RCA Pad
VELMVellum Protocol8,420 waitlistKITEKite Ledger2,190 waitlistPLSDPalisade ID1,640 waitlistNRTLNorthlineDay 8 of 14SABLSable RailDay 5 of 14QULLQuill MarketsDay 11 of 14CDWLCinder Well6,947 waitlistHRTNHartline8,787 waitlistOBSNObsidian Rail4,416 waitlistFENLFen Clearing1,060 waitlistLUMNLumen Books5,510 waitlistRDCTRedact ID6,485 waitlistHRBNHarbor NAV6,973 waitlistQLTDQuilt1,876 waitlistNMBMNimbus Match7,864 waitlistBRASBrass4,166 waitlistSLSTSolstice Credit9,342 waitlistWLTRWillow Transfer7,031 waitlistEMBREmber Registry2,487 waitlistNQAYNorth Quay2,013 waitlistKLNSKiln4,412 waitlistGLSHGlass HouseDay 8 of 14IRNPIron PierDay 1 of 14PLFRPale FireDay 3 of 14VELMVellum Protocol8,420 waitlistKITEKite Ledger2,190 waitlistPLSDPalisade ID1,640 waitlistNRTLNorthlineDay 8 of 14SABLSable RailDay 5 of 14QULLQuill MarketsDay 11 of 14CDWLCinder Well6,947 waitlistHRTNHartline8,787 waitlistOBSNObsidian Rail4,416 waitlistFENLFen Clearing1,060 waitlistLUMNLumen Books5,510 waitlistRDCTRedact ID6,485 waitlistHRBNHarbor NAV6,973 waitlistQLTDQuilt1,876 waitlistNMBMNimbus Match7,864 waitlistBRASBrass4,166 waitlistSLSTSolstice Credit9,342 waitlistWLTRWillow Transfer7,031 waitlistEMBREmber Registry2,487 waitlistNQAYNorth Quay2,013 waitlistKLNSKiln4,412 waitlistGLSHGlass HouseDay 8 of 14IRNPIron PierDay 1 of 14PLFRPale FireDay 3 of 14
Board

ALDU

In diligence
IN MOTIONVault infrastructure

Alder Mark

If you read one Vault infrastructure company this quarter, make it this one.

They killed 3 public sentences before we listed them. Thin files do not get that far.

Alder Mark — Accounting and proof layers for vaults that already hold assets for known clients. zk or otherwise, the point is a statement a counterparty can verify — not a public yield product.

In a 14-day diligence sprint (day 12). This is when the story, the customers and the legal path get written down — or the file stops.

13 live counterparties in the thread. The public page is the overflow.

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

Closed

Heat

0/99

Inbound / wk

0asks

Asking now

0live

Named pilots

0

Redacted on the public page

Live nodes

0

zk testnet

Counsel hours

0

Not offering — locked

Sentences killed

0

Before listing

Claims live

3/10

Sprint

Our cut

0%

Of any proceeds

Plate Horizon · 3167

ALDU

The plate

Horizon. Edition 3167.

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

ALDU · Vienna · Vault infrastructure

Score

0

Desk diligence

Pilots

0

Named, redacted

Sprint

0

Day 12 of 14

HQ

Vienna

Asset managers

Sells

Auditor

Auditor extract

Markets

0

Vienna

Years

0

Founded 2025

Surfaces

0

zk testnet

Complete

0

File readiness

The wedge

Auditor extract

Alder Mark sells the statement, not the vault. Anyone can launch a vault.

Why the desk took it

A real job, not a ticker.

Custodian is named, even if redacted.

Traction

2 named pilots (redacted).

Founded 2025, headquartered in Vienna. 2 named pilots on file (identities redacted in public). 3 nodes or connected surfaces reported. Desk diligence score 84/100. Sprint day 12 of 14. An AIFM whose auditor has seen the dual-record. They killed their own ‘token as fee’ sentence before we asked. Rare, and it scored.

Next 12 months

Still no yield marketed to the public.

Public vault tokens are the thing this is not. They sell a fee the customer already pays a slower vendor for. TAM is that invoice, not a token float.

The brief

How a serious reader should hold this.

Before the waitlist, before the window, there was a refusal. Alder Mark would not let a public sale sit on this page. That is why a company in Vault infrastructure is listed here at all — and why the people who wanted a coin left, and the people who wanted the product stayed.

Alder Mark exists because the incumbent brand will not staff the unglamorous middle of Vault infrastructure. The product is that middle. The token, if it ever exists, is not the product — and is not for sale here. The people in the queue already understood the difference.

A dual-control drill sits on paper. Keys, title, or NAV liability sit with a named licensed party — not Alder Mark. The architecture says so. We have not watched the drill live. That is the next ask, not a slogan.

From the screen

A dual-control drill exists on paper. Production evidence is the next artefact, not a tweet.

From the pilot

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

From ops

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

The window

Miss this and you read the archive.

Attention is the scarce asset. 37 asks this week are already spending it.

Restricted markets stay dark. Named markets are live. That discipline is the scarce thing.

If you are a founder who wants a pack like this: apply. If you are a buyer: call them — not us.

Window

Closed

Closed. History only — not a place to buy.

Sentences killed
3
Counsel hours on file
71
Asks / week
37
Our cut
0% of proceeds

Our TAM is an invoice the customer already pays. A coin would not make it larger. It would make the licence harder.

Lars Reilly, Chief executive

This company

Alder Mark

Not the incumbent brand. Alder Mark sells the job the brand will not staff.

In the same conversation

  • Fund admins
  • Custodian reporting
  • Public ‘vault tokens’ (the thing this is not)

The bet

Why this company exists.

