The wedge
Per bordereau cycle
The wedge is bordereaux: still email, still late, still wrong.
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
CLOB
Screened
SCREENEDInsurance bindersClove Ledger
Yara Park will not run a sale here. That is why serious people are in the queue.
They killed 12 public sentences before we listed them. Thin files do not get that far.
Clove Ledger — 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.
Screened, not yet in sprint. Treat every number as provisional. Calendar access is not automatic.
Heat 27 of 99. Hot windows do not stay hot. They close.
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
Binder ledger
Counsel hours
0
Undetermined — not a path
Sentences killed
0
Before listing
Claims live
0/5
Sprint
Our cut
0%
Of any proceeds
Plate Vault · 7730
CLOB
The plate
Vault. Edition 7730.
A unique plate for Clove Ledger. Geometry, orbit, and edition belong to this company — no other listing on the board shares it.
CLOB · Liverpool · Insurance binders
Score
0
Desk diligence
Pilots
0
Named, redacted
Stage
upcoming
upcoming
HQ
Liverpool
Licensed venues
Sells
Per
Per bordereau cycle
Markets
0
Liverpool
Years
0
Founded 2026
Surfaces
0
Binder ledger
Complete
0
File readiness
Why the desk took it
Early — still a question.
No policy-as-token in the revenue model.
Traction
One named pilot (redacted).
Founded 2026, headquartered in Liverpool. One named pilot on file (redacted in public). 3 nodes or connected surfaces reported. Desk diligence score 72/100. Two licensed PSPs on a paid pilot — identities off the public file. No public APY, no public book, no ‘how to buy’ on any surface we could find.
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 Insurance binders 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.
Read this as an operating company, not a round. Counsel has a posture: Undetermined — not a path. 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 Clove Ledger. The architecture says so. We have not watched the drill live. That is the next ask, not a slogan.
From the screen
We will not describe this as Reg CA-compliant, MiCA-stickered, or FCA-authorised. Issuers retain their own counsel in every relevant jurisdiction.
From counsel
US persons are outside the audience. A form that asks “are you accredited?” without verification is not an exemption.
From the pilot
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.
Miss a few days and you are explaining to your IC why you read it after it closed.
Budget exists on a line the board can see. That is why the window is this quarter.
Read it once, properly, while the number is still green. Then decide.
Window
Closed
Closed. History only — not a place to buy.
- Sentences killed
- 12
- Counsel hours on file
- 7
- Asks / week
- 8
- Our cut
- 0% of proceeds
The auditor has seen the dual-record. Switching now is a new conversation. That is the lock.
This company
Clove Ledger
Services firms hide in ‘platform’ language. Clove Ledger sells a seat plus an event. Named.
In the same conversation
- LCH / Eurex (incumbent CCPs)
- Caldastone-style utilities
- Not a DeFi clearinghouse
The bet
Why this company exists.
The wedge is bordereaux: still email, still late, still wrong.
The wedge is bordereaux: still email, still late, still wrong.
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
The incumbent brand sells the relationship. Clove Ledger 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.
The live path is Undetermined — not a path. 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
- 06Kill of a public sentence is an hour, not a committee.
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.
Second market
37%
A counsel memo that can survive a later reader.
Named operators
22%
The remaining certifications and the second named market.
Counsel & perimeter
18%
Dual-control drills, key ceremonies, and the person who owns them.
Control environment
23%
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.
- TueExceptionsOvernight breaks post back into the customer’s case system. No side book.
- 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
- Per bordereau cycle
- Who pays
- Two licensed PSPs on a paid pilot — identities off the public file.
- 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
- Network effects only if a second named counterparty writes. One customer is a service firm.
- Vs the comps
- Excel bordereaux are the incumbent. Beat that.
- Why we listed it
- No policy-as-token in the revenue model.
Next twelve months
What has to be true.
Bordereau cycle running without a side spreadsheet.
No public APY, no public book, no ‘how to buy’ on any surface we could find.
If they raise, it is to hire the remaining certifications and the second market — not to float a coin.
Traction
What you can verify today.
Founded 2026, headquartered in Liverpool. One named pilot on file (redacted in public). 3 nodes or connected surfaces reported. Desk diligence score 72/100. Two licensed PSPs on a paid pilot — identities off the public file. No public APY, no public book, no ‘how to buy’ on any surface we could find.
- Architecture paper — no production customer on the public file
- No token contract listed as a public sale
- Pilot letters on file, identities redacted
- Liverpool 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.”
- Product24
- Customers40
- Legal path24
- Tech maturity37
- 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.
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 Ledger looks like it is taking risk, it needs a licence. The file says it does not. Keep it that way.
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
- 01Which incumbent can copy this in a quarter, and what would they have to migrate?
- 02Is the waitlist demand for a product, or a queue for a coin?
- 03Who can unpublish a public sentence in 24 hours, by name?
- 04Who is the first named paying customer — not a letter of intent?
- 05What happens if a founder later wants a public token?
- 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
- Clove Ledger Ltd
- Path on file
- Undetermined — not a path
- 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.
- Liverpoolnamed
- EU retailrestricted
Team
Who runs it.
- Yara ParkChief executive
- Nadia EllisonHead of product
Stack
- Binder ledger
- Insurance binders
- Disclosure templates
- Audit log
Named with them
- Clearline
Who can decide
Yara Park came in named. The team is not a handle. Clove Ledger Ltd exists, founded 2026, headquartered in Liverpool. Anonymity would have been an automatic decline.
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 Ledger does not sell a token to the public on this pad | Posture lock | live |
| The product is insurance binders sold to institutions | Architecture + customer type | draft |
| Binder ledger 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 | No board minute | draft |
| No public token is sold on this pad | Engagement terms + posture lock | live |
| Customers contemplated: Liverpool | Named markets on the file | draft |
On the record
- Application APP-4280ScreenSep
- Counsel questionPathSep
Operating log
04 Sep 18:00
Application scored. Clove Ledger 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.