RCA Pad
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Board

CEDD

Closed
CLOSEDReinsurance records

Cedar Desk

Window closed. a short list asked while it was live. You are reading history.

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

Cedar Desk — A permissioned netting engine for trading venues and brokers that are already licensed. It reduces what has to settle. It is not a new CCP, and it is not a collateral token.

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.

Stage

completed

Window

Closed

Heat

0/99

Inbound / wk

0asks

Asking now

0live

Named pilots

0

Redacted on the public page

Live nodes

0

Treaty book

Counsel hours

0

Lisbon · closed private round

Sentences killed

0

Before listing

Claims live

0/8

Growth

Our cut

0%

Of any proceeds

Plate Concentric · 1332

CEDD

The plate

Concentric. Edition 1332.

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

CEDD · Lisbon · Reinsurance records

Score

0

Desk diligence

Pilots

0

Named, redacted

Stage

completed

completed

HQ

Lisbon

Licensed venues

Sells

Per

Per bordereau cycle

Markets

0

Lisbon

Years

0

Founded 2025

Surfaces

0

Treaty book

Complete

0

File readiness

The wedge

Per bordereau cycle

Cedar Desk is replacing the PDF slip, not the carrier.

Why the desk took it

A real job, not a ticker.

US surplus-lines posture was flagged as a counsel question. Correct.

Traction

2 named pilots (redacted).

Founded 2025, headquartered in Lisbon. 2 named pilots on file (identities redacted in public). 9 nodes or connected surfaces reported. Desk diligence score 76/100. A treasurer at a bank that already settles — not a crypto-native desk. A dual-control drill exists on paper. We have not watched it live yet — that is the next ask.

Next 12 months

Counsel on whether the record is a regulated contract.

Excel bordereaux are the incumbent. Beat that. They win if they are cheaper than the internal build, not cheaper than a protocol.

The brief

How a serious reader should hold this.

Most Reinsurance records decks start with a market size. This one starts with a job: a person at a licensed firm, a record they cannot currently prove, and a calendar that does not wait for a proposed US rule. The calendar is the window. The window is the scarce thing.

The bet is narrow. A named Lisbon buyer already has budget for this invoice. Cedar Desk 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.

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 counsel

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

From the pilot

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 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.

Attention is the scarce asset. 0 asks this week are already spending it.

Counsel hours on file: enough that a later reader can tell this was not improvised.

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
5
Counsel hours on file
24
Asks / week
0
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.

Oskar Santos, Chief executive

This company

Cedar Desk

Open-source looks free until the auditor asks who attests. Cedar Desk has an answer.

In the same conversation

  • LCH / Eurex (incumbent CCPs)
  • Caldastone-style utilities
  • Not a DeFi clearinghouse

The bet

Why this company exists.

Cedar Desk is replacing the PDF slip, not the carrier.

Cedar Desk is replacing the PDF slip, not the carrier.

T+1 and capital rules make gross settlement expensive. Venues will buy netting as a service before they will buy a new licence.

Post-trade cost is a line on every broker P&L. A 10% cut in settlement fails is a CFO conversation.

Versus the field

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

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

How it works

  1. 01Members post positions they already hold
  2. 02The engine nets what the rulebook allows
  3. 03Only the residual hits the existing settlement rail
  4. 04Collateral as a token is an exclusion on this file
  5. 05Claim and premium events update the same slip the markets already signed
  6. 06The legal source of truth stays with the incumbent register, admin, or custodian.

In the same conversation as

  • LCH / Eurex (incumbent CCPs)
  • Caldastone-style utilities
  • Not a DeFi clearinghouse

If they raise

Where the money would actually go.

Not a token float. A budget against work. RCA Pad still takes 0% of proceeds.

  • Certifications & adapters

    37%

    A counsel memo that can survive a later reader.

  • Counsel & perimeter

    25%

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

  • Control environment

    21%

    Dual-control drills, key ceremonies, and the person who owns them.

  • Second market

    17%

    Keeping the public story from running ahead of the claims register.

Operating week

What “in market” actually looks like.

