Terms of Service
Legal agreement governing your use of the Haystack platform
Last updated: 9 February 2026
1. Agreement to Terms
These Terms of Service ("Terms") constitute a legally binding agreement between you and Haystack. By creating an account you confirm that you have read, understood and agree to these Terms; you are at least 18 years old; you have legal capacity to enter into this agreement; and you will comply with all applicable laws. If you do not agree, you must not use the platform.
2. The Platform
2.1 What Haystack Provides
Haystack operates a closed platform enabling fractional investment in tokenised non-listed securities, including private equity, venture capital, private credit, infrastructure, real estate and LP interests. Each fund series is issued as an electronic security (Kryptowertpapier) under the German Electronic Securities Act (eWpG); the token holder is recorded as the direct legal owner on a BaFin-licensed crypto securities register.
2.2 What Haystack Does Not Provide
- We do not recommend specific investments or assess suitability for your circumstances.
- The transfer market enables negotiation, but we do not guarantee a buyer exists or at what price.
- Your funds are not protected by FSCS. This is not the same as a bank deposit.
- We do not manage underlying assets — fund managers and issuers control asset operations.
3. Eligibility and Account Creation
To use Haystack you must pass identity verification (KYC/AML), complete the appropriateness assessment, and fall within an eligible investor category. You are responsible for keeping your credentials secure. We may suspend or terminate accounts for breach of these Terms, legal or regulatory reasons, or suspected fraud.
4. Investments and Tokenisation
4.1 Two-Token Model
Position tokens (Px) record your holding in each fund series, including called and uncalled capital. Cash on platform is represented by Ix tokens, each backed 1:1 by fiat held in a segregated vault account. All subscriptions, secondary trades and distributions settle in Ix.
4.2 Distributions and Capital Calls
Funds may call committed capital over time; calls settle from your Ix balance by the stated due date. Distributions are credited in Ix and may be withdrawn or reinvested.
5. Transfer Market (Secondary Trading)
The transfer facility lets verified investors negotiate transfers of positions. Bids escrow your Ix until accepted, rejected or expired. Settlement is atomic — position tokens and cash move simultaneously. Prices are set by negotiation and may differ from NAV. There is no guarantee of exit.
6. Fees
Haystack charges transparent, one-off fees when you deploy capital into an offering and when you transfer a position. The current fee schedule is available on the platform. No recurring platform fees apply.
7. Prohibited Activities
- Market manipulation, wash trading, or misleading other investors
- Money laundering, sanctions evasion or other financial crime
- Circumventing eligibility, transfer or compliance restrictions
- Interfering with the platform’s security or operation
8. Limitation of Liability
We are not liable for investment losses arising from your decisions, for the acts of fund managers or issuers, or for events outside our reasonable control. Nothing in these Terms excludes liability for fraud or where exclusion is prohibited by law.
9. Dispute Resolution
Complaints should first be raised with support. If unresolved, eligible complainants may refer the matter to the relevant ombudsman service. These Terms are governed by the laws of England and Wales, without prejudice to mandatory provisions of German law applying to the securities register.
10. Changes, Termination and Contact
We may amend these Terms with notice; continued use constitutes acceptance. You may close your account at any time, subject to settling open positions and obligations. Contact: support@haystack.investments.