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

ALDS

In market

HOT WINDOWPermissioned interop

Alder Vault

Certification is in motion. After it lands, access is the scarce thing — not price.

The first buyer already has a vendor. Alder Vault is taking that invoice. The queue is 8,938 deep.

Alder Vault — Attestation packets and IBC-style messages between chains that are not public. Banks and funds that already live behind a firewall use this to talk to each other without opening a public bridge.

Live campaign. 8,938 on the product waitlist — that is demand, not an allocation.

Window 14d. Waitlist 8,938. 204 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.

Waitlist

Window

0days

Heat

0/99

Inbound / wk

0asks

Asking now

0live

Named pilots

Redacted on the public page

Live nodes

Cosmos SDK · permissioned

Counsel hours

Vilnius · counsel-named

Sentences killed

Before listing

Claims live

8/9

Growth

Our cut

Of any proceeds

Plate Horizon · 4484

ALDS

The plate

Horizon. Edition 4484.

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

ALDS · Vilnius · Permissioned interop

Score

Desk diligence

Pilots

Named, redacted

Waitlist

Product demand

Vilnius

Banks

Sells

Per

Per packet

Markets

Vilnius

Years

Founded 2023

Surfaces

Cosmos SDK · permissioned

Complete

File readiness

The wedge

Per packet

Alder Vault moves facts, not value. That is why it might get paid.

Why the desk took it

A real job, not a ticker.

Security review of the verifier is on file, even if draft.

Traction

5 named pilots (redacted).

Founded 2023, headquartered in Vilnius. 5 named pilots on file (identities redacted in public). 8,938 on the waitlist, gated — product demand, not a book built. 8 nodes or connected surfaces reported. Desk diligence score 88/100. A named Vilnius administrator who already signs the pack (redacted). Counsel is named, even if the memo is still a draft. Unnamed counsel is how files die.

Next 12 months

Zero wrapped assets in any packet — checked, not claimed.

A wrapped asset inside the packet makes this a bridge. It must not. Annual software against an ops cost the board can see. Switching cost is the record, not the brand.

The brief

How a serious reader should hold this.

In Vilnius, the person who signs the monthly pack already has a vendor. Alder Vault is not asking them to believe in a token. It is asking them to move one job — the one that currently lives in a spreadsheet, a fax, or a person who is about to retire — onto a record that can be shown to counsel. The queue to read that record is already not empty.

The bet is narrow. A named Vilnius buyer already has budget for this invoice. Alder Vault wins if it is cheaper than the internal build and cleaner than the protocol pitch. It loses if a founder later wants a public book. The window is the time you have to decide which it is.

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

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.

From the founder

US persons are outside the audience. A form that asks “are you accredited?” without verification is not an exemption.

The window

Miss this and you read the archive.

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

Switching cost is the auditor conversation. Once it happens, you are late.

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

Window remaining

0days

When this window closes, the campaign is archive.

Sentences killed: 5
Counsel hours on file: 53
Asks / week: 1,117
Our cut: 0% of proceeds

I will take thirty minutes and decide budget. If that person is not me, we should not be listed.
Jonah Ellison, Chief executive

This company

Alder Vault

The protocol pitch is the thing this company has already refused.

In the same conversation

R3 Corda network maps
Hyperledger interop
Public IBC (different threat model)

The bet

Why this company exists.

Alder Vault moves facts, not value. That is why it might get paid.

Every permissioned chain is an island. The second chain a bank turns on creates the ticket. The third creates the vendor.

Every extra permissioned deployment is a new integration budget. This product is that budget.

Versus the field

The incumbent brand sells the relationship. Alder Vault sells the job the brand will not staff. A protocol pitch is the thing this company has already refused. Open-source looks free until the auditor asks who attests.

Vilnius 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

01A fact is packed as an attestation, not a free-floating asset
02The counterparty chain verifies the packet
03Assets do not ‘bridge’; messages do
04Public connectivity is off unless counsel names it
05The counterparty chain verifies the packet; assets do not ‘bridge’
06Exceptions post back into the customer’s existing case system — no side spreadsheet.

In the same conversation as

R3 Corda network maps
Hyperledger interop
Public IBC (different threat model)

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
38%
Dual-control drills, key ceremonies, and the person who owns them.
Certifications & adapters
24%
The remaining certifications and the second named market.
Control environment
22%
Hiring the operator who already does this job at a licensed firm.
Counsel & perimeter
16%
Adapter work against the incumbent register, admin, or custodian.