  1. SatDarkNo creators. No threads. Restricted geos stay dark.
  2. FriKill switchRehearse unpublish in 24 hours. If it takes a committee, it is not a switch.
  3. SunOwnersWho can decide messaging and budget on a recorded line. If the answer is nobody, stop.
  4. TueExceptionsOvernight breaks post back into the customer’s case system. No side book.

The wedge

Why this one, not the other one.

They sell
Per bordereau cycle
Who pays
A treasurer at a bank that already settles — not a crypto-native desk.
Unit economics
They win if they are cheaper than the internal build, not cheaper than a protocol.
Moat on file
A coverholder has written a live binder on this record.
Switching cost
The customer’s auditor has seen this book. Switching means a new auditor conversation.
Vs the comps
Excel bordereaux are the incumbent. Beat that.
Why we listed it
US surplus-lines posture was flagged as a counsel question. Correct.

Next twelve months

What has to be true.

Counsel on whether the record is a regulated contract.

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.

Founded 2025, headquartered in Lisbon. 2 named pilots on file (identities redacted in public). 9 nodes or connected surfaces reported. Desk diligence score 76/100. A treasurer at a bank that already settles — not a crypto-native desk. A dual-control drill exists on paper. We have not watched it live yet — that is the next ask.

  • Operating notes for Treaty book
  • No token contract listed as a public sale
  • Named founder; customer still a conversation
  • Lisbon 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
  • Customers62
  • Legal path84
  • Tech maturity55
  • Demand10
  • 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 Lisbon story becomes a fact pattern. The restricted list exists for a reason: Global public.

CCP perimeter

If a regulator reads this as clearing, the licence problem is existential.

Collateral token

That ask has been refused on files like this. It should stay refused.

Member default

Who eats the loss? If the answer is ‘the protocol’, there is no protocol that can.

Incumbent freeze-out

CCPs can copy the netting logic faster than a startup can collect members.

Not a carrier

If Cedar Desk looks like it is taking risk, it needs a licence. The file says it does not. Keep it that way.

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. 01Which geography is actually locked, and which is a hope?
  2. 02Has counsel written the perimeter in a memo you can file?
  3. 03If RCA Pad disappeared tomorrow, could the customer still run the job?
  4. 04Who can unpublish a public sentence in 24 hours, by name?
  5. 05What happens if a founder later wants a public token?
  6. 06What does renewal look like if no round ever happens?

Structure

How money would actually move.

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

Entity
Cedar Desk Ltd
Path on file
Lisbon · closed private round
Posture
Window closed
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.

  • Lisbonnamed
  • United Kingdomnamed
  • Global publicrestricted

Team

Who runs it.

  • Oskar SantosChief executive
  • Siobhán SatoHead of product

Stack

  • Treaty book
  • Reinsurance records
  • Audit log

Named with them

  • Meridian Tax

Who can decide

Oskar Santos came in named. The team is not a handle. Cedar Desk Ltd exists, founded 2025, headquartered in Lisbon. 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.

StatementEvidenceStatus
Cedar Desk does not sell a token to the public on this padPosture lockwithdrawn
The product is reinsurance records sold to institutionsArchitecture + customer typewithdrawn
Treaty book is the method — not a listed assetDesk snapshotwithdrawn
Retail buyers are out of scopeNamed markets lockwithdrawn
Any raise completes with the issuer’s counsel and providers — not on RCA PadFixed-fee termswithdrawn
Pilot identities redacted in publicNo board minutewithdrawn
No public token is sold on this padEngagement terms + posture lockwithdrawn
Customers contemplated: Lisbon, United KingdomNamed markets on the filewithdrawn

On the record

  1. Final registerArchiveAug
  2. Close reportReportAug
  3. Tombstone copyArchiveAug

Operating log

  1. 19 Aug 10:00

    Close report. 0% of proceeds.

  2. 12 Aug 18:00

    Cedar Desk archived. Live claims withdrawn.

  3. 11 Aug 09:30

    Final creator pass. Residual claims pulled.

Path to now

  1. Open

    File

    Before any public sentence.

  2. 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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