Vesting and lockup

This article explains when investors receive equity-backed tokens and when they can transfer them.

Each round has its own vesting schedule, set out in that round's terms. A schedule can include a cliff (an initial period before any tokens vest), a total duration and monthly releases.

Investor vesting is linked to the company's progress in drawing down the raised funds. Investors' tokens never vest faster than the funds are released to the company.

Equity-backed tokens are subject to a 12-month lockup from the round's activation, when legal setup is complete and vesting starts. Tokens reach an investor's wallet only once they are both vested and past the lockup.

Equity-backed tokens are currently non-transferable, including after the 12-month lockup. Transfers to other verified, eligible holders are planned but are not yet available. The end of the lockup does not itself enable transfers.

Equity-backed tokens are not listed on any exchange or decentralised trading pool, and wrapped or synthetic versions are not permitted.

If a company raises again, the new round has its own vesting schedule and lockup. A later round does not change the schedule of an earlier round.