VELMVellum Protocol8,420 waitlist KITEKite Ledger2,190 waitlist PLSDPalisade ID1,640 waitlist NRTLNorthlineDay 8 of 14 SABLSable RailDay 5 of 14 QULLQuill MarketsDay 11 of 14 CDWLCinder Well6,947 waitlist HRTNHartline8,787 waitlist OBSNObsidian Rail4,416 waitlist FENLFen Clearing1,060 waitlist LUMNLumen Books5,510 waitlist RDCTRedact ID6,485 waitlist HRBNHarbor NAV6,973 waitlist QLTDQuilt1,876 waitlist NMBMNimbus Match7,864 waitlist BRASBrass4,166 waitlist SLSTSolstice Credit9,342 waitlist WLTRWillow Transfer7,031 waitlist EMBREmber Registry2,487 waitlist NQAYNorth Quay2,013 waitlist KLNSKiln4,412 waitlist GLSHGlass HouseDay 8 of 14 IRNPIron PierDay 1 of 14 PLFRPale FireDay 3 of 14 VELMVellum Protocol8,420 waitlist KITEKite Ledger2,190 waitlist PLSDPalisade ID1,640 waitlist NRTLNorthlineDay 8 of 14 SABLSable RailDay 5 of 14 QULLQuill MarketsDay 11 of 14 CDWLCinder Well6,947 waitlist HRTNHartline8,787 waitlist OBSNObsidian Rail4,416 waitlist FENLFen Clearing1,060 waitlist LUMNLumen Books5,510 waitlist RDCTRedact ID6,485 waitlist HRBNHarbor NAV6,973 waitlist QLTDQuilt1,876 waitlist NMBMNimbus Match7,864 waitlist BRASBrass4,166 waitlist SLSTSolstice Credit9,342 waitlist WLTRWillow Transfer7,031 waitlist EMBREmber Registry2,487 waitlist NQAYNorth Quay2,013 waitlist KLNSKiln4,412 waitlist GLSHGlass HouseDay 8 of 14 IRNPIron PierDay 1 of 14 PLFRPale FireDay 3 of 14

ALDV

In diligence

IN MOTIONSettlement

Alder Field

Budget exists on a board line. This is this quarter, not ‘when the rule opens’.

Closed files are history. Live files have a clock. Alder Field has 9 days.

Alder Field — A permissioned DvP rail: cash against asset between banks, FMIs or funds that already have accounts with each other. It is the moment of exchange, not a new listed asset.

In a 14-day diligence sprint (day 3). This is when the story, the customers and the legal path get written down — or the file stops.

Window 9d. Waitlist a short list. 14 asks this week. This is not a quiet listing.

Diligence, not a prospectus. RCA Pad does not allocate, take orders, or close funding. If this company raises, it raises with its own counsel.

Sprint day

0/14

Window

0days

Heat

0/99

Inbound / wk

0asks

Asking now

0live

Named pilots

Redacted on the public page

Live nodes

Permissioned settlement

Counsel hours

Not offering — locked

Sentences killed

Before listing

Claims live

5/6

Sprint

Our cut

Of any proceeds

Plate Meridian · 2337

ALDV

The plate

Meridian. Edition 2337.

A unique plate for Alder Field. Geometry, orbit, and edition belong to this company — no other listing on the board shares it.

ALDV · Brussels · Settlement

Score

Desk diligence

Pilots

Named, redacted

Sprint

Day 3 of 14

Brussels

Banks

Sells

Per

Per settled obligation

Markets

Brussels

Years

Founded 2022

Surfaces

Permissioned settlement

Complete

File readiness

The wedge

Per settled obligation

The wedge is T+1 and 24/7 FX: overnight risk became visible.

Why the desk took it

A real job, not a ticker.

They did not pitch a token as the rail’s unit.

Traction

One named pilot (redacted).

Founded 2022, headquartered in Brussels. One named pilot on file (redacted in public). 6 nodes or connected surfaces reported. Desk diligence score 86/100. Sprint day 3 of 14. Four origination desks posting into a closed tape. No public APY, no public book, no ‘how to buy’ on any surface we could find.

