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

BEE6

In diligence

IN MOTIONVault infrastructure

Beech Works

Budget exists on a board line. This is this quarter, not ‘when the rule opens’.

Zurich is not a backdrop. It is the city where the customer can be called on a recorded line.

Beech Works — 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 11). This is when the story, the customers and the legal path get written down — or the file stops.

A year from now this will be an obvious company or a missed one. The window decides which.

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

Redacted on the public page

Live nodes

zk testnet

Counsel hours

Not offering — locked

Sentences killed

Before listing

Claims live

5/6

Sprint

Our cut

Of any proceeds

Plate Signal · 8417

BEE6

The plate

Signal. Edition 8417.

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

BEE6 · Zurich · Vault infrastructure

Score

Desk diligence

Pilots

Named, redacted

Sprint

Day 11 of 14

Zurich

Asset managers

Sells

Per

Per statement

Markets

Switzerland

Years

Founded 2022

Surfaces

zk testnet

Complete

File readiness

The wedge

Per statement

Beech Works sells the statement, not the vault. Anyone can launch a vault.

Why the desk took it

A real job, not a ticker.

They called zk a method in the application. Correct.

Traction

2 named pilots (redacted).

Founded 2022, headquartered in Zurich. 2 named pilots on file (identities redacted in public). 3 nodes or connected surfaces reported. Desk diligence score 78/100. Sprint day 11 of 14. Four origination desks posting into a closed tape. A dual-control drill exists on paper. We have not watched it live yet — that is the next ask.

Next 12 months

One auditor-signed extract.

Custodian reporting is a PDF. This is a file a counterparty verifies. Seat plus event. If they ever attach a token as the unit of account, the file stops.

The brief

How a serious reader should hold this.

Zurich is not a backdrop. It is the jurisdiction where a named customer can be sued, called, and asked a question on a recorded line. Beech Works chose it for that reason. Counterparties who still think this is a ‘global’ story are already late.

What you can verify today is smaller than the slide. What you cannot verify is named as a question, not a promise. That is the difference between this company and a pad listing — and why the waitlist is not a coin queue.

US traffic was taken off the public surfaces in the first working session. Beech Works did not argue. Adult companies do not costume a US offering.

From the founder

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

From the pilot

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

From ops

The legal source of truth stays with the incumbent register, admin, or custodian. Beech Works 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.

Budget exists on a line the board can see. That is why the window is this quarter.

We do not allocate. We do not take a cut. We will not hold the window open for you.

Window

Closed

Closed. History only — not a place to buy.

Sentences killed: 3
Counsel hours on file: 40
Asks / week: 35
Our cut: 0% of proceeds

We did not come here to sell a token. We came here so a named customer could read a pack that survives counsel.
Eva Cole, Chief executive

This company

Beech Works

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

In the same conversation

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

The bet

Why this company exists.

Beech Works 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.

Zurich 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

01Positions are accounted in a book the manager already runs
02A proof or extract is produced for a named counterparty
03Yield is not marketed to the public on this pad
04zk, if present, is a method — not a ticker
05A proof or extract is produced for a named counterparty only
06Exceptions post back into the customer’s existing case system — no side spreadsheet.

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
39%
A counsel memo that can survive a later reader.
Certifications & adapters
26%
Keeping the public story from running ahead of the claims register.
Control environment
16%
Adapter work against the incumbent register, admin, or custodian.
Counsel & perimeter
19%
Dual-control drills, key ceremonies, and the person who owns them.

Operating week

What “in market” actually looks like.

MonClaimsEvery public sentence checked against the register. Anything extra is unpublished.
SunOwnersWho can decide messaging and budget on a recorded line. If the answer is nobody, stop.
ThuCustomerNamed pilot (redacted) sees the same record the auditor saw.
SatDarkNo creators. No threads. Restricted geos stay dark.

The wedge

Why this one, not the other one.

They sell: Per statement
Who pays: Four origination desks posting into a closed tape.
Unit economics: Seat plus event. If they ever attach a token as the unit of account, the file stops.
Moat on file: Named custodian. Keys are not at the startup.
Switching cost: Once the record is the record, the incumbent copy has to migrate history. That is the year.
Vs the comps: Custodian reporting is a PDF. This is a file a counterparty verifies.
Why we listed it: They called zk a method in the application. Correct.

Next twelve months

What has to be true.

One auditor-signed extract.

A dual-control drill exists on paper. We have not watched it live yet — that is the next ask.

If they raise, it is to hire the remaining certifications and the second market — not to float a coin.

Traction

What you can verify today.

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

Product30
Customers62
Legal path62
Tech maturity45
Demand62
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 a short list.

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. Beech Works has to prove the real one.

Single-customer gravity

If the first named buyer is also the only buyer, Beech Works is a services shop with a ledger. Ask for the second.

Ask these next

01What happens if a founder later wants a public token?
02Which incumbent can copy this in a quarter, and what would they have to migrate?
03If RCA Pad disappeared tomorrow, could the customer still run the job?
04Who is the first named paying customer — not a letter of intent?
05What does renewal look like if no round ever happens?
06Where do keys, title, or NAV liability sit — and is that person licensed?

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: Beech Works AG
Path on file: Not offering — locked
Posture: Private only
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.

Switzerlandnamed
EEA professionalnamed
EU retailrestricted
United Statesrestricted

Team

Who runs it.

Eva ColeChief executive
Aisha NgHead of product

Stack

zk testnet
Vault infrastructure
Takedown SLA
Approval trail

Named with them

Northbridge Counsel
Clearline
Meridian Tax

Who can decide

Eva Cole (Chief executive) will take a 30-minute call and decide budget. If the only person who can accept “we are not opening a sale” is a silent co-founder in another time zone, this company would not be on the board.

Year two is a second named market and the remaining certifications — still permissioned. It is not a public book. A public book would be a different company.

Claims with evidence

Statements with evidence.

Statement	Evidence	Status
Beech Works does not sell a token to the public on this pad	Posture lock	live
The product is vault infrastructure sold to institutions	Architecture + customer type	live
zk testnet 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
Pilot identities redacted in public	Desk file	draft
No public token is sold on this pad	Engagement terms + posture lock	live
Customers contemplated: Switzerland, EEA professional	Named markets on the file	live

On the record

Day 0 lockKick-offSep
Claim inventoryPackSep
Audience matrix draftPackSep

Operating log

11 Sep 12:38
Workshop. Funnel has no purchase step.
08 Sep 09:00
Kick-off. Exclusions recorded.
09 Sep 16:20
A claim killed for missing evidence.

Path to now

D0
Kick-off
Geographies, owners, SLA, exclusions.
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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