So I just spoke with Christian from Upstreet, and have sent an email to all Strawman members that have transferred credits to them previously.
The email is:
Sadly, we learned today that Upstreet, one of our Member Awards Program partners, has gone into administration.
Obviously, this means that you can no longer redeem your awards credits through UpStreet.
However, our Awards program will continue and you still have the option to use your credits to offset membership fees, or donate them to charity via our partners at Trade for Good.
As we understand it, any funds you have with UpStreet will be returned to you once the underlying fund is wound down. (It's important to stress that any investments you had through UpStreet were held in trust via a third party custodian.)
If you have previously claimed any credits through UpStreet, they will be in contact with you directly in regard to the specifics. But if you have any questions we are of course happy to help where we can.
It's disappointing news, and our condolences go out to the UpStreet team who worked hard to try and make a success out of an innovative product idea. We really couldn't have hoped to issue real world securities without them.
Let us stress that this has no impact to Strawman which is, of course, a completely separate organisation. We look forward to continuing to serve you, our valued members.
So the key thing to underscore here is that funds will not be lost, but it may take some time for the fund to be wound down. And there will likely be some transaction costs to account for.
We'll see how it all plays out, but if there's any material loss due to windup costs (which shouldn't be the case) I'll make sure we add extra credits to your Strawman balance.
It's such a shame, we looked far and wide for a service that would allow us to transfer real world value back to members that didn't involved onerous taxation and legal obstacles (it's a nightmare), and UpStreet was easily the best solution we could find. Frankly, they were the ONLY solution that was tenable. We'll see if there's anything else that lets us do something similar, and please reach out if you know of anything.
If you have any questions, you can contact the administrator here: email@example.com
And, of course, please hit me up if you have any questions from a Strawman perspective.