Whether or not investors are able to trade their Equity Tokens on secondary markets depends on how each company structures its term sheet. Investors will be informed prior to investing, and this will be reflected in the Equity Token smart contract. In order to acquire Equity Tokens on a secondary market, new investors (i.e., buyers) will be required to complete the verification process (KYC). We are working closely with partners to enable the trading of equity tokens issued during ETOs.