Alder Mark sells the statement, not the vault. Anyone can launch a vault.

Alder Mark sells the statement, not the vault. Anyone can launch a vault.

Allocators asked for proof after 2022. Labs answered with demos. The first vault accounting that an auditor will sign is a business.

Middle-office spend at alternative managers is a budget that survived the last cycle.

Versus the field

A generalist vendor can copy the slide in a quarter. They cannot copy the named record, the scheme map, or the auditor conversation. That is the year they would have to buy.

Vienna 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

  1. 01Positions are accounted in a book the manager already runs
  2. 02A proof or extract is produced for a named counterparty
  3. 03Yield is not marketed to the public on this pad
  4. 04zk, if present, is a method — not a ticker
  5. 05A proof or extract is produced for a named counterparty only
  6. 06A named counterparty verifies; Alder Mark does not attest to its own facts.

In the same conversation as

  • Fund admins
  • Custodian reporting
  • Public ‘vault tokens’ (the thing this is not)

If they raise

Where the money would actually go.

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

  • Claims & campaign ops

    34%

    Keeping the public story from running ahead of the claims register.

  • Certifications & adapters

    22%

    Adapter work against the incumbent register, admin, or custodian.

  • Named operators

    20%

    Dual-control drills, key ceremonies, and the person who owns them.

  • Second market

    24%

    The remaining certifications and the second named market.

Operating week

What “in market” actually looks like.

  1. WedCounselPerimeter diffs. If the site drifted from the memo, the site moves — not the memo.
  2. MonClaimsEvery public sentence checked against the register. Anything extra is unpublished.
  3. FriKill switchRehearse unpublish in 24 hours. If it takes a committee, it is not a switch.
  4. SatDarkNo creators. No threads. Restricted geos stay dark.

The wedge

Why this one, not the other one.

They sell
Auditor extract
Who pays
An AIFM whose auditor has seen the dual-record.
Unit economics
They sell a fee the customer already pays a slower vendor for. TAM is that invoice, not a token float.
Moat on file
The circuit, if any, proves the real book.
Switching cost
Network effects only if a second named counterparty writes. One customer is a service firm.
Vs the comps
Public vault tokens are the thing this is not.
Why we listed it
Custodian is named, even if redacted.

Next twelve months

What has to be true.

Still no yield marketed to the public.

They killed their own ‘token as fee’ sentence before we asked. Rare, and it scored.

They have not asked us to run a sale. That ask would close the file.

Traction

What you can verify today.

Founded 2025, headquartered in Vienna. 2 named pilots on file (identities redacted in public). 3 nodes or connected surfaces reported. Desk diligence score 84/100. Sprint day 12 of 14. An AIFM whose auditor has seen the dual-record. They killed their own ‘token as fee’ sentence before we asked. Rare, and it scored.

  • Operating notes for zk testnet
  • No token contract listed as a public sale
  • Pilot letters on file, identities redacted
  • Vienna 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.”

  • Product29
  • Customers62
  • Legal path62
  • Tech maturity45
  • Demand66
  • Market access68

Risks

What can kill it.

The one that actually kills it

The founder wants a public book

The moment Alder Mark asks this pad to allocate, sell, or complete funding, the listing ends. That is not a moral project. It is how a services firm stays a services firm.

Yield product

If the landing page is APY, this is a different, usually unlicensed, business.

Proof theatre

A zk circuit of a fake book is still a fake book.

Custodian

Who holds the keys? If it is the startup, that is custody.

Audit

No auditor, no statement. Demo is not diligence.

Proof theatre

A zk circuit of a fake book is still a fake book. Alder Mark has to prove the real one.

Token relapse

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

Ask these next

  1. 01Who can unpublish a public sentence in 24 hours, by name?
  2. 02Is the waitlist demand for a product, or a queue for a coin?
  3. 03If RCA Pad disappeared tomorrow, could the customer still run the job?
  4. 04Where do keys, title, or NAV liability sit — and is that person licensed?
  5. 05Who is the first named paying customer — not a letter of intent?
  6. 06Which incumbent can copy this in a quarter, and what would they have to migrate?

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 Mark Ltd
Path on file
Not offering — locked
Posture
No public sale
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.

  • Viennanamed
  • United Kingdomnamed
  • Public residual claimsrestricted

Team

Who runs it.

  • Lars ReillyChief executive
  • Tomás KrügerFinance

Stack

  • zk testnet
  • Vault infrastructure
  • Disclosure templates
  • Takedown SLA

Named with them

  • Northbridge Counsel
  • Clearline

Who can decide

Lars Reilly came in named. The team is not a handle. Alder Mark Ltd exists, founded 2025, headquartered in Vienna. 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.

StatementEvidenceStatus
Alder Mark does not sell a token to the public on this padPosture locklive
The product is vault infrastructure sold to institutionsArchitecture + customer typelive
zk testnet is the method — not a listed assetDesk snapshotlive
Retail buyers are out of scopeNamed markets locklive
Any raise completes with the issuer’s counsel and providers — not on RCA PadFixed-fee termslive
Production date for the chain layer is not committedDesk filedraft
No public token is sold on this padEngagement terms + posture locklive
Customers contemplated: Vienna, United KingdomNamed markets on the filelive

On the record

  1. Day 0 lockKick-offSep
  2. Claim inventoryPackSep
  3. Audience matrix draftPackSep

Operating log

  1. 11 Sep 11:10

    Workshop. Funnel has no purchase step.

  2. 08 Sep 09:00

    Kick-off. Exclusions recorded.

  3. 09 Sep 16:20

    A claim killed for missing evidence.

Path to now

  1. D0

    Kick-off

    Geographies, owners, SLA, exclusions.

  2. 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

Other companies

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