The wedge
Per million notional
Alder Works sits in front of nostro, not in front of retail.
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
ALD6
Screened
SCREENEDWholesale FXAlder Works
A named Belfast buyer is on the record. You are still reading the public page.
Inbound this week: 0. That is demand for a job someone already pays for — not a book.
Alder Works — 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.
Screened, not yet in sprint. Treat every number as provisional. Calendar access is not automatic.
Archive is free. Live access is timed. Alder Works is timed.
Diligence, not a prospectus. RCA Pad does not allocate, take orders, or close funding. If this company raises, it raises with its own counsel.
Stage
upcoming
Window
Closed
Heat
0/99
Inbound / wk
0asks
Asking now
0live
Named pilots
0
Redacted on the public page
Live nodes
0
Permissioned FX rail
Counsel hours
0
Not offering — locked
Sentences killed
0
Before listing
Claims live
0/4
Sprint
Our cut
0%
Of any proceeds
Plate Concentric · 8784
ALD6
The plate
Concentric. Edition 8784.
A unique plate for Alder Works. Geometry, orbit, and edition belong to this company — no other listing on the board shares it.
ALD6 · Belfast · Wholesale FX
Score
0
Desk diligence
Pilots
0
None on file
Stage
upcoming
upcoming
HQ
Belfast
Banks
Sells
Per
Per million notional
Markets
0
Belfast
Years
0
Founded 2026
Surfaces
0
Permissioned FX rail
Complete
0
File readiness
Why the desk took it
Early — still a question.
Retail was never in the deck.
Traction
No paying pilot on the public file.
Founded 2026, headquartered in Belfast. No named paying pilot on the file yet — that is the first question. Desk diligence score 60/100. A transfer agent willing to consume a revoke in production. Counsel is named, even if the memo is still a draft. Unnamed counsel is how files die.
Next 12 months
Two banks quoting live.
360T and FXall are the screens. This is the after-hours rail. Per-event pricing so a pilot can start without a transformation programme.
The brief
How a serious reader should hold this.
The first sentence Yara Ellison would not let us publish was the exciting one. What remains is slower — and scarcer: Alder Works Ltd selling Wholesale FX as software, from Belfast, to a buyer who already pays someone else to do this badly. That buyer is named. You are not, yet.
The bet is narrow. A named Belfast buyer already has budget for this invoice. Alder Works 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 Works. The architecture says so. We have not watched the drill live. That is the next ask, not a slogan.
From the founder
Fixed fee. Deposit to start. 0% of proceeds. Token-only pay is declined. Percentage of raise is declined.
From ops
We will not describe this as Reg CA-compliant, MiCA-stickered, or FCA-authorised. Issuers retain their own counsel in every relevant jurisdiction.
From counsel
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.
If the window closes you still have the pack — as history. Not as a live conversation.
0% of proceeds. Fixed fee. The incentive is a clean campaign — not a raise.
The scarce thing is not the company. It is the next a few days of a live conversation.
Window
Closed
Closed. History only — not a place to buy.
- Sentences killed
- 5
- Counsel hours on file
- 5
- Asks / week
- 0
- Our cut
- 0% of proceeds
Do not put a participate button on our page. If you do, we leave.
This company
Alder Works
Services firms hide in ‘platform’ language. Alder Works sells a seat plus an event. Named.
In the same conversation
- CLS
- Fnality
- RTGS upgrades
- Not a public L1
The bet
Why this company exists.
Alder Works sits in front of nostro, not in front of retail.
Alder Works sits in front of nostro, not in front of retail.
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 Works is priced as software against an invoice that already exists.
Belfast 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
- 05Matches stay inside named desks; cash still settles where it already settles
- 06Retail and unnamed geographies are structurally off the form, not only in the footer.
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.
Certifications & adapters
29%
Keeping the public story from running ahead of the claims register.
Counsel & perimeter
21%
Hiring the operator who already does this job at a licensed firm.
Control environment
15%
The remaining certifications and the second named market.
Named operators
35%
Dual-control drills, key ceremonies, and the person who owns them.
Operating week
What “in market” actually looks like.
- SunOwnersWho can decide messaging and budget on a recorded line. If the answer is nobody, stop.
