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

BEE4

In market
IN MARKETPermissioned interop

Beech Stack

If you read one Permissioned interop company this quarter, make it this one.

A dual-control drill is on paper. A named licensed party holds the liability. That is rarer than a waitlist.

Beech Stack — 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. 4,168 on the product waitlist — that is demand, not an allocation.

Heat 69 of 99. Hot windows do not stay hot. They close.

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

0

Window

Closed

Heat

0/99

Inbound / wk

0asks

Asking now

0live

Named pilots

0

Redacted on the public page

Live nodes

0

Cosmos SDK · permissioned

Counsel hours

0

Luxembourg · counsel-named

Sentences killed

0

Before listing

Claims live

11/14

Growth

Our cut

0%

Of any proceeds

Plate Orbit · 2726

BEE4

The plate

Orbit. Edition 2726.

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

BEE4 · Luxembourg · Permissioned interop

Score

0

Desk diligence

Pilots

0

Named, redacted

Waitlist

0

Product demand

HQ

Luxembourg

Banks

Sells

Annual

Annual FMI connector

Markets

0

Luxembourg

Years

0

Founded 2022

Surfaces

0

Cosmos SDK · permissioned

Complete

0

File readiness

The wedge

Annual FMI connector

The wedge is island chains: every extra permissioned deployment is an integration budget.

Why the desk took it

A real job, not a ticker.

Public connectivity is off unless counsel names it.

Traction

3 named pilots (redacted).

Founded 2022, headquartered in Luxembourg. 3 named pilots on file (identities redacted in public). 4,168 on the waitlist, gated — product demand, not a book built. 23 nodes or connected surfaces reported. Desk diligence score 90/100. 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

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

R3 network maps are political. This is a packet. 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. Beech Stack would not let a public sale sit on this page. That is why a company in Permissioned interop is listed here at all — and why the people who wanted a coin left, and the people who wanted the product stayed.

Beech Stack exists because the incumbent brand will not staff the unglamorous middle of Permissioned interop. 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.

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 pilot

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

From the screen

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

From counsel

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

The window

Miss this and you read the archive.

A later reader gets the same PDF. They do not get the same access.

A supervisor is already forcing a perimeter. Houses that pick software over a coin will buy this now.

Open the diligence or watch it close. There is not a third option that still counts as early.

Window

Closed

Closed. History only — not a place to buy.

Sentences killed
17
Counsel hours on file
67
Asks / week
521
Our cut
0% of proceeds

Kill the public sentence in an hour or do not list us. We can do the hour.

Ines Costa, Chief executive

This company

Beech Stack

Twelve Permissioned interop decks look the same. One of them has a Luxembourg customer on the record.

In the same conversation

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

The bet

Why this company exists.

The wedge is island chains: every extra permissioned deployment is an integration budget.

The wedge is island chains: every extra permissioned deployment is an integration budget.

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

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

The live path is Luxembourg · counsel-named. Proposed Regulation Crypto Assets is not treated as a calendar slot. Build as if it never opens.

How it works

  1. 01A fact is packed as an attestation, not a free-floating asset
  2. 02The counterparty chain verifies the packet
  3. 03Assets do not ‘bridge’; messages do
  4. 04Public connectivity is off unless counsel names it
  5. 05The counterparty chain verifies the packet; assets do not ‘bridge’
  6. 06A named counterparty verifies; Beech Stack does not attest to its own facts.

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.

  • Control environment

    34%

    The remaining certifications and the second named market.

  • Claims & campaign ops

    25%

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

  • Named operators

    20%

    Hiring the operator who already does this job at a licensed firm.

  • Second market

    21%

    A counsel memo that can survive a later reader.

Operating week

What “in market” actually looks like.

  1. TueExceptionsOvernight breaks post back into the customer’s case system. No side book.
  2. SatDarkNo creators. No threads. Restricted geos stay dark.
  3. FriKill switchRehearse unpublish in 24 hours. If it takes a committee, it is not a switch.
  4. WedCounselPerimeter diffs. If the site drifted from the memo, the site moves — not the memo.

The wedge

Why this one, not the other one.

They sell
Annual FMI connector
Who pays
A transfer agent willing to consume a revoke in production.
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
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
R3 network maps are political. This is a packet.
Why we listed it
Public connectivity is off unless counsel names it.

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.

Capital would fund the adapter work and a named counsel memo, not a public sale.

Traction

What you can verify today.

Founded 2022, headquartered in Luxembourg. 3 named pilots on file (identities redacted in public). 4,168 on the waitlist, gated — product demand, not a book built. 23 nodes or connected surfaces reported. Desk diligence score 90/100. 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.

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

  • Product81
  • Customers96
  • Legal path84
  • Tech maturity94
  • Demand61
  • 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 4,168.

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, Beech Stack 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

  1. 01What does renewal look like if no round ever happens?
  2. 02If RCA Pad disappeared tomorrow, could the customer still run the job?
  3. 03Where do keys, title, or NAV liability sit — and is that person licensed?
  4. 04Has counsel written the perimeter in a memo you can file?
  5. 05Which incumbent can copy this in a quarter, and what would they have to migrate?
  6. 06What happens if a founder later wants a public token?

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
Beech Stack S.à r.l.
Path on file
Luxembourg · 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.

  • Luxembourgnamed
  • EEA professionalnamed
  • United States retailrestricted
  • United Statesrestricted

Team

Who runs it.

  • Ines CostaChief executive
  • Nadia HolmChief compliance

Stack

  • Cosmos SDK · permissioned
  • Permissioned interop
  • Audit log
  • Approval trail

Who can decide

Ines Costa came in named. The team is not a handle. Beech Stack S.à r.l. exists, founded 2022, headquartered in Luxembourg. Anonymity would have been an automatic decline.

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

Claims with evidence

Statements with evidence.

StatementEvidenceStatus
Beech Stack does not sell a token to the public on this padPosture locklive
The product is permissioned interop sold to institutionsArchitecture + customer typelive
Cosmos SDK · permissioned 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: Luxembourg, EEA professionalNamed markets on the filelive

On the record

  1. Sprint packPackJun
  2. Counsel lockPathJul
  3. Claims register liveRegisterAug
  4. Creator briefBriefSep

Operating log

  1. 11 Sep 09:42

    Takedown SLA idle-tested.

  2. 08 Sep 11:40

    A claim held for missing evidence.

  3. 04 Sep 08:22

    Weekly report issued to the desk.

  4. 01 Sep 14:08

    Creator set on disclosure. No buy language.

Path to now

  1. Sprint

    Pack accepted

    Narrative, matrix, claims locked.

  2. Path

    Counsel names it

    Or the file stays not-offering.

  3. 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

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.