including (where applicable) the right to bring proceedings in its courts; if you are resident in Scotland or Northern Ireland, you may also bring proceedings there.
  3. The Peanut Card terms (section 9) contain their own governing-law and dispute-resolution provisions, which govern your relationship with the card issuer in respect of the card. This section governs your relationship with Squirrel Labs Ltd.

19. General

  1. Entire agreement. These Terms of Service, together with the documents they refer to, are the entire agreement between you and us about the Services and supersede all prior agreements and understandings about them.
  2. Severability. If any part of these Terms of Service is found invalid or unenforceable, that part will be limited or removed to the minimum extent necessary, and the rest will remain in force.
  3. No waiver. If you break these Terms of Service and we do not act immediately, we are not giving up our rights and may still act later.
  4. Assignment. You may not transfer your rights or obligations under these Terms of Service to anyone else. We may assign or transfer ours to an affiliate or successor, provided your rights are not reduced as a result.
  5. No third-party beneficiaries. Except as expressly stated, these Terms of Service do not give anyone other than you and us any rights.
  6. Force majeure. We are not liable for delay or failure to perform caused by events beyond our reasonable control, including outages of blockchain networks, internet or utility failures, acts of government, and changes in law.

20. Electronic communications

You agree that we may provide all communications, agreements, notices, and disclosures relating to the Services electronically — by posting in the Services, on the website, or by sending them to the email address associated with your account — and that electronic communications satisfy any legal requirement that a communication be in writing.

21. Contact

If you have questions about these Terms of Service or the Services, contact us at support@peanut.me or through the in-app support chat.