Terms of Service | ALTOKEN.IO

These terms are an agreement between you and ALTOKEN Financial Operadores S.A.C. ("ALTOKEN", "we", "us"). Please read them before you use ALTOKEN. If you don't agree with them, please don't use the platform.

1. The short version

ALTOKEN is a technology platform. It lets companies that own real estate (issuers) present investment offerings, and it lets eligible people verify their identity, sign documents, pay and receive property tokens.
The issuer makes each offering, not ALTOKEN. Your investment contract is with the issuer.
ALTOKEN never receives, holds or passes on your money or your tokens. Card payments go to the issuer's own Stripe account. USDC payments go from your wallet straight to the issuer's wallet.
ALTOKEN charges a platform fee of 2.5% of the amount you invest. We show it before you pay.
Your tokens live in a wallet that only you control. We can never sign for your wallet or see your recovery phrase.
Property tokens are restricted securities. You can't sell or transfer them freely, and ALTOKEN does not run a market to sell them.
We don't give investment, legal or tax advice. Returns are not guaranteed, and you can lose the money you invest.

The rest of this document explains each point in more detail. If the short version and the detailed sections ever seem to differ, the detailed sections apply.

2. Who we are and what we do

ALTOKEN is operated by ALTOKEN Financial Operadores S.A.C., a company incorporated in Peru, with taxpayer number (RUC) 20615542637 and its registered address at Las Castañitas 138, Urb. El Palomar, San Isidro, Lima, Peru.

Card payments run through ALTOKEN's Stripe platform account, which is held by our related company DDPAY Wallet LLC (United States). That account receives the platform fee on card payments.

These terms cover our website (www.altoken.io), our web app (app.altoken.io), our mobile app and the services we offer through them (together, the "platform").

What we do:

publish offerings that issuers prepare, with the information and documents the issuer gives us;
run identity checks before you invest;
send you the offering's subscription documents to sign electronically;
prepare your payment so that it goes directly to the issuer, by card or in USDC;
prepare token deliveries and other token actions that the issuer's signers approve, and carry them out on the Solana network;
show your orders, holdings, documents and distributions, and send you emails about them.

What we don't do:

We don't sell property tokens. Each issuer sells its own.
We don't receive, hold, safeguard or pass on investors' money or tokens. We are not a bank, an exchange or a custodian.
We don't hold the keys to your wallet and can't sign for it.
We don't buy or sell crypto, turn USDC into local currency, or run a market where tokens can be resold.
We don't give investment, legal, tax or financial advice, and we don't recommend any offering to you.
We don't guarantee returns, distributions, the value of a property or that you will be able to sell your position.

3. Words we use

Issuer: the company that owns or controls a property and makes an offering, usually a company set up for that property alone (a special purpose vehicle, or SPV).
Offering: an investment opportunity that an issuer presents on ALTOKEN, with its own legal terms.
Offering documents: the documents that set out an offering's terms, rights, fees, restrictions and risks, including the subscription documents you sign. They are the authoritative source for your rights as an investor.
Property token: a digital token on the Solana network that records your position in one offering. Each offering has its own token.
Wallet: a Solana account that receives and holds your tokens and USDC. Only you control it.
USDC: a digital dollar (a stablecoin) issued by Circle.
Issuer's vault: a shared wallet controlled by the issuer and its co-signers (a multisig, run on Squads), which approves sensitive actions on the issuer's token.
Platform fee: ALTOKEN's fee for the use of the platform, described in section 11.

4. Your account

Who can use ALTOKEN

To open an account you must:

be at least 18 years old and of legal age to invest where you live;
be able to enter into a binding contract;
not be on a sanctions list, and not be acting for someone who is;
give us true, current and complete information, and keep it up to date.

You may open one personal account. If you use ALTOKEN for a company, you confirm that you are authorised to act for it.

Each offering decides who may invest in it. Some offerings are open only in certain countries or only to certain kinds of investors. Being able to open an account doesn't mean you can invest in every offering.

Signing in and keeping your account safe

You sign in with a code we email to you. You can also add a password and turn on two-step verification, for example with a passkey or an authenticator app. Keep access to your email, devices and passkeys safe, because anyone who controls them may be able to use your account. Tell us at support@altoken.io straight away if you think someone else has used your account.

