The wedge
Desk seat
The wedge is the shared drive: marks, covenants and RFQs still live in email.
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
CLOT
Screened
SCREENEDISDA opsClove Mark
The incumbent copy takes a year. The named customer is already writing.
Pilots are named and redacted. The waitlist is not. a short list people already asked.
Clove Mark — 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.
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
Confirmations book
Counsel hours
0
Not offering — locked
Sentences killed
0
Before listing
Claims live
1/5
Sprint
Our cut
0%
Of any proceeds
Plate Orbit · 3909
CLOT
The plate
Orbit. Edition 3909.
A unique plate for Clove Mark. Geometry, orbit, and edition belong to this company — no other listing on the board shares it.
CLOT · Tokyo · ISDA ops
Score
0
Desk diligence
Pilots
0
None on file
Stage
upcoming
upcoming
HQ
Tokyo
Private-credit funds
Sells
Desk
Desk seat
Markets
0
Tokyo
Years
0
Founded 2026
Surfaces
0
Confirmations book
Complete
0
File readiness
Why the desk took it
Early — still a question.
A redacted facility list landed in week one.
Traction
No paying pilot on the public file.
Founded 2026, headquartered in Tokyo. No named paying pilot on the file yet — that is the first question. 1 nodes or connected surfaces reported. Desk diligence score 65/100. A coverholder or carrier running one binder on this record. 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. Annual software against an ops cost the board can see. Switching cost is the record, not the brand.
The brief
How a serious reader should hold this.
In Tokyo, the person who signs the monthly pack already has a vendor. Clove Mark is not asking them to believe in a token. It is asking them to move one job — the one that currently lives in a spreadsheet, a fax, or a person who is about to retire — onto a record that can be shown to counsel. The queue to read that record is already not empty.
Read this as an operating company, not a round. Counsel has a posture: Not offering — locked. Restricted markets stay dark. RCA Pad takes 0% if they ever raise. That combination is why inbound did not need a ticker.
On a Tuesday in Tokyo, 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 counsel
A dual-control drill exists on paper. Production evidence is the next artefact, not a tweet.
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
The legal source of truth stays with the incumbent register, admin, or custodian. Clove Mark does not attest to its own facts.
The window
Miss this and you read the archive.
A later reader gets the same PDF. They do not get the same access.
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
- 8
- Counsel hours on file
- 9
- Asks / week
- 5
- Our cut
- 0% of proceeds
Do not put a participate button on our page. If you do, we leave.
This company
Clove Mark
Not the incumbent brand. Clove Mark sells the job the brand will not staff.
In the same conversation
- eFront
- Allvue
- Closed RFQ wires
- Not an on-chain lending pool
The bet
Why this company exists.
The wedge is the shared drive: marks, covenants and RFQs still live in email.
The wedge is the shared drive: marks, covenants and RFQs still live in email.
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. Clove Mark 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.
Named: Tokyo. Off-limits: Public residual claims, United States. A US person hearing an offering communication is a US problem even if the company sits in Tokyo. Blocking an IP and taking a US Telegram admin is not a block.
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
- 06Kill of a public sentence is an hour, not a committee.
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.
Control environment
35%
Dual-control drills, key ceremonies, and the person who owns them.
Counsel & perimeter
23%
Hiring the operator who already does this job at a licensed firm.
Named operators
21%
The remaining certifications and the second named market.
Second market
21%
A counsel memo that can survive a later reader.
Operating week
What “in market” actually looks like.
- SunOwnersWho can decide messaging and budget on a recorded line. If the answer is nobody, stop.
- MonClaimsEvery public sentence checked against the register. Anything extra is unpublished.
- SatDarkNo creators. No threads. Restricted geos stay dark.
- FriKill switchRehearse unpublish in 24 hours. If it takes a committee, it is not a switch.
The wedge
Why this one, not the other one.
- They sell
- Desk seat
- Who pays
- A coverholder or carrier running one binder on this record.
- Unit economics
- Annual software against an ops cost the board can see. Switching cost is the record, not the brand.
- Moat on file
- Four origination desks already post into a closed tape.
- Switching cost
- Scheme maps, ISO, LMA language, registry adapters — eighteen months of unglamorous work.
- Vs the comps
- A DeFi lending pool is the opposite company.
- Why we listed it
- A redacted facility list landed in week one.
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.
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 Tokyo. No named paying pilot on the file yet — that is the first question. 1 nodes or connected surfaces reported. Desk diligence score 65/100. A coverholder or carrier running one binder on this record. 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
- Tokyo 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.”
- Product19
- Customers18
- Legal path62
- Tech maturity31
- Demand10
- Market access44
Risks
What can kill it.
The one that actually kills it
Counsel is a slide
Unnamed counsel is how companies die in diligence. Not offering — locked has to be a memo you can file, not a slogan on the hero.
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. Clove Mark has to attach to the real one, in Tokyo.
Ask these next
- 01What happens if a founder later wants a public token?
- 02What does renewal look like if no round ever happens?
- 03Is the waitlist demand for a product, or a queue for a coin?
- 04Has counsel written the perimeter in a memo you can file?
- 05Who can unpublish a public sentence in 24 hours, by name?
- 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 Mark Ltd
- 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.
- Tokyonamed
- Public residual claimsrestricted
- United Statesrestricted
Team
Who runs it.
- Priya PetrovChief executive
- Yara PetrovChief technology
Stack
- Confirmations book
- ISDA ops
- Audit log
Named with them
- Helix Audit
Who can decide
The technical founder is on the record as Chief technology. Contractors in undisclosed jurisdictions are written down as a fact, not hidden. Facts can be managed. Hiding them is how companies die in diligence.
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 |
|---|---|---|
| Clove Mark does not sell a token to the public on this pad | Posture lock | live |
| The product is isda ops sold to institutions | Architecture + customer type | draft |
| Confirmations book 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 |
| Production date for the chain layer is not committed | Desk file | draft |
| No public token is sold on this pad | Engagement terms + posture lock | live |
| Customers contemplated: Tokyo | Named markets on the file | draft |
On the record
- Application APP-4197ScreenSep
- Counsel questionPathSep
Operating log
09 Sep 18:00
Application scored. Clove Mark is not a calendar slot.
11 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.