Token Purchase, Redemption, and Withdrawal Policy
The platform mechanism — not the terms of any specific offering
1. Purpose
This document sets out the platform-level rules governing the purchase of tokens, the redemption of tokens back to an issuing organization, and the withdrawal of assets from a platform wallet. It describes the mechanism the platform provides. It does not prescribe the commercial terms of any individual offering, which are set by the organization making that offering and disclosed in that offering's own documents.
2. Purchase
- Pricing. The price of a token is set by the organization offering it. The platform applies that price together with the platform fee described in Section 4; it does not independently value any offering.
- Available supply. An organization discloses both the amount of a given offering currently available for purchase and the maximum amount of that instrument that could ever exist. A purchase cannot exceed either figure.
- Minimums and maximums. An organization may set a minimum or maximum investment amount for its own offering.
- Delivery. Tokens are delivered immediately, or within a delivery window disclosed at the time of purchase, depending on the instrument type. Where a window applies, the issuing organization sets its length for its own offering, up to a maximum of sixty days. See the Investment Transaction Flow document for detail.
3. Redemption (Sell-Back)
An organization may, at its own discretion, make available a facility through which it will consider purchasing back tokens it has issued.
- Only matured positions are eligible. A position may be redeemed only once its own twelve-month (or longer, where the organization has set a longer period) restriction period has elapsed. A position that has not yet matured cannot be redeemed, regardless of whether a redemption facility is otherwise available for that token.
- Discretionary. No organization is obligated to offer redemption, to fund a redemption facility at any particular level, or to continue offering redemption once made available. An investor should not treat redemption as a guaranteed means of exit.
- Available capacity. Where redemption is offered, it is limited to the funds an organization has made available for that purpose at the time of a request.
- Order of positions. Once a position has matured, the tokens within it are not distinguished on-chain, in the platform's own records, or in any other way from tokens in any other matured position the same investor holds in the same token. There is no mechanism — on-chain or in the platform's database — by which a redemption is attributed to one specific matured position rather than another.
- Fees. A redemption is subject to the platform fee described in Section 4. For a redemption, the percentage may also vary with the size of the redemption relative to the capacity the organization has made available.
Why there is no consumption order, and why none is needed. The lockup mechanism enforces maturity correctly without ever needing to identify which specific position a token belongs to: a token becomes transferable only once its own restriction period has elapsed, and the platform tracks this as a single aggregate unlocked amount per investor per token, not as a list of individually trackable lots. Tokens are ordinary fungible units once unlocked, in the same way that two dollar bills of the same denomination are interchangeable — there is no technical sense in which a specific unlocked token can be identified as having come from one acquisition rather than another with an earlier or later date.
A consumption order, such as redeeming the earliest-acquired matured position first, is not something the lockup mechanism needs, and it is not something the platform does. Tax treatment — including any FIFO or specific-identification determination of cost basis and holding period — is addressed the same way it is for any other blockchain-based token, such as USDC: from the chain's own public transaction history, which records the date, amount, and parties to every transfer. This is standard for a fungible on-chain asset and is not particular to this platform. The platform does not maintain a separate lot-tracking ledger for this purpose, consistent with how comparable tokens are treated.
4. Platform Fee
The platform charges a fee on every transaction on the platform, expressed as a percentage of the transaction. It applies to purchases and redemptions alike, is shown to the investor before they sign, and is paid as part of the same transaction it relates to, as described in the Flow of Funds document.
The fee is currently 0%. At present the platform does not charge investors a fee. Any change to the percentage is disclosed before it takes effect and applies only to transactions made after that point.
The fee belongs to the platform, is separate from any amount an organization itself may charge, and is not refunded when an undelivered purchase is cancelled, as described in the Refund and Cancellation Policy.
5. Wallet Withdrawal (General Assets)
Separately from investment activity, a platform wallet may be used to hold and transfer other digital assets in the ordinary course. A wallet held by a single individual is operated solely by that individual, subject to the two-party signing structure described in the Custody Model document. A wallet shared among several individuals is subject to whatever approval threshold has been configured for that wallet — a transaction requires the agreed number of approvals before the platform's key share will countersign it.
6. What Is Deliberately Not Specified Here
The following are set by each organization for its own offering, disclosed in that offering's own documents, and are outside the scope of this platform-level policy:
- The specific price, valuation methodology, or valuation cap applicable to an offering
- Whether redemption is offered at all, and on what terms
- The specific circumstances under which an organization will exercise any discretion available to it
This document describes the platform mechanism. It is not, and should not be read as, a representation about the terms of any specific offering. Investors should review the specific offering documents for the instrument they are considering.