The wedge
Per-netted notional
They will not tokenise margin. That sentence is why they are on this board.
VELMVellum Protocol8,420 waitlistKITEKite Ledger2,190 waitlistPLSDPalisade ID1,640 waitlistNRTLNorthlineDay 8 of 14SABLSable RailDay 5 of 14QULLQuill MarketsDay 11 of 14CDWLCinder Well6,947 waitlistHRTNHartline8,787 waitlistOBSNObsidian Rail4,416 waitlistFENLFen Clearing1,060 waitlistLUMNLumen Books5,510 waitlistRDCTRedact ID6,485 waitlistHRBNHarbor NAV6,973 waitlistQLTDQuilt1,876 waitlistNMBMNimbus Match7,864 waitlistBRASBrass4,166 waitlistSLSTSolstice Credit9,342 waitlistWLTRWillow Transfer7,031 waitlistEMBREmber Registry2,487 waitlistNQAYNorth Quay2,013 waitlistKLNSKiln4,412 waitlistGLSHGlass HouseDay 8 of 14IRNPIron PierDay 1 of 14PLFRPale FireDay 3 of 14VELMVellum Protocol8,420 waitlistKITEKite Ledger2,190 waitlistPLSDPalisade ID1,640 waitlistNRTLNorthlineDay 8 of 14SABLSable RailDay 5 of 14QULLQuill MarketsDay 11 of 14CDWLCinder Well6,947 waitlistHRTNHartline8,787 waitlistOBSNObsidian Rail4,416 waitlistFENLFen Clearing1,060 waitlistLUMNLumen Books5,510 waitlistRDCTRedact ID6,485 waitlistHRBNHarbor NAV6,973 waitlistQLTDQuilt1,876 waitlistNMBMNimbus Match7,864 waitlistBRASBrass4,166 waitlistSLSTSolstice Credit9,342 waitlistWLTRWillow Transfer7,031 waitlistEMBREmber Registry2,487 waitlistNQAYNorth Quay2,013 waitlistKLNSKiln4,412 waitlistGLSHGlass HouseDay 8 of 14IRNPIron PierDay 1 of 14PLFRPale FireDay 3 of 14
Board
CEDN
In market
IN MARKETHealth-claims tapeCedar Pike
a few days until this conversation is history.
Counsel has a live path. The waitlist is 4,856. This pad still takes 0% of proceeds.
Cedar Pike — 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.
Live campaign. 4,856 on the product waitlist — that is demand, not an allocation.
4 live counterparties in the thread. The public page is the overflow.
Diligence, not a prospectus. RCA Pad does not allocate, take orders, or close funding. If this company raises, it raises with its own counsel.
Waitlist
0
Window
Closed
Heat
0/99
Inbound / wk
0asks
Asking now
0live
Named pilots
0
Redacted on the public page
Live nodes
0
Claims book
Counsel hours
0
Vienna · counsel-named
Sentences killed
0
Before listing
Claims live
5/8
Build
Our cut
0%
Of any proceeds
Plate Orbit · 8396
CEDN
The plate
Orbit. Edition 8396.
A unique plate for Cedar Pike. Geometry, orbit, and edition belong to this company — no other listing on the board shares it.
CEDN · Vienna · Health-claims tape
Score
0
Desk diligence
Pilots
0
Named, redacted
Waitlist
0
Product demand
HQ
Vienna
Licensed venues
Sells
Per-netted
Per-netted notional
Markets
0
Vienna
Years
0
Founded 2026
Surfaces
0
Claims book
Complete
0
File readiness
Why the desk took it
A real job, not a ticker.
Collateral-as-token was an exclusion in the application. We kept it.
Traction
3 named pilots (redacted).
Founded 2026, headquartered in Vienna. 3 named pilots on file (identities redacted in public). 4,856 on the waitlist, gated — product demand, not a book built. 18 nodes or connected surfaces reported. Desk diligence score 86/100. A transfer agent willing to consume a revoke in production. A redacted engagement letter landed in week one. That is why the desk took the meeting.
Next 12 months
Two members netting live, or stop.
A DeFi clearinghouse is a different, usually unlicensed, business. Per-event pricing so a pilot can start without a transformation programme.
The brief
How a serious reader should hold this.
The decline pile in Health-claims tape is not a rumour. It is how this board stays readable. Cedar Pike is what survived. That is the sell.
Read this as an operating company, not a round. Counsel has a posture: Vienna · counsel-named. Restricted markets stay dark. RCA Pad takes 0% if they ever raise. That combination is why inbound did not need a ticker.
A dual-control drill sits on paper. Keys, title, or NAV liability sit with a named licensed party — not Cedar Pike. The architecture says so. We have not watched the drill live. That is the next ask, not a slogan.
From counsel
US persons are outside the audience. A form that asks “are you accredited?” without verification is not an exemption.
From the founder
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
A dual-control drill exists on paper. Production evidence is the next artefact, not a tweet.
The window
Miss this and you read the archive.
If the window closes you still have the pack — as history. Not as a live conversation.
Budget exists on a line the board can see. That is why the window is this quarter.
The scarce thing is not the company. It is the next a few days of a live conversation.
Window
Closed
Closed. History only — not a place to buy.
- Sentences killed
- 13
- Counsel hours on file
- 35
- Asks / week
- 607
- Our cut
- 0% of proceeds
Do not put a participate button on our page. If you do, we leave.
