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

BRA8

In diligence

IN MOTIONSettlement

Bramble Post

Counsel is live. The waitlist is a short list. The public sale is not.

The protocol pitch was declined. What remains is software against an invoice. a short list people still asked.

Bramble Post — 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.

In a 14-day diligence sprint (day 5). This is when the story, the customers and the legal path get written down — or the file stops.

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.

Sprint day

0/14

Window

Closed

Heat

0/99

Inbound / wk

0asks

Asking now

0live

Named pilots

Redacted on the public page

Live nodes

Permissioned settlement

Counsel hours

Not offering — locked

Sentences killed

Before listing

Claims live

2/9

Sprint

Our cut

Of any proceeds

Plate Lattice · 1074

BRA8

The plate

Lattice. Edition 1074.

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

BRA8 · Amsterdam · Settlement

Score

Desk diligence

Pilots

Named, redacted

Sprint

Day 5 of 14

Amsterdam

Banks

Sells

FMI

FMI seat

Markets

Netherlands

Years

Founded 2024

Surfaces

Permissioned settlement

Complete

File readiness

The wedge

FMI seat

The wedge is T+1 and 24/7 FX: overnight risk became visible.

Why the desk took it

A real job, not a ticker.

They did not pitch a token as the rail’s unit.

Traction

One named pilot (redacted).

Founded 2024, headquartered in Amsterdam. One named pilot on file (redacted in public). 6 nodes or connected surfaces reported. Desk diligence score 79/100. Sprint day 5 of 14. An AIFM whose auditor has seen the dual-record. Counsel is named, even if the memo is still a draft. Unnamed counsel is how files die.

Next 12 months

Two banks, live DvP, even a small notional.

CLS is FX. Fnality is the club. This is a rail those clubs might use. Annual software against an ops cost the board can see. Switching cost is the record, not the brand.

The brief

How a serious reader should hold this.

Someone in Amsterdam already renewed a slower vendor this year. Bramble Post is the conversation that happens before they do it again. Miss this cycle and you explain the next one.

The bet is narrow. A named Amsterdam buyer already has budget for this invoice. Bramble Post 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 sentence went public and came down in under an hour. Nia Voss 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 the pilot

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

From the screen

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.

The window

Miss this and you read the archive.

Skip it and you read the archive. Counterparties who matter will have already asked.

Certification is in motion. After it lands, the price of the seat is not the question — access is.

Read it once, properly, while the number is still green. Then decide.

Window

Closed

Closed. History only — not a place to buy.

Sentences killed: 9
Counsel hours on file: 43
Asks / week: 20
Our cut: 0% of proceeds

If RCA Pad ever asked for a cut of a raise, we would walk. That is in the first email.
Nia Voss, Chief executive

This company

Bramble Post

A L2 wrapper is cheaper. It is also a different perimeter — and declined here.

In the same conversation

CLS
Fnality
RTGS upgrades
Not a public L1

The bet

Why this company exists.

The wedge is T+1 and 24/7 FX: overnight risk became visible.

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. Bramble Post is priced as software against an invoice that already exists.

Amsterdam 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
05Kill of a public sentence is an hour, not a committee.

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.

Control environment
31%
Adapter work against the incumbent register, admin, or custodian.
Named operators
27%
Hiring the operator who already does this job at a licensed firm.
Counsel & perimeter
14%
Dual-control drills, key ceremonies, and the person who owns them.
Claims & campaign ops
28%
A counsel memo that can survive a later reader.

Operating week

What “in market” actually looks like.

MonClaimsEvery public sentence checked against the register. Anything extra is unpublished.
FriKill switchRehearse unpublish in 24 hours. If it takes a committee, it is not a switch.
TueExceptionsOvernight breaks post back into the customer’s case system. No side book.
SunOwnersWho can decide messaging and budget on a recorded line. If the answer is nobody, stop.

The wedge

Why this one, not the other one.

They sell: FMI seat
Who pays: An AIFM whose auditor has seen the dual-record.
Unit economics: Annual software against an ops cost the board can see. Switching cost is the record, not the brand.
Moat on file: Two named banks in a live DvP, even if small.
Switching cost: Permissioned connectivity is the moat. Public endpoints would erase it.
Vs the comps: CLS is FX. Fnality is the club. This is a rail those clubs might use.
Why we listed it: They did not pitch a token as the rail’s unit.

Next twelve months

What has to be true.

Two banks, live DvP, even a small notional.

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.

Operating notes for Permissioned settlement
No token contract listed as a public sale
Named founder; customer still a conversation
Amsterdam 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.”

Product51
Customers40
Legal path62
Tech maturity54
Demand38
Market access68

Risks

What can kill it.

The one that actually kills it

A second geography without a lock

Extending the record into a market that is still restricted is how a clean Amsterdam story becomes a fact pattern. The restricted list exists for a reason: Global public, United States.

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 Post is in the e-money / deposit perimeter. That is a different company.

Single-customer gravity

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

Ask these next

01What does renewal look like if no round ever happens?
02Who can unpublish a public sentence in 24 hours, by name?
03Has counsel written the perimeter in a memo you can file?
04What happens if a founder later wants a public token?
05Who is the first named paying customer — not a letter of intent?
06If RCA Pad disappeared tomorrow, could the customer still run the job?

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: Bramble Post B.V.
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.

Netherlandsnamed
EEA professionalnamed
Global publicrestricted
United Statesrestricted

Team

Who runs it.

Nia VossChief executive
Owen RibeiroHead of product

Stack

Permissioned settlement
Settlement
Disclosure templates
Audit log

Named with them

Northbridge Counsel
Clearline

Who can decide

Nia Voss (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
Bramble Post does not sell a token to the public on this pad	Posture lock	live
The product is settlement sold to institutions	Architecture + customer type	live
Permissioned settlement 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
Production date for the chain layer is not committed	Desk file	draft
No public token is sold on this pad	Engagement terms + posture lock	live
Customers contemplated: Netherlands, EEA professional	Named markets on the file	live

On the record

Day 0 lockKick-offSep
Claim inventoryPackSep
Audience matrix draftPackSep

Operating log

11 Sep 14:22
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

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.