RCA Pad
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

CEDS

Screened
SCREENEDPrime brokerage ops

Cedar Vault

Budget exists on a board line. This is this quarter, not ‘when the rule opens’.

They killed 13 public sentences before we listed them. Thin files do not get that far.

Cedar Vault — Accounting and proof layers for vaults that already hold assets for known clients. zk or otherwise, the point is a statement a counterparty can verify — not a public yield product.

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

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.

Stage

upcoming

Window

Closed

Heat

0/99

Inbound / wk

0asks

Asking now

0live

Named pilots

0

Redacted on the public page

Live nodes

0

Prime adapters

Counsel hours

0

Not offering — locked

Sentences killed

0

Before listing

Claims live

1/6

Sprint

Our cut

0%

Of any proceeds

Plate Ledger · 5685

CEDS

The plate

Ledger. Edition 5685.

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

CEDS · Zurich · Prime brokerage ops

Score

0

Desk diligence

Pilots

0

Named, redacted

Stage

upcoming

upcoming

HQ

Zurich

Asset managers

Sells

Auditor

Auditor extract

Markets

0

Switzerland

Years

0

Founded 2022

Surfaces

0

Prime adapters

Complete

0

File readiness

The wedge

Auditor extract

The wedge is 2022: allocators asked for proof and got demos.

Why the desk took it

Early — still a question.

Custodian is named, even if redacted.

Traction

One named pilot (redacted).

Founded 2022, headquartered in Zurich. One named pilot on file (redacted in public). 3 nodes or connected surfaces reported. Desk diligence score 73/100. A transfer agent willing to consume a revoke in production. A dual-control drill exists on paper. We have not watched it live yet — that is the next ask.

Next 12 months

Production book, not a demo circuit.

Custodian reporting is a PDF. This is a file a counterparty verifies. Seat plus event. If they ever attach a token as the unit of account, the file stops.

The brief

How a serious reader should hold this.

The decline pile in Prime brokerage ops is not a rumour. It is how this board stays readable. Cedar Vault is what survived. That is the sell.

What you can verify today is smaller than the slide. What you cannot verify is named as a question, not a promise. That is the difference between this company and a pad listing — and why the waitlist is not a coin queue.

A dual-control drill sits on paper. Keys, title, or NAV liability sit with a named licensed party — not Cedar Vault. The architecture says so. We have not watched the drill live. That is the next ask, not a slogan.

From the screen

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

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.

From counsel

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

The window

Miss this and you read the archive.

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

Switching cost is the auditor conversation. Once it happens, you are late.

We do not allocate. We do not take a cut. We will not hold the window open for you.

Window

Closed

Closed. History only — not a place to buy.

Sentences killed
13
Counsel hours on file
10
Asks / week
7
Our cut
0% of proceeds

Kill the public sentence in an hour or do not list us. We can do the hour.

Mei Petrov, Chief executive

This company

Cedar Vault

The copycats will arrive after certification. That is why the window is now.

In the same conversation

  • Fund admins
  • Custodian reporting
  • Public ‘vault tokens’ (the thing this is not)

The bet

Why this company exists.

The wedge is 2022: allocators asked for proof and got demos.

The wedge is 2022: allocators asked for proof and got demos.

Allocators asked for proof after 2022. Labs answered with demos. The first vault accounting that an auditor will sign is a business.

Middle-office spend at alternative managers is a budget that survived the last cycle.

Versus the field

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

Zurich 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

  1. 01Positions are accounted in a book the manager already runs
  2. 02A proof or extract is produced for a named counterparty
  3. 03Yield is not marketed to the public on this pad
  4. 04zk, if present, is a method — not a ticker
  5. 05A proof or extract is produced for a named counterparty only
  6. 06A named counterparty verifies; Cedar Vault does not attest to its own facts.

In the same conversation as

  • Fund admins
  • Custodian reporting
  • Public ‘vault tokens’ (the thing this is not)

If they raise

Where the money would actually go.

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

  • Named operators

    39%

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

  • Second market

    22%

    Hiring the operator who already does this job at a licensed firm.