Next 12 months

Still no coin as the settlement asset.

RTGS upgrades are coming. Alder Field has to be a feature they buy, not a rival they block. Bps on a job that already has a budget line. A public coin would not make the invoice larger.

The brief

How a serious reader should hold this.

You can wait for a sticker. The named customer did not. They are writing into this record while the rest of the market argues about a comment period.

What you can verify today is smaller than the slide. What you cannot verify is named as a question, not a promise. That is the difference between this company and a pad listing — and why the waitlist is not a coin queue.

The auditor of a redacted pilot has seen a dual-record. Switching away now means a new auditor conversation. That is the switching cost — not the logo.

From the founder

Fixed fee. Deposit to start. 0% of proceeds. Token-only pay is declined. Percentage of raise is declined.

From counsel

We will not describe this as Reg CA-compliant, MiCA-stickered, or FCA-authorised. Issuers retain their own counsel in every relevant jurisdiction.

From the screen

The legal source of truth stays with the incumbent register, admin, or custodian. Alder Field does not attest to its own facts.

The window

Miss this and you read the archive.

Waiting for a proposed US rule is how you miss a Brussels buyer who already has budget.

Counsel hours on file: enough that a later reader can tell this was not improvised.

Read it once, properly, while the number is still green. Then decide.

Window remaining

0days

When this window closes, the campaign is archive.

Sentences killed: 11
Counsel hours on file: 78
Asks / week: 14
Our cut: 0% of proceeds

We did not come here to sell a token. We came here so a named customer could read a pack that survives counsel.
Sasha Cole, Chief executive

This company

Alder Field

A generalist vendor copies the slide. They cannot copy the named record.

In the same conversation

CLS
Fnality
RTGS upgrades
Not a public L1

The bet

Why this company exists.

The wedge is T+1 and 24/7 FX: overnight risk became visible.

T+1, 24/7 FX and on-chain funds make overnight risk visible. Banks will connect a rail before they will issue a coin.

Wholesale settlement is a volume business. Even a sliver of fails avoided is a number a treasurer recognises.

Versus the field

L2 wrappers are cheaper. They are also a different perimeter — and declined here. Alder Field is priced as software against an invoice that already exists.

Brussels being the city does not make local retail a default audience. Communications capable of inducing investment activity still have a promotions problem.

How it works

01Two permissioned parties lock an agreed obligation
02Asset and cash move together, or not at all
03Existing accounts are the source of funds
04No public chain sale of the rail’s token
05Kill of a public sentence is an hour, not a committee.

In the same conversation as

CLS
Fnality
RTGS upgrades
Not a public L1

If they raise

Where the money would actually go.

Not a token float. A budget against work. RCA Pad still takes 0% of proceeds.

Counsel & perimeter
39%
Hiring the operator who already does this job at a licensed firm.
Named operators
28%
The remaining certifications and the second named market.
Claims & campaign ops
22%
Adapter work against the incumbent register, admin, or custodian.
Certifications & adapters
11%
Dual-control drills, key ceremonies, and the person who owns them.

Operating week

What “in market” actually looks like.

MonClaimsEvery public sentence checked against the register. Anything extra is unpublished.
WedCounselPerimeter diffs. If the site drifted from the memo, the site moves — not the memo.
ThuCustomerNamed pilot (redacted) sees the same record the auditor saw.
SatDarkNo creators. No threads. Restricted geos stay dark.

The wedge

Why this one, not the other one.

They sell: Per settled obligation
Who pays: Four origination desks posting into a closed tape.
Unit economics: Bps on a job that already has a budget line. A public coin would not make the invoice larger.
Moat on file: Validator set is named operators, not an anon miner.
Switching cost: Permissioned connectivity is the moat. Public endpoints would erase it.
Vs the comps: RTGS upgrades are coming. Alder Field has to be a feature they buy, not a rival they block.
Why we listed it: They did not pitch a token as the rail’s unit.

Next twelve months

What has to be true.

