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The agreement between you and Bifrost when you use the platform.
Last updated 4 July 2026
Bifrost operates a marketplace and custody programme for physical collector coins. Each coin admitted to the programme is authenticated, placed in secure vault storage, and represented by a certificate recorded on a public blockchain. The certificate is the authoritative record of ownership of the coin; when the certificate transfers, ownership of the physical coin transfers with it.
Bifrost provides the marketplace, the vault programme and the certificate infrastructure. Bifrost is not a party to trades between users and does not act as broker, adviser or counterparty. Prices are set by users, and nothing on the platform is investment advice.
Each coin in the Bifrost programme is represented by a certificate recorded on a public blockchain (the “Token”). The Token is an extrinsic token in the sense of the Liechtenstein Token and TT Service Provider Act (TVTG, the “Blockchain Act”): it is a container that carries the pre-existing right of ownership in the coin. Tokenisation creates no new rights and does not change the legal nature of that ownership — substance prevails over form. The coin is the property; the Token is how that property is held, identified and transferred.
One Token, one coin. Each Token is the digital certificate of exactly one identifiable physical coin, held in the insured Bifrost vault and identified by its edition number within its mintage. A Token is never a pool, an index, a share, a fraction, or a claim against Bifrost or the platform — it cannot be divided into partial interests, and no instrument offering a fractional interest in a coin exists on the platform. Each certificate publishes the coin's identity in full: edition number and total mintage, weight, purity, diameter, year, issuing country, custody status, its complete ownership history, and the contract address and token id of its on-chain record.
Tokenization clause. Ownership of a coin transfers exclusively by transfer of the right of disposal over its Token on the blockchain. No sale, gift, pledge or handover of a coin otherwise than by transfer of its Token has any effect on ownership of the coin. Bifrost, as custodian, is released from its obligations in respect of a coin only by delivering the coin, conveying possession, or making payment to the person who holds the right of disposal over the Token at the relevant time — the identification and liberation functions under Articles 5 to 9 TVTG. A person who acquires, or purports to acquire, a coin other than by transfer of its Token is on notice of this clause and does not acquire ownership of the coin, including in good faith.
This clause is published here, referenced in every on-chain certificate and recorded against each coin in the programme, so that anyone dealing in a coin can see that title moves only with the Token. That public notice — the publicity that the transfer of rights in movable property requires — is what allows a transfer of the Token to transfer ownership of the coin, and what prevents a coin from being sold out from under its rightful owner while its Token says otherwise.
While a coin is in the vault, its Token and the coin share the same fate at all times. If you redeem and take personal possession of a coin, it leaves the programme: its Token can no longer be traded on the platform, and ownership of the coin then follows ordinary property law until, if ever, the coin is re-admitted through the consignment programme and re-bound to a Token.
All payments on Bifrost are made in USDC, a fully reserved digital dollar, from a wallet you link to your account and control yourself. Your USDC stays in that wallet until you choose to buy; between trades, Bifrost holds no balance for you.
When you buy, Bifrost acts as the settlement agent for the trade. Your payment is received into Bifrost's settlement account, and Bifrost then completes and records the trade: it transfers the certificate to you, pays the seller their proceeds, pays the applicable creator royalty, and retains the 2.5% vault fee. These are the steps Bifrost carries out to settle the trade for you — not a single blockchain transaction.
What this means for you is simple: you never pay without receiving your coin. Bifrost settles both sides of the trade, so there is no outcome in which your money leaves and the certificate does not arrive. Outside of a trade in progress, Bifrost holds no customer balances, there is nothing to withdraw from us, and we do not lend or invest the funds that pass through settlement.
Vault custody covers the physical coin only. Coins are held in individually assigned slots, segregated from Bifrost's own assets, and insured at market value. The coin remains the property of the certificate holder at all times; Bifrost holds it as custodian and asserts no ownership interest in it. In any winding-up of the platform, vaulted coins are not part of Bifrost's estate and are returned to their owners of record.
Bifrost charges a vault fee of 2.5% of the trade price, taken on every trade — primary drops and resales alike — as a platform service fee for secure vault custody, insurance and the permanent on-chain record. It is deducted within the settlement, from the seller's side on a resale and from the issuer's side on a primary drop. Each collection also carries a creator royalty set by its issuing house (default 2.5%) and embedded in the collection's smart contract (EIP-2981), deducted within the settlement on every resale and paid to the issuer. Neither amount is a participation in profits or a return on the coin: the vault fee pays for a service, and the royalty is the creator's ownership-linked royalty. Buyers pay no fee. On a resale the seller nets 95% of the price (the sale price less the 2.5% vault fee and the 2.5% default royalty). Vault storage, insurance and audits are included. Redemption shipping is charged at the flat insured tiers published on the How it works page.
Browsing is open to everyone. Trading requires an account and identity verification appropriate to your activity: a base tier for ordinary trading, and an enhanced tier for high-value activity, applied under our KYC and anti-money-laundering programme. Certificate withdrawals to external accounts are screened under applicable travel-rule requirements and may be delayed or refused where screening fails. We may suspend accounts that present sanctions, fraud or money-laundering risk.
Any certificate holder may redeem the underlying coin at any time. Redeemed coins are shipped insured to the address you provide. While a coin is outside the vault its certificate cannot be listed for sale; it may re-enter the market through the consignment programme after re-authentication.
You are responsible for safeguarding the passkey that controls your account; certificate transfers executed with your credentials are attributed to you. You agree not to list coins you do not own, manipulate prices, or use the platform for any unlawful purpose.
On-chain records are permanent by design and cannot be reversed by Bifrost. To the extent permitted by law, our liability is limited to fees you have paid to us in the twelve months preceding a claim; nothing limits liability for fraud or wilful misconduct. Disputes should be raised with support first; unresolved disputes are governed by the law of Liechtenstein and the courts of Vaduz.
Every legal document is linked at the top of this page and listed at /legal.