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

ANVL

Closed

CLOSEDCredit covenants

Anvil

Window closed. 5,099 asked while it was live. You are reading history.

The window is 0 days. After that Anvil archives. Diligence does not reopen as a live conversation.

Anvil — A system of record for private-credit funds and desks: tapes, RFQs, or covenants that update when a borrower files. The buyers already have a book. This is plumbing, not a venue that matches strangers.

Closed on this board. Any capital event was completed with the issuer’s own providers. RCA Pad took 0%.

Closed. The live conversation is over. The pack remains as archive.

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

Closed

Heat

0/99

Inbound / wk

0asks

Asking now

0live

Named pilots

Redacted on the public page

Live nodes

EVM · proof of concept

Counsel hours

Manchester · closed private round

Sentences killed

Before listing

Claims live

0/8

Sprint

Our cut

Of any proceeds

Plate Horizon · 7822

ANVL

The plate

Horizon. Edition 7822.

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

ANVL · Manchester · Credit covenants

Score

Desk diligence

Pilots

Named, redacted

Waitlist

Product demand

Manchester

Private-credit funds

Sells

Bps

Bps on facilities on the tape

Markets

Manchester

Years

Founded 2026

Surfaces

EVM · proof of concept

Complete

File readiness

The wedge

Bps on facilities on the tape

They sell a faster close to administrators, not access to a crowd.

Why the desk took it

A real job, not a ticker.

A redacted facility list landed in week one.

Traction

5 named pilots (redacted).

Founded 2026, headquartered in Manchester. 5 named pilots on file (identities redacted in public). 5,099 on the waitlist, gated — product demand, not a book built. 21 nodes or connected surfaces reported. Desk diligence score 78/100. A named Manchester 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

Ten live facilities or this is still a lab.

eFront and Allvue are funds’ books. This is the tape between funds. They win if they are cheaper than the internal build, not cheaper than a protocol.

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.

Read this as an operating company, not a round. Counsel has a posture: Manchester · closed private round. Restricted markets stay dark. RCA Pad takes 0% if they ever raise. That combination is why inbound did not need a ticker.

A sentence went public and came down in under an hour. Marcus Ng treated the kill as an operating skill, not a PR event. Files that cannot do this do not stay listed.

From the pilot

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

From counsel

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

From the screen

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

The window

Miss this and you read the archive.

Founders who want a pack this tight apply. Readers who wait get a closed stamp.

The comment period is not a path. This company is priced as if that is already true.

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: 15
Counsel hours on file: 41
Asks / week: 637
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.
Marcus Ng, Chief executive

This company

Anvil

Services firms hide in ‘platform’ language. Anvil sells a seat plus an event. Named.

In the same conversation

eFront
Allvue
Closed RFQ wires
Not an on-chain lending pool

The bet

Why this company exists.

They sell a faster close to administrators, not access to a crowd.

Allocators want daily marks and covenant visibility. Banks want to originate without building a chain team. The first honest tape that does not pretend to be an exchange will be paid for as software.

Private credit AUM is measured in trillions. The software take-rate is small. The switching cost, once a tape is the record, is not.

Versus the field

The incumbent brand sells the relationship. Anvil 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.

The live path is Manchester · closed private round. Proposed Regulation Crypto Assets is not treated as a calendar slot. Build as if it never opens.

How it works

01A loan or covenant event is written once
02Permissioned counterparties see what they are allowed to see
03Marks and RFQs stay inside named desks
04No public order book, no retail
05Default and amendment events are first-class, not a PDF in a side channel
06The legal source of truth stays with the incumbent register, admin, or custodian.

In the same conversation as

eFront
Allvue
Closed RFQ wires
Not an on-chain lending pool

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
31%
Adapter work against the incumbent register, admin, or custodian.
Named operators
21%
A counsel memo that can survive a later reader.
Counsel & perimeter
16%
Keeping the public story from running ahead of the claims register.
Certifications & adapters
32%
Dual-control drills, key ceremonies, and the person who owns them.

Operating week

What “in market” actually looks like.