- SatDarkNo creators. No threads. Restricted geos stay dark.
- WedCounselPerimeter diffs. If the site drifted from the memo, the site moves — not the memo.
- FriKill switchRehearse unpublish in 24 hours. If it takes a committee, it is not a switch.
The wedge
Why this one, not the other one.
- They sell
- Per million notional
- Who pays
- A transfer agent willing to consume a revoke in production.
- Unit economics
- Per-event pricing so a pilot can start without a transformation programme.
- Moat on file
- Two banks quoting inside the permissioned room.
- Switching cost
- Scheme maps, ISO, LMA language, registry adapters — eighteen months of unglamorous work.
- Vs the comps
- 360T and FXall are the screens. This is the after-hours rail.
- Why we listed it
- Retail was never in the deck.
Next twelve months
What has to be true.
Two banks quoting live.
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.
Founded 2026, headquartered in Belfast. No named paying pilot on the file yet — that is the first question. Desk diligence score 60/100. A transfer agent willing to consume a revoke in production. Counsel is named, even if the memo is still a draft. Unnamed counsel is how files die.
- Architecture paper — no production customer on the public file
- No token contract listed as a public sale
- Pilot letters on file, identities redacted
- Belfast 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.”
- Product14
- Customers18
- Legal path62
- Tech maturity28
- Demand10
- Market access44
Risks
What can kill it.
The one that actually kills it
The founder wants a public book
The moment Alder Works 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.
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.
Issuing the cash
If Alder Works issues a stablecoin to make this atomic, the company becomes an e-money problem.
Single-customer gravity
If the first named buyer is also the only buyer, Alder Works is a services shop with a ledger. Ask for the second.
Ask these next
- 01Who is the first named paying customer — not a letter of intent?
- 02What does renewal look like if no round ever happens?
- 03What happens if a founder later wants a public token?
- 04Who can unpublish a public sentence in 24 hours, by name?
- 05If RCA Pad disappeared tomorrow, could the customer still run the job?
- 06Which incumbent can copy this in a quarter, and what would they have to migrate?
Structure
How money would actually move.
Too early to talk about a round on this pad. Screen first. A path has to be named by counsel before anyone should wire.
- Entity
- Alder Works 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.
- Belfastnamed
- United States retailrestricted
- United Statesrestricted
Team
Who runs it.
- Yara EllisonChief executive
- Mei OkaforMarkets
Stack
- Permissioned FX rail
- Wholesale FX
- Takedown SLA
Named with them
- Clearline
Who can decide
Yara Ellison came in named. The team is not a handle. Alder Works Ltd exists, founded 2026, headquartered in Belfast. Anonymity would have been an automatic decline.
If the first customer renews, the adapter work pays for itself. If they do not, Alder Works 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 Works does not sell a token to the public on this pad | Posture lock | live |
| The product is wholesale fx sold to institutions | Architecture + customer type | draft |
| Permissioned FX rail is the method — not a listed asset | Paper only | draft |
| 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 |
| Pilot identities redacted in public | Desk file | draft |
| No public token is sold on this pad | Engagement terms + posture lock | live |
| Customers contemplated: Belfast | Named markets on the file | draft |
On the record
- Application APP-4427ScreenSep
- Counsel questionPathSep
Operating log
05 Sep 18:00
Application scored. Alder Works is not a calendar slot.
11 Sep 10:12
Counsel question sent. Name a path or lock not-offering.
Path to now
Now
Screen
Calendar is never automatic.
Next
Counsel or close
A named path, or a locked not-offering.
Not a subscription
This is not a sale page.
Too early to talk about a round on this pad. Screen first. A path has to be named by counsel before anyone should wire. Founders who want a pack like this one apply. Readers who want the company talk to the company — not to this pad.
Other companies
VELMVellum ProtocolSettlement rails for private credit funds. Campaign live. No public token sale.KITEKite LedgerTrade-finance records on a permissioned L2. Live waitlist. Allocation is not on this pad.PLSDPalisade IDPermissioned identity for funds. Live in the EEA professional lane. No token, no sale.NRTLNorthlineOn-chain fund admin. Day 8 of 14. The pack is the product. Pathway locked: not offering.