You are responsible for what happens in your account unless it happened because of our failure.

5. Identity checks

Before you invest, you must verify your identity. We use Persona, an identity verification company. You will be asked for a government ID and a short selfie, and Persona checks your details against sanctions and other watch lists.

We may:

ask you to repeat the check, for example when it expires or when you ask to recover your tokens;
ask for more information or documents;
refuse or limit an account when we can't verify someone, when the law requires it, or when we suspect fraud, money laundering or another crime.

Some checks are reviewed by a person. Our KYC and anti-money-laundering policy and our Privacy Policy explain how we handle this information.

6. How investing works

6.1 The issuer makes the offering

Each offering is made by its issuer, not by ALTOKEN. When you invest, you enter into an agreement with the issuer under the offering documents. The issuer is responsible for the offering, for the information in it and for keeping the promises it makes to investors.

Before we publish an offering, we ask the issuer for the documents we require. That review is not a guarantee that the information is complete or correct, or that the investment is suitable for you.

6.2 Before you invest

Read the offering documents and our Risk Disclosure before you place an order. Consider getting independent legal, tax and financial advice. Only invest money you can afford to lose and leave invested for a long time.

6.3 Signing the documents

You sign the offering's subscription documents electronically through DocuSign. An order counts as signed only when DocuSign confirms that every signature is complete. Until electronic signing is available for an offering, investing in it shows as "opens soon" and no order is created.

6.4 Paying

We show the total before you pay: the amount you invest plus the platform fee. You can pay in one of the ways shown at checkout.

By card. Your card payment is made to the issuer's own Stripe account. The issuer is the merchant: it receives the payment, pays Stripe's processing fees and handles refunds and disputes. ALTOKEN receives only its platform fee, which Stripe sends from the payment to ALTOKEN's Stripe platform account (see section 2). Your card details go to Stripe and never reach ALTOKEN.

In USDC. You pay from your own wallet. You approve one transaction with two transfers: the amount you invest goes to the issuer's wallet, and the platform fee goes to ALTOKEN's own wallet. ALTOKEN pays the Solana network fee, so you don't need any other coin. Check the amounts before you approve. Once a blockchain transaction is confirmed, nobody can reverse it.

Only the payment methods shown at checkout are available. Bank transfers, local payment methods, buying crypto and currency exchange are not available on ALTOKEN.

6.5 After you pay

Once your payment is confirmed and the checks are complete, your tokens are delivered to your primary wallet. Delivery can take some time. For example:

we deliver only up to the number of tokens the issuer's vault has approved for delivery;
if you linked a new wallet to an account that already had one, tokens and distributions start reaching it after a security hold of at least 24 hours.

We email you when your order changes.

6.6 Refunds

The issuer decides on refunds under the offering documents (for example, when an offering doesn't reach its minimum, receives more money than it needs, or closes before your payment arrives). The issuer refunds the money on the same method you used to pay.

Card: the issuer refunds your card through its Stripe account. When it does, ALTOKEN automatically returns its platform fee in the same proportion.
USDC: the issuer sends the refund from its own wallet to the wallet that paid. ALTOKEN returns its platform fee, in the same proportion, from its own wallet.

If tokens were already delivered for a refunded order, they go back to the issuer's vault. This needs the approval of the issuer's signers, as described in section 7.

Whether you can cancel an order after paying depends on the offering documents.

6.7 Card disputes

If you dispute a card payment with your bank (a chargeback), the issuer handles the dispute, because it is the merchant. While the dispute is open, your order shows "under review by the card issuer". If the dispute ends in your favour, we treat it like a refund: the order is cancelled, the platform fee is returned in proportion and any delivered tokens go back to the issuer's vault.

Please contact us or the issuer before you open a dispute. Most problems can be solved faster that way.

7. Property tokens and their limits

What a token is

A property token is a digital record, on the Solana network (Token-2022), of your position in one offering. The issuer creates its tokens. A token gives you only the rights described in the offering documents. It does not, by itself, make you an owner of the property or give you title to it.

