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

CEDC

Screened

SCREENEDInsurance binders

Cedar Ledger

They killed 3 sentences to get listed. That is the product you are about to miss.

A named Madrid customer is already on the record. The public still thinks this is a deck.

Cedar Ledger — 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.

Screened, not yet in sprint. Treat every number as provisional. Calendar access is not automatic.

Heat 22 of 99. Hot windows do not stay hot. They close.

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

Binder ledger

Counsel hours

Undetermined — not a path

Sentences killed

Before listing

Claims live

1/5

Sprint

Our cut

Of any proceeds

Plate Vault · 5895

CEDC

The plate

Vault. Edition 5895.

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

CEDC · Madrid · Insurance binders

Score

Desk diligence

Pilots

Named, redacted

Stage

upcoming

Madrid

Licensed venues

Sells

Carrier

Carrier seat

Markets

Madrid

Years

Founded 2024

Surfaces

Binder ledger

Complete

File readiness

The wedge

Carrier seat

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

Why the desk took it

Early — still a question.

They named a coverholder, not a protocol.

Traction

One named pilot (redacted).

Founded 2024, headquartered in Madrid. One named pilot on file (redacted in public). Desk diligence score 57/100. A qualified custodian reconciling against this book. A redacted engagement letter landed in week one. That is why the desk took the meeting.

Next 12 months

Bordereau cycle running without a side spreadsheet.

An insurance DAO is not this file. 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.

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

Cedar Ledger exists because the incumbent brand will not staff the unglamorous middle of Insurance binders. The product is that middle. The token, if it ever exists, is not the product — and is not for sale here. The people in the queue already understood the difference.

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

From counsel

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

From the screen

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

From ops

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.

When the heat drops, the named customer is still named — they just stop taking new calls.

Restricted markets stay dark. Named markets are live. That discipline is the scarce thing.

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: 3
Counsel hours on file: 8
Asks / week: 9
Our cut: 0% of proceeds

US came off the site in the first session. We did not argue. We are not children.
Elena Moreau, Chief executive

This company

Cedar Ledger

Not the incumbent brand. Cedar Ledger sells the job the brand will not staff.

In the same conversation

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

The bet

Why this company exists.

Cedar Ledger 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 Ledger is priced as software against an invoice that already exists.

Named: Madrid. Off-limits: EU retail, United States. A US person hearing an offering communication is a US problem even if the company sits in Madrid. Blocking an IP and taking a US Telegram admin is not a block.

How it works

01Members post positions they already hold
02The engine nets what the rulebook allows
03Only the residual hits the existing settlement rail
04Collateral as a token is an exclusion on this file
05Claim and premium events update the same slip the markets already signed
06Exceptions post back into the customer’s existing case system — no side spreadsheet.

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.

Second market
34%
Keeping the public story from running ahead of the claims register.
Certifications & adapters
19%
The remaining certifications and the second named market.
Control environment
17%
Adapter work against the incumbent register, admin, or custodian.
Claims & campaign ops
30%
A counsel memo that can survive a later reader.

Operating week

What “in market” actually looks like.

ThuCustomerNamed pilot (redacted) sees the same record the auditor saw.
MonClaimsEvery public sentence checked against the register. Anything extra is unpublished.
SatDarkNo creators. No threads. Restricted geos stay dark.
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: Carrier seat
Who pays: A qualified custodian reconciling against this book.
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: Lloyd’s-adjacent process knowledge — not a generic ledger.
Switching cost: The customer’s auditor has seen this book. Switching means a new auditor conversation.
Vs the comps: An insurance DAO is not this file.
Why we listed it: They named a coverholder, not a protocol.

Next twelve months

What has to be true.

Bordereau cycle running without a side spreadsheet.

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

Growth money would extend the record to a second geography, still permissioned.

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
Madrid 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.”

Product25
Customers40
Legal path24
Tech maturity28
Demand10
Market access44

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 Madrid story becomes a fact pattern. The restricted list exists for a reason: EU retail, United States.

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

Incumbent feature

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

Ask these next

01What happens if a founder later wants a public token?
02Who can unpublish a public sentence in 24 hours, by name?
03Which incumbent can copy this in a quarter, and what would they have to migrate?
04Which geography is actually locked, and which is a hope?
05What does renewal look like if no round ever happens?
06Has counsel written the perimeter in a memo you can file?

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: Cedar Ledger Ltd
Path on file: Undetermined — not a path
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.

Madridnamed
EU retailrestricted
United Statesrestricted

Team

Who runs it.

Elena MoreauChief executive
Marcus PetrovChief technology

Stack

Binder ledger
Insurance binders
Audit log
Approval trail

Named with them

Northbridge Counsel

Who can decide

Elena Moreau (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.

If the first customer renews, the adapter work pays for itself. If they do not, Cedar Ledger is a services firm with a slide. The twelve-month test is renewal, not waitlist.

Claims with evidence

Statements with evidence.

Statement	Evidence	Status
Cedar Ledger does not sell a token to the public on this pad	Posture lock	live
The product is insurance binders sold to institutions	Architecture + customer type	draft
Binder 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: Madrid	Named markets on the file	draft

On the record

Application APP-4588ScreenSep
Counsel questionPathSep

Operating log

02 Sep 13:00
Application scored. Cedar Ledger 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.