WedCounselPerimeter diffs. If the site drifted from the memo, the site moves — not the memo.
SunOwnersWho can decide messaging and budget on a recorded line. If the answer is nobody, stop.
TueExceptionsOvernight breaks post back into the customer’s case system. No side book.
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: Bps on facilities on the tape
Who pays: A named Manchester administrator who already signs the pack (redacted).
Unit economics: They win if they are cheaper than the internal build, not cheaper than a protocol.
Moat on file: Administrator of record has signed a dual-control letter.
Switching cost: Permissioned connectivity is the moat. Public endpoints would erase it.
Vs the comps: eFront and Allvue are funds’ books. This is the tape between funds.
Why we listed it: A redacted facility list landed in week one.

Next twelve months

What has to be true.

Ten live facilities or this is still a lab.

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

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

Traction

What you can verify today.

Operating notes for EVM · proof of concept
No token contract listed as a public sale
Pilot letters on file, identities redacted
Manchester is the operating centre
The waitlist, if any, is a product list — not a book
Raise, if any, closed with issuer providers

Readiness

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

Product95
Customers96
Legal path84
Tech maturity91
Demand65
Market access44

Risks

What can kill it.

The one that actually kills it

Counsel is a slide

Unnamed counsel is how companies die in diligence. Manchester · closed private round has to be a memo you can file, not a slogan on the hero.

Marketplace slip

The moment this looks like a public book, it is a venue. This pad will not list that.

Data rights

Who owns the tape when a fund leaves? If that is unsigned, the enterprise value is a conversation.

Credit cycle

A default cluster will test whether the product is a record or a reputation.

Retail

Retail is prohibited. Any ‘access token’ story is a different company.

Data rights on exit

If a fund leaves and the tape stays, who owns the history? Unsigned, the enterprise value is a conversation.

Incumbent feature

The administrator, CCP, scheme or custodian can ship this as a checkbox. Anvil has to be cheaper or faster before that happens.

Ask these next

01Has counsel written the perimeter in a memo you can file?
02Which geography is actually locked, and which is a hope?
03What happens if a founder later wants a public token?
04What does renewal look like if no round ever happens?
05Who is the first named paying customer — not a letter of intent?
06Which incumbent can copy this in a quarter, and what would they have to migrate?

Structure

How money would actually move.

Window closed. Tombstone is theirs. Archive is ours. 0% of proceeds.

Entity: Anvil Ltd
Path on file: Manchester · closed private round
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.

Manchesternamed
Global publicrestricted
United Statesrestricted

Team

Who runs it.

Marcus NgChief executive
Oskar PetrovChief technology

Stack

EVM · proof of concept
Credit covenants
Audit log

Named with them

Clearline
Meridian Tax

Who can decide

Marcus Ng came in named. The team is not a handle. Anvil Ltd exists, founded 2026, headquartered in Manchester. 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
Anvil does not sell a token to the public on this pad	Posture lock	withdrawn
The product is credit covenants sold to institutions	Architecture + customer type	withdrawn
EVM · proof of concept is the method — not a listed asset	Desk snapshot	withdrawn
Retail buyers are out of scope	Named markets lock	withdrawn
Any raise completes with the issuer’s counsel and providers — not on RCA Pad	Fixed-fee terms	withdrawn
Production date for the chain layer is not committed	No board minute	withdrawn
No public token is sold on this pad	Engagement terms + posture lock	withdrawn
Customers contemplated: Manchester	Named markets on the file	withdrawn

On the record

Final registerArchiveAug
Close reportReportAug
Tombstone copyArchiveAug

Operating log

19 Aug 10:00
Close report. 0% of proceeds.
12 Aug 18:00
Anvil archived. Live claims withdrawn.
11 Aug 09:30
Final creator pass. Residual claims pulled.

Path to now

Open
File
Before any public sentence.
Close
Archive
We did not take a cut.

Not a subscription

This is not a sale page.

Window closed. Tombstone is theirs. Archive is ours. 0% of proceeds. 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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