The issuer's register of investors is kept on the platform, and the tokens reflect it. If the two ever differ, the register and the offering documents decide, and the issuer can correct the tokens through its vault.

Tokens are restricted

Property tokens are securities with transfer restrictions:

Your tokens stay locked (frozen) in your wallet while they are not being moved through an approved process. This is normal and doesn't mean anything is wrong.
You can't sell, give or transfer them freely. A transfer is possible only when the offering documents and the law allow it.
ALTOKEN does not run a market for reselling tokens, and there may never be one.

Who controls what

The issuer's vault. Every sensitive action on an issuer's token (creating tokens, recovering a holding, pausing the token, returning tokens after a refund) needs two approvals from the issuer's signers. These are the issuer and co-signers such as a director, a lawyer or a transfer agent.
ALTOKEN has no vote in the vault. We can prepare an action and carry it out only after the issuer's signers approve it.
ALTOKEN's compliance key can only restrict holders, by freezing or unfreezing them for identity-check reasons, and deliver tokens to investors who paid, up to the amount the issuer's vault allowed.
Nobody at ALTOKEN can move your USDC or any other asset in your wallet.

Distributions

If an offering pays distributions (for example, a share of rental income), the issuer pays them in USDC from its own wallet and signs each payment itself. They go to your primary wallet. ALTOKEN never pays or holds distributions.

The amount and timing depend on the property and the offering documents, and they are not guaranteed. If you want local currency, you can exchange USDC through an exchange of your choice; ALTOKEN doesn't provide this. You are responsible for your own taxes.

8. Your wallet

Your choice of wallet

You need a Solana wallet to receive tokens. You can use:

your own wallet app, such as Phantom or Solflare (others work through the web app); or
where available, a Face ID or passkey wallet, powered by Turnkey, that only your passkey can open.

You link a wallet by signing a one-time message that proves it's yours. We email you every time a wallet is added, removed or changed. Tokens and distributions go to your primary wallet.

You are in control, and responsible

Only you control your wallet. That means:

ALTOKEN can never sign for your wallet or move what's in it;
you must keep your recovery phrase, passkeys and devices safe;
we can't reverse a transaction you approved, or recover USDC or other assets sent to a wrong address or lost with a wallet.

Face ID and passkey wallets

Your passkey wallet's keys are kept by Turnkey and can only be used with your passkey. You can add a backup passkey, for example on a second phone or a security key, and you can export the wallet's recovery phrase at any time to use it in another wallet app. The phrase is shown inside Turnkey's secure frame, and ALTOKEN never sees it. We email you about every change. Turnkey's own terms also apply to its service.

If you lose access to your wallet

If you lose a wallet that holds property tokens, the tokens can be recovered:

you verify your identity again;
two ALTOKEN administrators review and approve the request;
the issuer's vault signers approve it.

The tokens can only move to another wallet of yours, linked to your own account. Recovery covers property tokens only. USDC and other assets in a lost wallet can't be recovered by ALTOKEN or the issuer.

9. Risks

Investing in property through tokens carries real risks. You can lose some or all of your money. The main ones:

the property can lose value, stay empty or cost more than expected;
distributions can be lower, later or not paid at all;
you may not be able to sell or transfer your tokens for a long time, or ever;
the issuer can fail, make mistakes or not keep its promises;
laws and rules can change;
technology can fail: wallets, the Solana network, USDC or the services we rely on;
if you lose your wallet or recovery phrase, or someone tricks you into approving a transaction, you can lose assets.

Read the full Risk Disclosure and each offering's documents before you invest.

10. What you must not do

When you use ALTOKEN, you must not:

give false information or pretend to be someone else;
use another person's account, or let someone else use yours;
invest with money that comes from a crime, or help anyone avoid sanctions, tax or anti-money-laundering rules;
invest in an offering that isn't open to you where you live;
try to break, overload, scrape or get around the platform's security or limits;
copy, sell or misuse the platform or its content, except as these terms allow;
harass other people or use the platform to break the law.

If you do, we may suspend or close your account and report it to the authorities when the law requires.