Still no coin as the settlement asset.

No public APY, no public book, no ‘how to buy’ on any surface we could find.

A round, if any, sits with their providers. This pad does not take the order.

Traction

What you can verify today.

Operating notes for Permissioned settlement
No token contract listed as a public sale
Pilot letters on file, identities redacted
Brussels is the operating centre
The waitlist, if any, is a product list — not a book
RCA Pad does not take a cut of proceeds

Readiness

Six things a serious buyer asks. 100 is “ready to take to counsel and a customer.”

Product54
Customers40
Legal path62
Tech maturity54
Demand30
Market access68

Risks

What can kill it.

The one that actually kills it

The named customer is a letter of intent

Pilots that cannot be named, even redacted, are theatre. One paying seat that an auditor has seen is worth more than a waitlist of a short list.

Money issuance

If the rail issues a settlement asset, it is in the e-money / deposit perimeter.

Legal finality

Atomic in software is not final in court. Ask which law says it is.

Incumbent RTGS

Central banks are not asleep. A feature can become a standard.

Public token

Listing the rail’s unit is a sale. This pad does not run that sale.

Money issuance

If the rail issues a settlement asset, Alder Field is in the e-money / deposit perimeter. That is a different company.

Token relapse

A later round that wants a public token puts Alder Field in a different perimeter. The file treats that as a hard stop.

Ask these next

01Who can unpublish a public sentence in 24 hours, by name?
02If RCA Pad disappeared tomorrow, could the customer still run the job?
03What happens if a founder later wants a public token?
04Has counsel written the perimeter in a memo you can file?
05Is the waitlist demand for a product, or a queue for a coin?
06Who is the first named paying customer — not a letter of intent?

Structure

How money would actually move.

Sprint is diligence, not a raise. A pack at the end is a file the company can take to its own lawyers and investors. RCA Pad does not complete funding.

Entity: Alder Field Ltd
Path on file: Not offering — locked
Posture: Private only
Pack: Sprint

Where they can operate

Named vs off-limits.

Named markets are where a sentence is allowed. Restricted is where it is not. This is not a worldwide offering.

Brusselsnamed
United Kingdomnamed
Mainland China retailrestricted

Team

Who runs it.

Sasha ColeChief executive
Nadia HolmMarkets

Stack

Permissioned settlement
Settlement
Disclosure templates
Approval trail

Named with them

Northbridge Counsel
Clearline
Meridian Tax

Who can decide

Sasha Cole came in named. The team is not a handle. Alder Field Ltd exists, founded 2022, headquartered in Brussels. Anonymity would have been an automatic decline.

A second counterparty writing into the record is the only network effect that counts. One customer is a consultancy. Two is a market.

Claims with evidence

Statements with evidence.

Statement	Evidence	Status
Alder Field does not sell a token to the public on this pad	Posture lock	live
The product is settlement sold to institutions	Architecture + customer type	live
Permissioned settlement is the method — not a listed asset	Desk snapshot	live
Retail buyers are out of scope	Named markets lock	live
Any raise completes with the issuer’s counsel and providers — not on RCA Pad	Fixed-fee terms	live
Production date for the chain layer is not committed	Desk file	draft
No public token is sold on this pad	Engagement terms + posture lock	live
Customers contemplated: Brussels, United Kingdom	Named markets on the file	live

On the record

Day 0 lockKick-offSep
Claim inventoryPackSep
Audience matrix draftPackSep

Operating log

11 Sep 16:37
Workshop. Funnel has no purchase step.
08 Sep 09:00
Kick-off. Exclusions recorded.
09 Sep 16:20
A claim killed for missing evidence.

Path to now

D0
Kick-off
Geographies, owners, SLA, exclusions.
D14
Read-out
Accept the pack or stop.

Not a subscription

This is not a sale page.

Sprint is diligence, not a raise. A pack at the end is a file the company can take to its own lawyers and investors. RCA Pad does not complete funding. Founders who want a pack like this one apply. Readers who want the company talk to the company — not to this pad.

Launch your own How an RCAICO works

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