Operating week

What “in market” actually looks like.

ThuCustomerNamed pilot (redacted) sees the same record the auditor saw.
MonClaimsEvery public sentence checked against the register. Anything extra is unpublished.
FriKill switchRehearse unpublish in 24 hours. If it takes a committee, it is not a switch.
TueExceptionsOvernight breaks post back into the customer’s case system. No side book.

The wedge

Why this one, not the other one.

They sell: Per packet
Who pays: A named Vilnius administrator who already signs the pack (redacted).
Unit economics: Annual software against an ops cost the board can see. Switching cost is the record, not the brand.
Moat on file: Verifier is independently reviewable — not a black box they run.
Switching cost: Once the record is the record, the incumbent copy has to migrate history. That is the year.
Vs the comps: A wrapped asset inside the packet makes this a bridge. It must not.
Why we listed it: Security review of the verifier is on file, even if draft.

Next twelve months

What has to be true.

Zero wrapped assets in any packet — checked, not claimed.

Counsel is named, even if the memo is still a draft. Unnamed counsel is how files die.

Growth money would extend the record to a second geography, still permissioned.

Traction

What you can verify today.

Operating notes for Cosmos SDK · permissioned
No token contract listed as a public sale
Named founder; customer still a conversation
Vilnius 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.”

Product62
Customers96
Legal path84
Tech maturity70
Demand85
Market access44

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 8,938.

Bridge in costume

If value moves as a wrapped asset, this is a bridge. Bridges have a history.

Who verifies

A packet nobody independently checks is email.

Public leak

One public endpoint and the threat model is gone.

Standard war

If a bigger FMI publishes the same packet, this is a feature, not a company.

Bridge in costume

If value moves as a wrapped asset, Alder Vault inherits every bridge post-mortem. Kill that design.

Path silence

If counsel will not name a path and not-offering is not locked, heated waitlist copy is an accidental offering.

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?
03Is the waitlist demand for a product, or a queue for a coin?
04Which incumbent can copy this in a quarter, and what would they have to migrate?
05Which geography is actually locked, and which is a hope?
06Has counsel written the perimeter in a memo you can file?

Structure

How money would actually move.

If this company raises, it raises with its own counsel and providers. The waitlist is a product list. It is not a round, a book, or an allocation on RCA Pad. We do not take a cut.

Entity: Alder Vault Ltd
Path on file: Vilnius · counsel-named
Posture: Private only
Pack: Growth

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.

Vilniusnamed
United States retailrestricted
United Statesrestricted

Team

Who runs it.

Jonah EllisonChief executive
Jonah KhanHead of product

Stack

Cosmos SDK · permissioned
Permissioned interop
Approval trail
Takedown SLA

Named with them

Northbridge Counsel
Helix Audit
Clearline

Who can decide

Jonah Ellison came in named. The team is not a handle. Alder Vault Ltd exists, founded 2023, headquartered in Vilnius. Anonymity would have been an automatic decline.

If the first customer renews, the adapter work pays for itself. If they do not, Alder Vault is a services firm with a slide. The twelve-month test is renewal, not waitlist.

Claims with evidence

Statements with evidence.

Statement	Evidence	Status
Alder Vault does not sell a token to the public on this pad	Posture lock	live
The product is permissioned interop sold to institutions	Architecture + customer type	live
Cosmos SDK · permissioned 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: Vilnius	Named markets on the file	live

On the record

Sprint packPackJun
Counsel lockPathJul
Claims register liveRegisterAug
Creator briefBriefSep

Operating log

11 Sep 09:25
Takedown SLA idle-tested.
08 Sep 11:40
A claim held for missing evidence.
04 Sep 08:22
Weekly report issued to the desk.
01 Sep 14:08
Creator set on disclosure. No buy language.

Path to now

Sprint
Pack accepted
Narrative, matrix, claims locked.
Path
Counsel names it
Or the file stays not-offering.
Live
Campaign
Waitlist and register. No purchase journey.

Not a subscription

This is not a sale page.

If this company raises, it raises with its own counsel and providers. The waitlist is a product list. It is not a round, a book, or an allocation on RCA Pad. We do not take a cut. 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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