11. Fees

Platform fee: 2.5% of the amount you invest, added on top of it. The fee shown at checkout is the one that applies to that order.
Network fees: ALTOKEN pays the Solana network fees for your payments and deliveries.
No account fee: opening and keeping an account is free.
The issuer's fees: an offering may have its own costs and fees. They are set out in its offering documents.
Other parties' fees: your bank, card issuer, wallet app or exchange may charge their own fees.

If we change the platform fee, the new fee applies only to orders placed after we announce it.

12. Services from other companies

ALTOKEN relies on other companies, including Persona (identity checks), Stripe (card payments), DocuSign (electronic signatures), Turnkey (passkey wallets), wallet apps and the Solana network. We choose them carefully, but we don't control them, and their own terms may apply to you. We are not responsible for their failures except where the law says we are.

13. Intellectual property

The platform, its design, text, software and the ALTOKEN name and logo belong to ALTOKEN or to those who license them to us. You may use the platform for your own investing and information. You may not copy, change, sell or reuse it without our written permission.

Offering documents and property information belong to the issuer or their authors.

14. Messages from us

We send you emails that you need to use the platform, such as sign-in codes, order updates, wallet changes and security alerts. You can't turn these off while you have an account. We send news and marketing only if you agree, and you can unsubscribe at any time.

15. Our responsibility to you

We work to keep ALTOKEN available, secure and accurate. But the platform is provided "as is" and "as available". We don't promise that it will always work without interruption or errors.

As far as the law allows:

we are not responsible for losses caused by the issuer, the property, market changes, the Solana network, USDC, your wallet, other companies' services or events outside our reasonable control;
we are not responsible for indirect losses, such as lost profits or lost opportunities;
our total responsibility to you for any claim is limited to the platform fees you paid to ALTOKEN in the 12 months before the claim.

Nothing in these terms limits responsibility that the law doesn't allow us to limit, such as for fraud or gross negligence, or your rights as a consumer.

If you break these terms or the law and that leads to a claim against ALTOKEN, you are responsible for the resulting costs, as far as the law allows.

16. Suspending or closing an account

You can ask us to close your account at any time by writing to support@altoken.io. You can also delete your account yourself in the ALTOKEN mobile app (Account, then Delete account). If you have never verified your identity or invested, we delete your account and its data. Otherwise we close it, sign you out everywhere and keep the identity and investment records the law requires.

We may suspend or close your account if you break these terms, if the law requires it, or if we must protect you, other users or the platform. We will tell you why, unless the law doesn't allow us to.

Closing an account doesn't affect the tokens in your wallet or your rights against the issuer under the offering documents. We keep the records the law requires us to keep, as explained in our Privacy Policy.

17. Changes to these terms

We may update these terms when our services or the law change. If a change matters to you, we will tell you by email or in the app at least 30 days before it takes effect. If you keep using ALTOKEN after that, the new terms apply. If you don't agree, you can close your account.

18. Law and disputes

These terms are governed by the laws of the Republic of Peru. Any dispute will be decided by the competent courts of Lima, Peru, unless the law where you live gives you the right to go to another court.

If you are a consumer in Peru, you can also file a complaint with Indecopi, Peru's consumer protection authority. Nothing in these terms limits that right, or the rights that consumer protection law gives you where you live.

Before starting a formal claim, please write to support@altoken.io. We will try to solve the problem with you first.

19. Other things you should know

These terms, together with our Privacy Policy, Cookie Policy, KYC and anti-money-laundering policy and Risk Disclosure, are the whole agreement between you and ALTOKEN about the platform. Each offering's documents govern your investment.
If a court finds part of these terms invalid, the rest still applies.
If we don't enforce a right straight away, we can still enforce it later.
You can't transfer your account or these terms to someone else. We may transfer them to a company that takes over the platform, and we will tell you if we do.
We publish these terms in English and Spanish, with the same meaning. If you find a difference, tell us and we will fix it; until then, the reading that is more favourable to you applies.

20. Contact us

Email: support@altoken.io
Post: ALTOKEN Financial Operadores S.A.C., Las Castañitas 138, Urb. El Palomar, San Isidro, Lima, Peru