> For the complete documentation index, see [llms.txt](https://docs.t-rex.network/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.t-rex.network/guides/journeys/j2.-investor-journey-from-onboarding-to-secondary-transfer.md).
# J2. Investor journey: from onboarding to secondary transfer
The Investor is a person or an institution that wants to hold a regulated asset. This journey starts with nothing on-chain: no identity, no credential, no position. It ends when the Investor has received a first position and has transferred part of it to another holder. At the end, the Investor holds an ONCHAINID it controls, the claims that make it eligible, and a position that every asset-level check attributes to its identity.
## Stages
| # | Stage | Flow | Who acts | Outcome |
| - | -------------------------------- | ------------------------------------------------------------------------------------------------------------------------------- | -------------------------------------- | ---------------------------------------------------------------------- |
| 1 | Get an identity | [02 Deploy an ONCHAINID](/guides/identity/02.-deploy-an-onchainid.md) | Investor, or an operator acting for it | The Investor has an ONCHAINID, with its first wallet linked |
| 2 | Protect the identity | [28 Install the recovery module and manage guardians](/guides/identity/28.-install-the-recovery-module-and-manage-guardians.md) | Identity Owner | Guardians can restore access if the keys are lost. Recommended |
| 3 | Get verified | [05 Issue a claim to an investor](/guides/claim-issuer/05.-issue-a-claim-to-an-investor.md) | Claim Issuer | The identity holds the claims that assets require |
| 4 | Add wallets | [07 Link a wallet to an ONCHAINID](/guides/identity/07.-link-a-wallet-to-an-onchainid.md) | Identity Owner | Other addresses of the Investor resolve to the same identity. Optional |
| 5 | Receive a first position | [08 Mint a position to an investor](/guides/positions/08.-mint-a-position-to-an-investor.md) | Token Agent | The Investor holds units of the asset |
| 6 | Transfer on the secondary market | [10 Transfer between investors](/guides/positions/10.-transfer-between-investors.md) | Investor | Part of the position belongs to another eligible holder |
## Overview
```mermaid
flowchart LR
S1["1. Identity
02"] -.-> S2["2. Guardians
28"]
S1 --> S3["3. Claims
05"]
S2 -.-> S3
S3 -.-> S4["4. More wallets
07"]
S3 --> S5["5. First position
08"]
S4 -.-> S5
S5 --> S6["6. Transfer
10"]
```
## What the persona sees and does
**1. Get an identity.** The Investor opens an account with a Platform: the application of an Issuer's onboarding agent or of a Claim Issuer. It creates its ONCHAINID itself, with the wallet it already uses, or the operator creates it for that wallet. Either way that wallet is linked to the identity as its first wallet. When an operator creates the identity, the wallet is its only manager and the operator keeps no key. The identity is a smart account: it has the same address on every EVM chain, it can hold tokens itself, and the wallet used to create it is linked to it.
**2. Protect the identity.** In the same session, the Platform offers to set up recovery. The Investor chooses its guardians, a threshold and a delay, and installs the recovery module. This has to happen while the Investor still has its keys. An identity without guardians cannot be recovered on-chain.
**3. Get verified.** The Investor goes through the verification of a Claim Issuer: documents, checks, whatever that issuer's process requires. Nothing of this is on-chain. When the Claim Issuer is satisfied, it signs a claim and the claim is added to the Investor's identity. The Investor does not need to transact when the Claim Issuer has standing in the network. The claim belongs to the identity. Every asset that trusts this Claim Issuer for this topic counts it, so the Investor is verified once and not once per asset.
**4. Add wallets.** The Investor may hold through several addresses: a hardware wallet, a second wallet, a wallet on another chain. It links each one to its identity, once, with a proof from the wallet and a proof from the identity. A linked wallet is recognized by every asset. No Issuer has to register it.
**5. Receive a first position.** The Investor subscribes to an asset under the Issuer's own process, off-chain. When the subscription is settled, a Token Agent of the Issuer mints the position to the address the Investor gave: its ONCHAINID or one of its linked wallets. The mint succeeds only if the identity holds a valid claim, from a Claim Issuer the asset trusts, for every topic the asset requires, and if the rules of the asset allow the amount. The Investor does nothing on-chain and sees the balance arrive.
**6. Transfer on the secondary market.** The Investor sends units to another holder with a standard ERC-20 `transfer`, from the wallet that holds them, or approves a venue that calls `transferFrom` for it. The token records the transfer if the asset is open, neither address is frozen, the recipient is eligible and the movement respects the rules of the asset. Otherwise the transaction reverts and nothing moves. The Investor does not ask anyone's permission, and the Issuer does not approve each transfer.
## Where journeys diverge
* **The Investor is already attested elsewhere.** An attestation on the Ethereum Attestation Service is brought in as a claim, in place of stage 3: [29](/guides/claim-issuer/29.-bring-an-eas-attestation-in-as-a-claim.md).
* **An address of the Investor cannot link itself.** A custody account, a contract that cannot sign. A Registry Agent of the Issuer registers it for that asset: [06](/guides/agents/06.-register-an-investor-for-an-asset.md).
* **The Investor holds through several wallets.** Its identity commands all of them from one place: [24](/guides/identity/24.-transfer-through-the-identity.md).
* **A wallet is lost or compromised.** The Investor revokes it and moves what it holds through its identity: [23](/guides/identity/23.-revoke-a-wallet.md). If the Investor cannot act, or if the wallet holds frozen tokens, an agent of the asset recovers the position: [15](/guides/agents/15.-recover-a-position-from-a-lost-wallet.md).
* **The keys of the identity are lost.** The guardians restore access: [21](/guides/identity/21.-recover-access-to-an-onchainid.md).
* **A claim is revoked or expires.** The Investor keeps its position, can still send to an eligible recipient, and can no longer receive: [19](/guides/claim-issuer/19.-revoke-a-claim.md). A new claim restores eligibility.
* **The Investor wants its position on another chain.** It delegates it out to one of its wallets on a satellite: [J4](/guides/journeys/j4.-cross-chain-journey-distribute-and-reconcile.md).
* **The Investor redeems.** A Token Agent burns the position once the redemption is settled: [09](/guides/positions/09.-burn-a-position.md).
## Related journeys
* [J1 Issuer journey: launch an asset](/guides/journeys/j1.-issuer-journey-launch-an-asset.md) : what the Issuer has done before stage 5
* [J4 Cross-chain journey: distribute and reconcile](/guides/journeys/j4.-cross-chain-journey-distribute-and-reconcile.md) : holding and transferring on a satellite
* [J5 Offboarding journey: an investor that must no longer hold or receive](/guides/journeys/j5.-offboarding-journey-an-investor-that-must-no-longer-hold-or-receive.md) : the Issuer's side of an exit
---
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