> For the complete documentation index, see [llms.txt](https://terms.tessera.pe/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://terms.tessera.pe/operator-terms.md).

# Operator Terms of Service (Hebe Haven Inc.)

**Date last revised: 29 October 2026**

*Hebe Haven Inc., the Operator:* [*Operator Terms of Service*](/operator-terms.md) *·* [*Privacy Policy*](/privacy-policy.md) *·* [*On-ramp providers*](/providers.md)*. These are the Operator's documents, not Tessera Works Foundation's or any Issuer's.*

## 1. Who we are and what these Terms cover

1.1 These Terms of Service ("**Terms**") are a binding agreement between you and **Hebe Haven Inc.**, a corporation (*sociedad anónima*) incorporated under the laws of the Republic of Panama, registered at the Panama Public Registry (Mercantile Section) under Folio No. 155712680, with its registered office at Ricardo Arias Street, Advanced Tower Building, First Floor, Panama City, Republic of Panama (the "**Operator**", "**we**", "**us**"). They govern your access to and use of the Tessera-branded consumer application, whether as a web application at app.tessera.pe or app.tessera.fun or as a progressive web app, and of the Tessera website at tessera.pe, [www.tessera.pe](http://www.tessera.pe) and the other subdomains of tessera.pe that we operate (together, the "**Application**"). The Operator uses the Tessera name and marks under licence from Tessera Works Foundation.

1.2 The Operator operates the Application in its own right. The Operator is the counterparty to you under these Terms.

1.3 The Application software is licensed from **Tessera Lab Pte. Ltd.**, a company incorporated in Singapore (UEN 202118527R) (the "**Technology Provider**"). The Technology Provider develops and licenses the software. It does not operate the Application, is not a party to these Terms, does not hold your assets, and owes you no obligation under these Terms.

1.4 The Application gives you access to digital assets issued by third parties, including loan participation rights issued by subsidiaries of Tessera Works Foundation (see clause 6). Those assets are governed by their issuers' own terms, not by these Terms. The Operator is not the issuer of any asset accessible through the Application.

1.5 By creating an account, connecting a wallet, or otherwise using the Application you accept these Terms. If you do not accept them, do not use the Application.

## 2. Definitions

"**Digital Asset**" means any cryptographic token or coin recorded on a public blockchain, including USDC, SOL and any Third-Party Asset.

"**Embedded Wallet**" means the self-custodial Solana wallet created for you within the Application through the Wallet Infrastructure Provider, as described in clause 3.

"**Excluded Jurisdiction**" and "**Excluded Person**" have the meanings in clause 4 and the Annex.

"**Issuer**" means the entity that issues a Third-Party Asset; for loan participation rights accessible through the Application, the dedicated issuing subsidiary of Tessera Works Foundation identified for the relevant series in the Issuer Terms.

"**Issuer Terms**" means the terms and conditions, disclosures and other documents published by an Issuer or on its behalf, including the Tessera Terms and Conditions and Disclosures at <https://terms.tessera.pe>.

"**On-Ramp Provider**" means a third-party provider of fiat on-ramp services made available through the Application from time to time (clause 7). The providers currently in use are identified in the Application at the point of purchase and listed on the [On-ramp providers](/providers.md) page.

"**Third-Party Asset**" means a Digital Asset issued by a person other than the Operator, including loan participation rights issued by an Issuer.

"**Wallet Infrastructure Provider**" means Dynamic Labs, Inc. or such other provider of embedded wallet infrastructure as the Operator may use from time to time.

## 3. What the Application is, and what the Operator does not do

3.1 **Non-custodial interface.** The Application is a software interface. It lets you create and use an Embedded Wallet, view Digital Assets, submit transactions to public blockchain programs, and reach third-party services. The Operator does not hold, control or have access to your Digital Assets.

3.2 **Your wallet is yours.** The Embedded Wallet is generated and secured through threshold (multi-party computation) key management operated by the Wallet Infrastructure Provider under its own terms. No system operated by the Operator holds your private key or any share of it, and the Operator cannot sign, block or reverse a transaction from your Embedded Wallet. Loss of the credentials that protect your Embedded Wallet may mean permanent loss of access to the Digital Assets in it. The Operator cannot recover them for you.

3.3 **The Operator does not**: (a) custody Digital Assets or fiat currency; (b) hold private keys; (c) match, execute, clear or settle trades; (d) act as counterparty or principal to any transaction you submit; (e) issue, redeem, price or back any Digital Asset; (f) accept, convert or transmit fiat currency; or (g) provide investment, legal, tax or financial advice.