This company
Cedar Pike
The protocol pitch is the thing this company has already refused.
In the same conversation
- LCH / Eurex (incumbent CCPs)
- Caldastone-style utilities
- Not a DeFi clearinghouse
The bet
Why this company exists.
They will not tokenise margin. That sentence is why they are on this board.
They will not tokenise margin. That sentence is why they are on this board.
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
A generalist vendor can copy the slide in a quarter. They cannot copy the named record, the scheme map, or the auditor conversation. That is the year they would have to buy.
Named: Vienna. Off-limits: Global public. A US person hearing an offering communication is a US problem even if the company sits in Vienna. 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
- 05Only the residual hits the existing settlement rail — gross never leaves the venue
- 06Retail and unnamed geographies are structurally off the form, not only in the footer.
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.
Control environment
32%
A counsel memo that can survive a later reader.
Second market
20%
Adapter work against the incumbent register, admin, or custodian.
Certifications & adapters
16%
The remaining certifications and the second named market.
Counsel & perimeter
32%
Keeping the public story from running ahead of the claims register.
Operating week
What “in market” actually looks like.
- SunOwnersWho can decide messaging and budget on a recorded line. If the answer is nobody, stop.
- TueExceptionsOvernight breaks post back into the customer’s case system. No side book.
- SatDarkNo creators. No threads. Restricted geos stay dark.
- ThuCustomerNamed pilot (redacted) sees the same record the auditor saw.
The wedge
Why this one, not the other one.
- They sell
- Per-netted notional
- Who pays
- A transfer agent willing to consume a revoke in production.
- Unit economics
- Per-event pricing so a pilot can start without a transformation programme.
- Moat on file
- Named venue LOIs — redacted, but they exist.
- Switching cost
- Scheme maps, ISO, LMA language, registry adapters — eighteen months of unglamorous work.
- Vs the comps
- A DeFi clearinghouse is a different, usually unlicensed, business.
- Why we listed it
- Collateral-as-token was an exclusion in the application. We kept it.
Next twelve months
What has to be true.
Two members netting live, or stop.
A redacted engagement letter landed in week one. That is why the desk took the meeting.
They have not asked us to run a sale. That ask would close the file.
Traction
What you can verify today.
Founded 2026, headquartered in Vienna. 3 named pilots on file (identities redacted in public). 4,856 on the waitlist, gated — product demand, not a book built. 18 nodes or connected surfaces reported. Desk diligence score 86/100. A transfer agent willing to consume a revoke in production. A redacted engagement letter landed in week one. That is why the desk took the meeting.
- Operating notes for Claims book
- No token contract listed as a public sale
- Pilot letters on file, identities redacted
- Vienna 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.”
- Product75
- Customers96
- Legal path84
- Tech maturity94
- Demand64
- Market access44
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 4,856.
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.
CCP copy
The incumbent can ship the same netting as a feature. Cedar Pike has to be cheaper or faster before that happens.
Token relapse
A later round that wants a public token puts Cedar Pike in a different perimeter. The file treats that as a hard stop.
Ask these next
- 01Has counsel written the perimeter in a memo you can file?
- 02If RCA Pad disappeared tomorrow, could the customer still run the job?
- 03Who is the first named paying customer — not a letter of intent?
- 04Which incumbent can copy this in a quarter, and what would they have to migrate?
- 05What does renewal look like if no round ever happens?
- 06What happens if a founder later wants a public token?
Structure
How money would actually move.
If this company raises, it raises with its own counsel and providers. The waitlist is a product list. It is not a round, a book, or an allocation on RCA Pad. We do not take a cut.
- Entity
- Cedar Pike Ltd
- Path on file
- Vienna · counsel-named
- Posture
- No public sale
- Pack
- Build
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.
- Viennanamed
- Global publicrestricted
Team
Who runs it.
- Hannah IbrahimChief executive
- Leila HolmMarkets
Stack
- Claims book
- Health-claims tape
- Audit log
- Disclosure templates
Named with them
- Helix Audit
- Meridian Tax
Who can decide
Hannah Ibrahim came in named. The team is not a handle. Cedar Pike Ltd exists, founded 2026, headquartered in Vienna. 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 |
|---|---|---|
| Cedar Pike does not sell a token to the public on this pad | Posture lock | live |
| The product is health-claims tape sold to institutions | Architecture + customer type | live |
| Claims book 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: Vienna | Named markets on the file | live |
On the record
- Sprint packPackJun
- Counsel lockPathJul
- Claims register liveRegisterAug
- Creator briefBriefSep
Operating log
11 Sep 09:22
Takedown SLA idle-tested.
08 Sep 11:40
A claim held for missing evidence.
04 Sep 08:22
Weekly report issued to the desk.
01 Sep 14:08
Creator set on disclosure. No buy language.
Path to now
Sprint
Pack accepted
Narrative, matrix, claims locked.
Path
Counsel names it
Or the file stays not-offering.
Live
Campaign
Waitlist and register. No purchase journey.
Not a subscription
This is not a sale page.
If this company raises, it raises with its own counsel and providers. The waitlist is a product list. It is not a round, a book, or an allocation on RCA Pad. We do not take a cut. Founders who want a pack like this one apply. Readers who want the company talk to the company — not to this pad.
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.