  • Control environment

    17%

    The remaining certifications and the second named market.

  • Claims & campaign ops

    22%

    A counsel memo that can survive a later reader.

Operating week

What “in market” actually looks like.

  1. TueExceptionsOvernight breaks post back into the customer’s case system. No side book.
  2. SatDarkNo creators. No threads. Restricted geos stay dark.
  3. SunOwnersWho can decide messaging and budget on a recorded line. If the answer is nobody, stop.
  4. 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
Auditor extract
Who pays
A transfer agent willing to consume a revoke in production.
Unit economics
Seat plus event. If they ever attach a token as the unit of account, the file stops.
Moat on file
Auditor engagement letter — not a tweet.
Switching cost
Scheme maps, ISO, LMA language, registry adapters — eighteen months of unglamorous work.
Vs the comps
Custodian reporting is a PDF. This is a file a counterparty verifies.
Why we listed it
Custodian is named, even if redacted.

Next twelve months

What has to be true.

Production book, not a demo circuit.

A dual-control drill exists on paper. We have not watched it live yet — that is the next ask.

They have not asked us to run a sale. That ask would close the file.

Traction

What you can verify today.

Founded 2022, headquartered in Zurich. One named pilot on file (redacted in public). 3 nodes or connected surfaces reported. Desk diligence score 73/100. A transfer agent willing to consume a revoke in production. A dual-control drill exists on paper. We have not watched it live yet — that is the next ask.

  • Architecture paper — no production customer on the public file
  • No token contract listed as a public sale
  • Pilot letters on file, identities redacted
  • Zurich 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.”

  • Product23
  • Customers40
  • Legal path62
  • Tech maturity37
  • Demand10
  • Market access68

Risks

What can kill it.

The one that actually kills it

The unit of account becomes a token

Seat plus event. If they attach a token as the unit of account, this company is a different company — and not one we will operate a campaign for.

Yield product

If the landing page is APY, this is a different, usually unlicensed, business.

Proof theatre

A zk circuit of a fake book is still a fake book.

Custodian

Who holds the keys? If it is the startup, that is custody.

Audit

No auditor, no statement. Demo is not diligence.

Proof theatre

A zk circuit of a fake book is still a fake book. Cedar Vault has to prove the real 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

  1. 01Who is the first named paying customer — not a letter of intent?
  2. 02What happens if a founder later wants a public token?
  3. 03Is the waitlist demand for a product, or a queue for a coin?
  4. 04If RCA Pad disappeared tomorrow, could the customer still run the job?
  5. 05Which geography is actually locked, and which is a hope?
  6. 06Where do keys, title, or NAV liability sit — and is that person licensed?

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 Vault AG
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.

  • Switzerlandnamed
  • EEA professionalnamed
  • Global publicrestricted
  • United Statesrestricted

Team

Who runs it.

  • Mei PetrovChief executive

Stack

  • Prime adapters
  • Prime brokerage ops
  • Takedown SLA
  • Disclosure templates

Named with them

  • Northbridge Counsel

Who can decide

Mei Petrov (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 Vault is a services firm with a slide. The twelve-month test is renewal, not waitlist.

Claims with evidence

Statements with evidence.

StatementEvidenceStatus
Cedar Vault does not sell a token to the public on this padPosture locklive
The product is prime brokerage ops sold to institutionsArchitecture + customer typedraft
Prime adapters is the method — not a listed assetPaper onlydraft
Retail buyers are out of scopeNamed markets locklive
Any raise completes with the issuer’s counsel and providers — not on RCA PadFixed-fee termslive
Production date for the chain layer is not committedDesk filedraft
No public token is sold on this padEngagement terms + posture locklive
Customers contemplated: Switzerland, EEA professionalNamed markets on the filedraft

On the record

  1. Application APP-4696ScreenSep
  2. Counsel questionPathSep

Operating log

  1. 04 Sep 11:00

    Application scored. Cedar Vault is not a calendar slot.

  2. 10 Sep 10:12

    Counsel question sent. Name a path or lock not-offering.

Path to now

  1. Now

    Screen

    Calendar is never automatic.

  2. 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.