3.4 **On-chain execution.** When you submit a buy or sell, the Application constructs a transaction that you authorise from your Embedded Wallet. The transaction is submitted to public Solana programs, and may be routed by a third-party routing service to one or more on-chain liquidity venues. Execution, price and settlement are determined by those programs and venues, not by the Operator. The Operator may pay network fees for a transaction on your behalf as a convenience; doing so does not make the Operator a party to the transaction.

3.5 **Availability.** The Application may be unavailable, may show delayed or indicative information, and may withdraw or add features at any time.

## 4. Eligibility, Excluded Persons and Excluded Jurisdictions

4.1 You may use the Application only if you: (a) are at least 18 years old and have full legal capacity; (b) are not an Excluded Person; (c) are not located in, resident in, a citizen of, or accessing the Application from an Excluded Jurisdiction; and (d) are not subject to sanctions administered by the United Nations, or by the jurisdiction of the Operator or of any Issuer whose assets you access.

4.2 The Excluded Jurisdictions and Excluded Persons are set out in the Annex. They include at least every jurisdiction and person excluded under the Issuer Terms.

4.3 The Operator may apply technical restrictions, including by location, to prevent access from Excluded Jurisdictions. Any such restriction is a control, not a permission: if you reach the Application from an Excluded Jurisdiction, you are in breach of these Terms and must stop.

4.4 You represent, on each use of the Application, that clause 4.1 is true, that you are using the Application for your own account and not for any person who could not satisfy clause 4.1, and that your use is lawful where you are.

## 5. Your account

5.1 You sign in with an email address, a supported social login, or a passkey, as offered in the Application. Multi-factor authentication may be offered or required.

5.2 You are responsible for everything done through your account and Embedded Wallet, for keeping your credentials and devices secure, and for telling us promptly at <support@tessera.pe> if you believe your account has been compromised.

5.3 We may suspend or close an account, or restrict features, where we reasonably believe these Terms have been breached, where the law requires it, or where continuing would create risk for the Operator, other users or a third party. Suspension of the Application does not affect Digital Assets in your Embedded Wallet, which remain under your control through the Wallet Infrastructure Provider.

## 6. Third-Party Assets and Issuers

6.1 Digital Assets accessible through the Application are issued by third parties. In particular, tokens named "T-\[Company]" are **loan participation rights** issued by an Issuer, being a dedicated subsidiary of Tessera Works Foundation (Panama), under the Issuer Terms. They give the holder economic exposure linked to a private company's valuation through a loan to the Issuer. They are not equity, shares, units, voting rights or any ownership interest in any company, and they are not issued, backed, endorsed or sold by the Operator.

6.2 The Operator is not the Issuer and is not the Issuer's agent, distributor, underwriter, placement agent or representative. The Operator does not direct or control any Issuer, and no Issuer directs or controls the Application. The Issuer's obligations to you arise only under the Issuer Terms and only between you and that Issuer.

6.3 Before acquiring any Third-Party Asset you must read and accept the relevant Issuer Terms. Where these Terms and the Issuer Terms address the same asset, the Issuer Terms govern the asset and these Terms govern your use of the Application.

6.4 The Operator makes no representation about any Third-Party Asset, including its backing, valuation, liquidity, transferability, tax treatment, legal or regulatory character, or whether or when it will be redeemed. Information about a Third-Party Asset shown in the Application is provided by, or derived from, the Issuer or public on-chain data, and is indicative.

6.5 **Redemption is not on demand.** Loan participation rights are redeemable only in accordance with the Issuer Terms, only after a Redemption Start Date is announced under the Issuer Terms, and only for the Redemption Period the Issuer Terms specify. The Operator has no role in redemption and cannot cause, accelerate or guarantee it. Selling a Third-Party Asset through the Application is a transfer on public on-chain markets at market-dependent liquidity, not a redemption.

## 7. Fiat on-ramp

7.1 Purchases of Digital Assets with fiat currency offered in the Application are provided by an **On-Ramp Provider** as principal, under the On-Ramp Provider's own terms of service, privacy policy and identity-verification requirements. The On-Ramp Provider, not the Operator, contracts with you for the fiat transaction. The Operator may add, change or remove On-Ramp Providers at any time; the provider for a given purchase is identified to you before you proceed.

7.2 The Operator is not a party to any fiat transaction. The Operator does not receive, hold or transmit your fiat funds, does not set the On-Ramp Provider's prices, fees or limits, and does not decide whether the On-Ramp Provider will serve you.

7.3 Each On-Ramp Provider carries out its own identity verification. **The Operator does not collect, receive, store or process any identity document, selfie, or verification outcome produced in that process.** Any information you give the On-Ramp Provider is given to it directly, under its privacy policy.

