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

CLOC

Closed

CLOSEDReinsurance records

Clove Desk

Window closed. 6,125 asked while it was live. You are reading history.

They killed 18 public sentences before we listed them. Thin files do not get that far.

Clove Desk — 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.

Closed on this board. Any capital event was completed with the issuer’s own providers. RCA Pad took 0%.

Closed. The live conversation is over. The pack remains as archive.

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

Treaty book

Counsel hours

Cardiff · closed private round

Sentences killed

Before listing

Claims live

0/11

Growth

Our cut

Of any proceeds

Plate Vault · 9489

CLOC

The plate

Vault. Edition 9489.

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

CLOC · Cardiff · Reinsurance records

Score

Desk diligence

Pilots

Named, redacted

Waitlist

Product demand

Cardiff

Licensed venues

Sells

Per

Per bordereau cycle

Markets

Cardiff

Years

Founded 2026

Surfaces

Treaty book

Complete

File readiness

The wedge

Per bordereau cycle

A tokenised policy sold to a crowd is a different, usually illegal, company.

Why the desk took it

A real job, not a ticker.

US surplus-lines posture was flagged as a counsel question. Correct.

Traction

4 named pilots (redacted).

Founded 2026, headquartered in Cardiff. 4 named pilots on file (identities redacted in public). 6,125 on the waitlist, gated — product demand, not a book built. 24 nodes or connected surfaces reported. Desk diligence score 86/100. A qualified custodian reconciling against this book. They killed their own ‘token as fee’ sentence before we asked. Rare, and it scored.

Next 12 months

Bordereau cycle running without a side spreadsheet.

Excel bordereaux are the incumbent. Beat that. Bps on a job that already has a budget line. A public coin would not make the invoice larger.

The brief

How a serious reader should hold this.

Most Reinsurance records decks start with a market size. This one starts with a job: a person at a licensed firm, a record they cannot currently prove, and a calendar that does not wait for a proposed US rule. The calendar is the window. The window is the scarce thing.

Clove Desk exists because the incumbent brand will not staff the unglamorous middle of Reinsurance records. 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. Oskar Okoye treated the kill as an operating skill, not a PR event. Files that cannot do this do not stay listed.

From ops

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

From the founder

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

From the screen

The legal source of truth stays with the incumbent register, admin, or custodian. Clove Desk does not attest to its own facts.

The window

Miss this and you read the archive.

Waiting for a proposed US rule is how you miss a Cardiff buyer who already has budget.

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

The scarce thing is not the company. It is the next 0 days of a live conversation.

Window

Closed

Closed. History only — not a place to buy.

Sentences killed: 18
Counsel hours on file: 66
Asks / week: 766
Our cut: 0% of proceeds

Renewal is the round. If nobody renews, there is no company. A token would not fix that.
Oskar Okoye, Chief executive

This company

Clove Desk

A generalist vendor copies the slide. They cannot copy the named record.

In the same conversation

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

The bet

Why this company exists.

A tokenised policy sold to a crowd is a different, usually illegal, company.

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. Clove Desk is priced as software against an invoice that already exists.

The live path is Cardiff · closed private round. Proposed Regulation Crypto Assets is not treated as a calendar slot. Build as if it never opens.

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
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.

Named operators
40%
Keeping the public story from running ahead of the claims register.
Claims & campaign ops
27%
A counsel memo that can survive a later reader.
Control environment
19%
Adapter work against the incumbent register, admin, or custodian.
Counsel & perimeter
14%
Hiring the operator who already does this job at a licensed firm.

Operating week

What “in market” actually looks like.

SunOwnersWho can decide messaging and budget on a recorded line. If the answer is nobody, stop.
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.

The wedge

Why this one, not the other one.

They sell: Per bordereau cycle
Who pays: A qualified custodian reconciling against this book.
Unit economics: Bps on a job that already has a budget line. A public coin would not make the invoice larger.
Moat on file: Lloyd’s-adjacent process knowledge — not a generic ledger.
Switching cost: Once the record is the record, the incumbent copy has to migrate history. That is the year.
Vs the comps: Excel bordereaux are the incumbent. Beat that.
Why we listed it: US surplus-lines posture was flagged as a counsel question. Correct.

Next twelve months

What has to be true.

Bordereau cycle running without a side spreadsheet.

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 Treaty book
No token contract listed as a public sale
Named founder; customer still a conversation
Cardiff is the operating centre
The waitlist, if any, is a product list — not a book
Raise, if any, closed with issuer providers

Readiness

Six things a serious buyer asks. 100 is “ready to take to counsel and a customer.”

Product95
Customers96
Legal path84
Tech maturity94
Demand71
Market access68

Risks

What can kill it.

The one that actually kills it

Counsel is a slide

Unnamed counsel is how companies die in diligence. Cardiff · closed private round has to be a memo you can file, not a slogan on the hero.

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

Token relapse

A later round that wants a public token puts Clove Desk in a different perimeter. The file treats that as a hard stop.

Ask these next

01Who is the first named paying customer — not a letter of intent?
02Who can unpublish a public sentence in 24 hours, by name?
03Is the waitlist demand for a product, or a queue for a coin?
04What happens if a founder later wants a public token?
05Which geography is actually locked, and which is a hope?
06Has counsel written the perimeter in a memo you can file?

Structure

How money would actually move.

Window closed. Tombstone is theirs. Archive is ours. 0% of proceeds.

Entity: Clove Desk Ltd
Path on file: Cardiff · closed private round
Posture: Window closed
Pack: Growth

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.

Cardiffnamed
United Kingdomnamed
EU retailrestricted

Team

Who runs it.

Oskar OkoyeChief executive

Stack

Treaty book
Reinsurance records
Takedown SLA

Named with them

Northbridge Counsel
Helix Audit

Who can decide

Oskar Okoye (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.

A second counterparty writing into the record is the only network effect that counts. One customer is a consultancy. Two is a market.

Claims with evidence

Statements with evidence.

Statement	Evidence	Status
Clove Desk does not sell a token to the public on this pad	Posture lock	withdrawn
The product is reinsurance records sold to institutions	Architecture + customer type	withdrawn
Treaty book is the method — not a listed asset	Desk snapshot	withdrawn
Retail buyers are out of scope	Named markets lock	withdrawn
Any raise completes with the issuer’s counsel and providers — not on RCA Pad	Fixed-fee terms	withdrawn
Production date for the chain layer is not committed	No board minute	withdrawn
No public token is sold on this pad	Engagement terms + posture lock	withdrawn
Customers contemplated: Cardiff, United Kingdom	Named markets on the file	withdrawn

On the record

Final registerArchiveAug
Close reportReportAug
Tombstone copyArchiveAug

Operating log

19 Aug 10:00
Close report. 0% of proceeds.
12 Aug 18:00
Clove Desk archived. Live claims withdrawn.
11 Aug 09:30
Final creator pass. Residual claims pulled.

Path to now

Open
File
Before any public sentence.
Close
Archive
We did not take a cut.

Not a subscription

This is not a sale page.

Window closed. Tombstone is theirs. Archive is ours. 0% of proceeds. 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

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