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

BRAM

Screened

SCREENEDCorporate treasury

Bramble Forge

Pilots named (redacted). Waitlist not. a short list names. Your move.

Pilots are named and redacted. The waitlist is not. a short list people already asked.

Bramble Forge — 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.

Closed stamp is coming. a few days is the number. There is not a second number.

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

Redacted on the public page

Live nodes

Treasury ledger

Counsel hours

Not offering — locked

Sentences killed

Before listing

Claims live

1/7

Sprint

Our cut

Of any proceeds

Plate Horizon · 7078

BRAM

The plate

Horizon. Edition 7078.

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

BRAM · New York · Corporate treasury

Score

Desk diligence

Pilots

Named, redacted

Stage

upcoming

New York

Banks

Sells

Bank

Bank connector

Markets

New York

Years

Founded 2021

Surfaces

Treasury ledger

Complete

File readiness

The wedge

Bank connector

They will connect a rail before they will issue a coin. That is the company.

Why the desk took it

Early — still a question.

Finality law was in the application.

Traction

One named pilot (redacted).

Founded 2021, headquartered in New York. One named pilot on file (redacted in public). 4 nodes or connected surfaces reported. Desk diligence score 80/100. A warehouse or port that has written a live event. A dual-control drill exists on paper. We have not watched it live yet — that is the next ask.

Next 12 months

Two banks, live DvP, even a small notional.

RTGS upgrades are coming. Bramble Forge has to be a feature they buy, not a rival they block. 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.

The first sentence Kofi Berg would not let us publish was the exciting one. What remains is slower — and scarcer: Bramble Forge Ltd selling Corporate treasury as software, from New York, to a buyer who already pays someone else to do this badly. That buyer is named. You are not, yet.

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.

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

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

This communication is not an offer. Participation mechanics do not exist on this pad. If a later reader treats the public stack as the offer, the stack was already wrong.

From the screen

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.

The next Corporate treasury company on this board will not have this waitlist, this HQ, or this counsel posture.

a short list people did not join a waitlist for a ticker. They joined for a job.

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: 13
Asks / week: 12
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.
Kofi Berg, Chief executive

This company

Bramble Forge

Services firms hide in ‘platform’ language. Bramble Forge 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.

They will connect a rail before they will issue a coin. That is the company.

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

The incumbent brand sells the relationship. Bramble Forge 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 Not offering — locked. Proposed Regulation Crypto Assets is not treated as a calendar slot. Build as if it never opens.

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
05A named counterparty verifies; Bramble Forge does not attest to its own facts.

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.

Claims & campaign ops
37%
Hiring the operator who already does this job at a licensed firm.
Second market
23%
Dual-control drills, key ceremonies, and the person who owns them.
Named operators
15%
The remaining certifications and the second named market.
Counsel & perimeter
25%
Adapter work against the incumbent register, admin, or custodian.

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.
TueExceptionsOvernight breaks post back into the customer’s case system. No side book.

The wedge

Why this one, not the other one.

They sell: Bank connector
Who pays: A warehouse or port that has written a live event.
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: Validator set is named operators, not an anon miner.
Switching cost: Permissioned connectivity is the moat. Public endpoints would erase it.
Vs the comps: RTGS upgrades are coming. Bramble Forge has to be a feature they buy, not a rival they block.
Why we listed it: Finality law was in the application.

Next twelve months

What has to be true.

Two banks, live DvP, even a small notional.

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.

Architecture paper — no production customer on the public file
No token contract listed as a public sale
Named founder; customer still a conversation
New York 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.”

Product28
Customers40
Legal path62
Tech maturity40
Demand10
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. Not offering — locked has to be a memo you can file, not a slogan on the hero.

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.

Money issuance

If the rail issues a settlement asset, Bramble Forge is in the e-money / deposit perimeter. That is a different company.

Incumbent feature

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

Ask these next

01What happens if a founder later wants a public token?
02Who is the first named paying customer — not a letter of intent?
03Is the waitlist demand for a product, or a queue for a coin?
04Who can unpublish a public sentence in 24 hours, by name?
05Has counsel written the perimeter in a memo you can file?
06What does renewal look like if no round ever happens?

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: Bramble Forge Ltd
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.

New Yorknamed
United States retailrestricted
United Statesrestricted

Team

Who runs it.

Kofi BergChief executive

Stack

Treasury ledger
Corporate treasury
Approval trail
Takedown SLA

Named with them

Clearline

Who can decide

Kofi Berg came in named. The team is not a handle. Bramble Forge Ltd exists, founded 2021, headquartered in New York. Anonymity would have been an automatic decline.

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
Bramble Forge does not sell a token to the public on this pad	Posture lock	live
The product is corporate treasury sold to institutions	Architecture + customer type	draft
Treasury ledger 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
Production date for the chain layer is not committed	No board minute	draft
No public token is sold on this pad	Engagement terms + posture lock	live
Customers contemplated: New York	Named markets on the file	draft

On the record

Application APP-4771ScreenSep
Counsel questionPathSep

Operating log

06 Sep 14:00
Application scored. Bramble Forge 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.

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.