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

CED6

In market

HOT WINDOWCredit RFQ

Cedar Works

If you read one Credit RFQ company this quarter, make it this one.

7,879 names asked to be first. None of them bought a token here. They asked for the product.

Cedar Works — A system of record for private-credit funds and desks: tapes, RFQs, or covenants that update when a borrower files. The buyers already have a book. This is plumbing, not a venue that matches strangers.

Live campaign. 7,879 on the product waitlist — that is demand, not an allocation.

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.

Waitlist

Window

Closed

Heat

0/99

Inbound / wk

0asks

Asking now

0live

Named pilots

Redacted on the public page

Live nodes

Permissioned matching

Counsel hours

Austin · counsel-named

Sentences killed

Before listing

Claims live

11/14

Build

Our cut

Of any proceeds

Plate Signal · 5479

CED6

The plate

Signal. Edition 5479.

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

CED6 · Austin · Credit RFQ

Score

Desk diligence

Pilots

Named, redacted

Waitlist

Product demand

Austin

Private-credit funds

Sells

Administrator

Administrator co-source

Markets

Austin

Years

Founded 2025

Surfaces

Permissioned matching

Complete

File readiness

The wedge

Administrator co-source

Cedar Works wants to be the record everyone already trusts, without becoming the venue.

Why the desk took it

A real job, not a ticker.

They asked us to kill ‘marketplace’ in every sentence. We did.

Traction

5 named pilots (redacted).

Founded 2025, headquartered in Austin. 5 named pilots on file (identities redacted in public). 7,879 on the waitlist, gated — product demand, not a book built. 8 nodes or connected surfaces reported. Desk diligence score 94/100. A national registry counterpart, not a scrape. They killed their own ‘token as fee’ sentence before we asked. Rare, and it scored.

Next 12 months

Securities memo on the tape itself — is the record a security? Write it down.

A DeFi lending pool is the opposite company. 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.

Someone in Austin already renewed a slower vendor this year. Cedar Works is the conversation that happens before they do it again. Miss this cycle and you explain the next one.

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

US traffic was taken off the public surfaces in the first working session. Cedar Works did not argue. Adult companies do not costume a US offering.

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

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

From the founder

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.

A later reader gets the same PDF. They do not get the same access.

The comment period is not a path. This company is priced as if that is already true.

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: 5
Counsel hours on file: 91
Asks / week: 985
Our cut: 0% of proceeds

We would rather be archive-clean than live-loud. The waitlist showed up anyway.
Nia Park, Chief executive

This company

Cedar Works

Twelve Credit RFQ decks look the same. One of them has a Austin customer on the record.

In the same conversation

eFront
Allvue
Closed RFQ wires
Not an on-chain lending pool

The bet

Why this company exists.

Cedar Works wants to be the record everyone already trusts, without becoming the venue.

Allocators want daily marks and covenant visibility. Banks want to originate without building a chain team. The first honest tape that does not pretend to be an exchange will be paid for as software.

Private credit AUM is measured in trillions. The software take-rate is small. The switching cost, once a tape is the record, is not.

Versus the field

The incumbent brand sells the relationship. Cedar Works 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.

Austin 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 loan or covenant event is written once
02Permissioned counterparties see what they are allowed to see
03Marks and RFQs stay inside named desks
04No public order book, no retail
05Default and amendment events are first-class, not a PDF in a side channel
06The legal source of truth stays with the incumbent register, admin, or custodian.

In the same conversation as

eFront
Allvue
Closed RFQ wires
Not an on-chain lending pool

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%
A counsel memo that can survive a later reader.
Certifications & adapters
18%
Hiring the operator who already does this job at a licensed firm.
Claims & campaign ops
21%
Keeping the public story from running ahead of the claims register.
Named operators
27%
Dual-control drills, key ceremonies, and the person who owns them.

Operating week

What “in market” actually looks like.

SatDarkNo creators. No threads. Restricted geos stay dark.
ThuCustomerNamed pilot (redacted) sees the same record the auditor saw.
TueExceptionsOvernight breaks post back into the customer’s case system. No side book.
MonClaimsEvery public sentence checked against the register. Anything extra is unpublished.

The wedge

Why this one, not the other one.

They sell: Administrator co-source
Who pays: A national registry counterpart, not a scrape.
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: Covenant language mapped to the LMA set — not a custom dialect.
Switching cost: Permissioned connectivity is the moat. Public endpoints would erase it.
Vs the comps: A DeFi lending pool is the opposite company.
Why we listed it: They asked us to kill ‘marketplace’ in every sentence. We did.

Next twelve months

What has to be true.

Securities memo on the tape itself — is the record a security? Write it down.

They killed their own ‘token as fee’ sentence before we asked. Rare, and it scored.

A round, if any, sits with their providers. This pad does not take the order.

Traction

What you can verify today.

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

Product63
Customers96
Legal path84
Tech maturity70
Demand79
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 Austin story becomes a fact pattern. The restricted list exists for a reason: Mainland China retail, United States.

Marketplace slip

The moment this looks like a public book, it is a venue. This pad will not list that.

Data rights

Who owns the tape when a fund leaves? If that is unsigned, the enterprise value is a conversation.

Credit cycle

A default cluster will test whether the product is a record or a reputation.

Retail

Retail is prohibited. Any ‘access token’ story is a different company.

Data rights on exit

If a fund leaves and the tape stays, who owns the history? Unsigned, the enterprise value is a conversation.

Facts vs theatre

A proof of a fake book is still a fake book. Cedar Works has to attach to the real one, in Austin.

Ask these next

01If RCA Pad disappeared tomorrow, could the customer still run the job?
02Has counsel written the perimeter in a memo you can file?
03Who is the first named paying customer — not a letter of intent?
04Who can unpublish a public sentence in 24 hours, by name?
05Is the waitlist demand for a product, or a queue for a coin?
06Which geography is actually locked, and which is a hope?

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 Works Ltd
Path on file: Austin · counsel-named
Posture: Private only
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.

Austinnamed
Mainland China retailrestricted
United Statesrestricted

Team

Who runs it.

Nia ParkChief executive
Elena DiazChief executive

Stack

Permissioned matching
Credit RFQ
Approval trail

Who can decide

Nia Park came in named. The team is not a handle. Cedar Works Ltd exists, founded 2025, headquartered in Austin. 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 Works does not sell a token to the public on this pad	Posture lock	live
The product is credit rfq sold to institutions	Architecture + customer type	live
Permissioned matching 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: Austin	Named markets on the file	live

On the record

Sprint packPackJun
Counsel lockPathJul
Claims register liveRegisterAug
Creator briefBriefSep

Operating log

11 Sep 09:45
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.

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.