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

CEDQ

In diligence

IN MOTIONMunicipal records

Cedar Holt

Certification is in motion. After it lands, access is the scarce thing — not price.

You can open twelve thinner companies. Or this one, once, while the window is still a number.

Cedar Holt — Permissioned infrastructure sold to firms that already operate in this market. The chain is a method. The customer is an institution. A public token sale is not the business.

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.

Archive is free. Live access is timed. Cedar Holt is timed.

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

Civic ledger

Counsel hours

Not offering — locked

Sentences killed

Before listing

Claims live

5/6

Sprint

Our cut

Of any proceeds

Plate Signal · 8969

CEDQ

The plate

Signal. Edition 8969.

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

CEDQ · Luxembourg · Municipal records

Score

Desk diligence

Pilots

Named, redacted

Sprint

Day 11 of 14

Luxembourg

Named institutional customers in a named geography

Sells

Annual

Annual software

Markets

Luxembourg

Years

Founded 2024

Surfaces

Civic ledger

Complete

File readiness

The wedge

Annual software

The wedge is a spreadsheet that a board will fund to kill.

Why the desk took it

A real job, not a ticker.

Revenue is a fee, not a token.

Traction

2 named pilots (redacted).

Founded 2024, headquartered in Luxembourg. 2 named pilots on file (identities redacted in public). 6 nodes or connected surfaces reported. Desk diligence score 75/100. Sprint day 11 of 14. A warehouse or port that has written a live event. A redacted engagement letter landed in week one. That is why the desk took the meeting.

Next 12 months

One paying customer.

The customer’s existing budget is the TAM that matters. 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.

Before the waitlist, before the window, there was a refusal. Cedar Holt would not let a public sale sit on this page. That is why a company in Municipal records is listed here at all — and why the people who wanted a coin left, and the people who wanted the product stayed.

If you leave this page without opening the claims table, you have read marketing. The scarce version of Cedar Holt is the version that survives counsel. It is on a clock.

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 ops

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

From counsel

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

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.

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

0% of proceeds. Fixed fee. The incentive is a clean campaign — not a raise.

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

Window

Closed

Closed. History only — not a place to buy.

Sentences killed: 11
Counsel hours on file: 24
Asks / week: 35
Our cut: 0% of proceeds

The auditor has seen the dual-record. Switching now is a new conversation. That is the lock.
Mei Santos, Chief executive

This company

Cedar Holt

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

In the same conversation

Incumbent ops vendors
Internal builds
Public tokens (the thing to avoid)

The bet

Why this company exists.

The wedge is a spreadsheet that a board will fund to kill.

Boards will fund replacement of a known ops cost. They will not fund a crowd sale dressed as infrastructure.

The customer’s existing ops budget is the TAM that matters.

Versus the field

The incumbent brand sells the relationship. Cedar Holt 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.

Luxembourg 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

01A job the customer already does is moved onto a shared record
02Access is permissioned
03Revenue is software or a service fee
04No public allocation on this pad
05Exceptions post back into the customer’s existing case system — no side spreadsheet.

In the same conversation as

Incumbent ops vendors
Internal builds
Public tokens (the thing to avoid)

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
38%
Keeping the public story from running ahead of the claims register.
Control environment
25%
Hiring the operator who already does this job at a licensed firm.
Certifications & adapters
14%
A counsel memo that can survive a later reader.
Counsel & perimeter
23%
Dual-control drills, key ceremonies, and the person who owns them.

Operating week

What “in market” actually looks like.

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.
MonClaimsEvery public sentence checked against the register. Anything extra is unpublished.
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 software
Who pays: A warehouse or port that has written a live event.
Unit economics: Annual software against an ops cost the board can see. Switching cost is the record, not the brand.
Moat on file: A named institutional customer, even if redacted.
Switching cost: Network effects only if a second named counterparty writes. One customer is a service firm.
Vs the comps: The customer’s existing budget is the TAM that matters.
Why we listed it: Revenue is a fee, not a token.

Next twelve months

What has to be true.

One paying customer.

A redacted engagement letter landed in week one. That is why the desk took the meeting.

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

Traction

What you can verify today.

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

Product55
Customers62
Legal path62
Tech maturity54
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.

No customer

A lab without a named buyer is a paper.

Token as business model

If the only revenue is a token, this is the wrong pad.

Path

Counsel has to name how this is offered, or it stays not-offering.

Geography

Retail and unnamed markets are off until someone writes them on.

No customer

A lab without a named buyer is a paper. Cedar Holt has to show one.

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

01Has counsel written the perimeter in a memo you can file?
02Where do keys, title, or NAV liability sit — and is that person licensed?
03Which incumbent can copy this in a quarter, and what would they have to migrate?
04What happens if a founder later wants a public token?
05Is the waitlist demand for a product, or a queue for a coin?
06Who is the first named paying customer — not a letter of intent?

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: Cedar Holt S.à r.l.
Path on file: Not offering — locked
Posture: No public sale
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.

Luxembourgnamed
EEA professionalnamed
Public residual claimsrestricted
United Statesrestricted

Team

Who runs it.

Mei SantosChief executive
Owen VossFinance

Stack

Civic ledger
Municipal records
Takedown SLA
Disclosure templates

Named with them

Northbridge Counsel
Meridian Tax

Who can decide

Mei Santos (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
Cedar Holt does not sell a token to the public on this pad	Posture lock	live
The product is municipal records sold to institutions	Architecture + customer type	live
Civic ledger 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	No board minute	draft
No public token is sold on this pad	Engagement terms + posture lock	live
Customers contemplated: Luxembourg, EEA professional	Named markets on the file	live

On the record

Day 0 lockKick-offSep
Claim inventoryPackSep
Audience matrix draftPackSep

Operating log

11 Sep 11:45
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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