7.4 On completion, the On-Ramp Provider delivers USDC to your Embedded Wallet on Solana. USDC on Solana is the only purchase the Application offers through an On-Ramp Provider. The On-Ramp Provider does not sell, deliver or distribute any Third-Party Asset. Any later acquisition of a Third-Party Asset is a separate on-chain transaction that you authorise under clause 3.4 and clause 6.

7.5 Questions, refunds, chargebacks and complaints about a fiat transaction must be raised with the On-Ramp Provider. The Operator will not be able to see or act on them.

7.6 The On-Ramp Provider's own country and payment-method restrictions apply in addition to clause 4.

## 8. Orders, prices and liquidity

8.1 Prices shown in the Application are indicative and may differ from the price at which a transaction executes on-chain. A price tolerance applies to each buy and sell; a transaction that cannot execute within it will fail rather than fill outside it.

8.2 Liquidity for any Digital Asset depends on third-party on-chain venues and may be thin, volatile or absent. A sell may execute at a materially lower price than the last price shown, may execute partially, or may not execute at all. The Operator does not provide liquidity and gives no assurance that any order will fill.

8.3 Fees. You bear network fees except where the Operator sponsors them under clause 3.4, any fee the routing service or venue charges, any transfer fee built into a Third-Party Asset by its Issuer, and any Application fee that is shown to you before you confirm a transaction. The On-Ramp Provider's fees are set and disclosed by it.

8.4 A confirmed on-chain transaction cannot be cancelled or reversed by the Operator.

## 9. No advice; risks

9.1 Nothing in the Application is investment, financial, legal or tax advice, an offer, solicitation or recommendation, or a statement that any Digital Asset is suitable for you. You decide for yourself, and you are responsible for your own tax obligations.

9.2 Digital Assets are high risk. You may lose the whole of what you put in. Risks include price volatility; illiquidity; the failure, insolvency or default of an Issuer or of the counterparties and structures behind a Third-Party Asset; smart-contract, network and software failure; loss of credentials; the actions of third-party providers; and changes in law or regulation that may affect the Application, a Digital Asset or you. The legal and regulatory character of Digital Assets is uncertain in many jurisdictions and may change.

## 10. Acceptable use

You must not use the Application: to breach any law, sanction or these Terms; to engage in market manipulation, wash trading, fraud or money laundering; to interfere with, reverse engineer, scrape or overload the Application or any third-party service reached through it; to circumvent the restrictions in clause 4; or for the account of any person who could not satisfy clause 4.1.

## 11. Intellectual property

11.1 The Application software and its content are owned by the Technology Provider and its licensors, or by the Operator, and are protected by intellectual-property law. Subject to these Terms, the Operator grants you a personal, revocable, non-exclusive, non-transferable licence to use the Application for its intended purpose.

11.2 Names, logos and marks displayed in the Application belong to their respective owners. Display of an Issuer's or a company's name or mark identifies the asset and does not imply that the owner endorses, operates or is affiliated with the Application.

## 12. Third-party services

The Application relies on third-party services, including the Wallet Infrastructure Provider (Dynamic), transaction routing (DFlow), key-management infrastructure (Fireblocks) used by the Wallet Infrastructure Provider, network and security services (Cloudflare), update services, and the On-Ramp Providers. Each is provided under its own terms, and the Operator is not responsible for their acts, omissions or availability. Where a third-party service asks you to accept its terms, you contract with that provider directly.

## 13. Disclaimers and limitation of liability

13.1 The Application is provided "as is" and "as available", without warranty of any kind, express or implied, including as to merchantability, fitness for a particular purpose, accuracy, non-infringement, uninterrupted or error-free operation, or the value, legality or redeemability of any Digital Asset.

13.2 To the fullest extent permitted by law, the Operator, the Technology Provider, and their respective directors, officers, employees, contractors, licensors and agents are not liable to you for any loss of profit, revenue, value, data or opportunity, or for any indirect, special, incidental, consequential, exemplary or punitive loss, however arising, even if advised of the possibility.

13.3 To the fullest extent permitted by law, the aggregate liability of the Operator to you for all claims arising out of or relating to the Application or these Terms will not exceed the Application fees you have paid, or owe, to the Operator in the six (6) months before the claim arose.

13.4 Nothing in these Terms excludes liability that cannot be excluded by law.

## 14. Indemnity

You will indemnify and hold harmless the Operator, the Technology Provider and the persons in clause 13.2 against all claims, liabilities, losses and expenses (including reasonable legal fees) arising from your breach of these Terms, your use of the Application, or your violation of any law or the rights of any third party.

