The wedge
Corporate-action event
If they hold keys, they are a custodian. The file says they do not.
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
CLOJ
Screened
SCREENEDQualified custody opsClove Kiln
They killed 15 sentences to get listed. That is the product you are about to miss.
a short list names asked to be first. None of them bought a token here. They asked for the product.
Clove Kiln — 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.
Archive is free. Live access is timed. Clove Kiln is timed.
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
0days
Heat
0/99
Inbound / wk
0asks
Asking now
0live
Named pilots
0
Still a question
Live nodes
0
Custody accounting
Counsel hours
0
Not offering — locked
Sentences killed
0
Before listing
Claims live
1/4
Sprint
Our cut
0%
Of any proceeds
Plate Concentric · 7870
CLOJ
The plate
Concentric. Edition 7870.
A unique plate for Clove Kiln. Geometry, orbit, and edition belong to this company — no other listing on the board shares it.
CLOJ · Houston · Qualified custody ops
Score
0
Desk diligence
Pilots
0
None on file
Stage
upcoming
upcoming
HQ
Houston
Asset managers
Sells
Corporate-action
Corporate-action event
Markets
0
United States professional
Years
0
Founded 2023
Surfaces
0
Custody accounting
Complete
0
File readiness
Why the desk took it
Early — still a question.
Keys are not at Clove Kiln. Architecture says so.
Traction
No paying pilot on the public file.
Founded 2023, headquartered in Houston. No named paying pilot on the file yet — that is the first question. 4 nodes or connected surfaces reported. Desk diligence score 77/100. A treasurer at a bank that already settles — not a crypto-native desk. They killed their own ‘token as fee’ sentence before we asked. Rare, and it scored.
Next 12 months
Corporate actions running without a side ticket pile.
A consumer wallet is a different statute. 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 Qualified custody ops is not a rumour. It is how this board stays readable. Clove Kiln is what survived. That is the sell.
Clove Kiln exists because the incumbent brand will not staff the unglamorous middle of Qualified custody ops. 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.
On a Tuesday in Houston, an exception posts back into the customer’s existing case system. Nobody opens a side spreadsheet. That is the product: the night someone in ops does not stay late.
From the screen
US persons are outside the audience. A form that asks “are you accredited?” without verification is not an exemption.
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 founder
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.
The incumbent will still be slow in a year. The window will not.
Budget exists on a line the board can see. That is why the window is this quarter.
We do not allocate. We do not take a cut. We will not hold the window open for you.
Window remaining
0days
When this window closes, the campaign is archive.
- Sentences killed
- 15
- Counsel hours on file
- 5
- Asks / week
- 1
- Our cut
- 0% of proceeds
Renewal is the round. If nobody renews, there is no company. A token would not fix that.
This company
Clove Kiln
A L2 wrapper is cheaper. It is also a different perimeter — and declined here.
In the same conversation
- Fund admins
- Custodian reporting
- Public ‘vault tokens’ (the thing this is not)
The bet
Why this company exists.
If they hold keys, they are a custodian. The file says they do not.
If they hold keys, they are a custodian. The file says they do not.
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
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: United States professional. Off-limits: Public residual claims. A US person hearing an offering communication is a US problem even if the company sits in Houston. Blocking an IP and taking a US Telegram admin is not a block.
How it works
- 01Positions are accounted in a book the manager already runs
- 02A proof or extract is produced for a named counterparty
- 03Yield is not marketed to the public on this pad
- 04zk, if present, is a method — not a ticker
- 05Positions are accounted; the licensed custodian still holds
- 06Retail and unnamed geographies are structurally off the form, not only in the footer.
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.
Certifications & adapters
33%
A counsel memo that can survive a later reader.
Claims & campaign ops
18%
Keeping the public story from running ahead of the claims register.
Counsel & perimeter
21%
Hiring the operator who already does this job at a licensed firm.
Second market
28%
Adapter work against the incumbent register, admin, or custodian.
Operating week
What “in market” actually looks like.
- FriKill switchRehearse unpublish in 24 hours. If it takes a committee, it is not a switch.
- ThuCustomerNamed pilot (redacted) sees the same record the auditor saw.
- TueExceptionsOvernight breaks post back into the customer’s case system. No side book.
- SatDarkNo creators. No threads. Restricted geos stay dark.
The wedge
Why this one, not the other one.
- They sell
- Corporate-action event
- Who pays
- A treasurer at a bank that already settles — not a crypto-native desk.
- Unit economics
- Per-event pricing so a pilot can start without a transformation programme.
- Moat on file
- A qualified custodian is the customer, not the competitor.
- Switching cost
- The customer’s auditor has seen this book. Switching means a new auditor conversation.
- Vs the comps
- A consumer wallet is a different statute.
- Why we listed it
- Keys are not at Clove Kiln. Architecture says so.
Next twelve months
What has to be true.
Corporate actions running without a side ticket pile.
They killed their own ‘token as fee’ sentence before we asked. Rare, and it scored.
They have not asked us to run a sale. That ask would close the file.
Traction
What you can verify today.
Founded 2023, headquartered in Houston. No named paying pilot on the file yet — that is the first question. 4 nodes or connected surfaces reported. Desk diligence score 77/100. A treasurer at a bank that already settles — not a crypto-native desk. They killed their own ‘token as fee’ sentence before we asked. Rare, and it scored.
- Architecture paper — no production customer on the public file
- No token contract listed as a public sale
- Pilot letters on file, identities redacted
- Houston 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.”
- Product16
- Customers18
- Legal path62
- Tech maturity40
- Demand10
- 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 a short list.
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.
Accidental custody
One key on a Clove Kiln box and the licence problem is immediate. The architecture has to make that impossible.
Token relapse
A later round that wants a public token puts Clove Kiln in a different perimeter. The file treats that as a hard stop.
Ask these next
- 01Is the waitlist demand for a product, or a queue for a coin?
- 02What does renewal look like if no round ever happens?
- 03Who can unpublish a public sentence in 24 hours, by name?
- 04Which incumbent can copy this in a quarter, and what would they have to migrate?
- 05What happens if a founder later wants a public token?
- 06Who is the first named paying customer — not a letter of intent?
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
- Clove Kiln Inc. · Delaware
- Path on file
- Not offering — locked
- 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.
- United States professionalnamed
- Public residual claimsrestricted
Team
Who runs it.
- Sasha BergChief executive
- Lars SatoChief compliance
Stack
- Custody accounting
- Qualified custody ops
- Takedown SLA
- Disclosure templates
Named with them
- Clearline
Who can decide
Sasha Berg came in named. The team is not a handle. Clove Kiln Inc. · Delaware exists, founded 2023, headquartered in Houston. Anonymity would have been an automatic decline.
If the first customer renews, the adapter work pays for itself. If they do not, Clove Kiln is a services firm with a slide. The twelve-month test is renewal, not waitlist.
Claims with evidence
Statements with evidence.
| Statement | Evidence | Status |
|---|---|---|
| Clove Kiln does not sell a token to the public on this pad | Posture lock | live |
| The product is qualified custody ops sold to institutions | Architecture + customer type | draft |
| Custody accounting 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 |
| Pilot identities redacted in public | Desk file | draft |
| No public token is sold on this pad | Engagement terms + posture lock | live |
| Customers contemplated: United States professional | Named markets on the file | draft |
On the record
- Application APP-4173ScreenSep
- Counsel questionPathSep
Operating log
01 Sep 13:00
Application scored. Clove Kiln is not a calendar slot.
10 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.
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.