## 15. Changes and termination

15.1 We may change these Terms by publishing a revised version in the Application and updating the "Last revised" date. Material changes will be notified in the Application. Continued use after the revised Terms take effect is acceptance.

15.2 We may modify, suspend or discontinue the Application, in whole or in part, at any time. Your Embedded Wallet and its contents remain accessible through the Wallet Infrastructure Provider in accordance with its terms.

15.3 Clauses that by their nature should survive termination (including 6, 9, 11, 13, 14 and 16) survive.

## 16. Governing law and disputes

16.1 These Terms are governed in all respects, including as to validity, interpretation and effect, by Singapore law, without giving effect to its principles or rules of conflict of laws, to the extent such principles or rules are not mandatorily applicable by statute and would permit or require the application of the laws of another jurisdiction.

16.2 Any claim, suit or dispute arising out of or in connection with these Terms, including any question regarding their existence, validity or termination, shall be referred to and finally resolved by arbitration administered by the Singapore International Arbitration Centre ("**SIAC**") in accordance with the Arbitration Rules of the SIAC for the time being in force, which rules are deemed to be incorporated by reference in this clause. The arbitral tribunal shall consist of a sole arbitrator appointed by the President of the SIAC. The seat of the arbitration shall be Singapore and the language of the arbitration shall be English. This arbitration agreement is governed by Singapore law. In respect of any court proceedings in Singapore commenced under the International Arbitration Act 1994 of Singapore in relation to the arbitration, the parties agree (a) to commence such proceedings before the Singapore International Commercial Court ("**SICC**"); and (b) in any event, that such proceedings shall be heard and adjudicated by the SICC.

16.3 Any claim must be brought individually; you waive any right to participate in a class or representative action, or in a class-wide arbitration, to the extent the law permits.

16.4 Nothing in this clause 16 deprives you of the protection of the mandatory consumer law of your country of residence.

## 17. General

17.1 These Terms, together with any policies referenced in them, are the entire agreement between you and the Operator about the Application. The Issuer Terms and the On-Ramp Provider's terms are separate agreements with those parties.

17.2 If any provision is unenforceable, the rest remains in force. No waiver is effective unless in writing. You may not assign these Terms; the Operator may assign them to a successor operator of the Application on notice to you.

17.3 Notices to you may be given in the Application or to the email address on your account. Notices to the Operator: <legal@tessera.pe>, or Hebe Haven Inc., Ricardo Arias Street, Advanced Tower Building, First Floor, Panama City, Republic of Panama.

17.4 Nothing in these Terms creates a partnership, joint venture, agency or fiduciary relationship between you and the Operator, or between the Operator and any Issuer or the Technology Provider.

## Annex — Excluded Jurisdictions and Excluded Persons

**Excluded Jurisdictions:** (1) the United States of America and its territories and possessions; (2) the People's Republic of China; (3) the Central African Republic; (4) the Democratic People's Republic of Korea; (5) the Democratic Republic of the Congo; (6) Belarus; (7) Iran; (8) Libya; (9) Mali; (10) Russia; (11) Somalia; (12) South Sudan; (13) Sudan; (14) Yemen; (15) the United Kingdom of Great Britain and Northern Ireland; (16) any jurisdiction identified by the Financial Action Task Force for strategic AML/CFT deficiencies and included in its lists of "High-Risk Jurisdictions subject to a Call for Action" or "Jurisdictions under Increased Monitoring", as updated; (17) any jurisdiction in which the Application, or a Digital Asset accessible through it, would require the Operator or an Issuer to hold a licence, registration or authorisation; and (18) any jurisdiction in which access to or use of the Application, or the offering of a Digital Asset accessible through it, is prohibited, restricted or unauthorised in whole or in part.

**Excluded Persons:** (1) a person who is a citizen of, domiciled in, resident in, or physically located in an Excluded Jurisdiction; (2) a body corporate incorporated in, or operating out of, an Excluded Jurisdiction, or controlled by one or more individuals who are citizens of, domiciled in, resident in or located in an Excluded Jurisdiction; (3) a person or entity on the United Nations Security Council Consolidated List or on any sanctions list applicable to the Operator; (4) a "U.S. person" as defined in Regulation S under the United States Securities Act of 1933; and (5) any person otherwise prohibited or ineligible under any law applicable to them from using the Application.

***

*Last revised: 29 October 2026. Operator: Hebe Haven Inc. Application software licensed from Tessera Lab Pte. Ltd. Fiat on-ramp services are provided by third-party providers under their own terms.*