The wedge
Fund seat
Clove Room sells a cost cut in onboarding, not an identity coin.
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
CLO3
Screened
SCREENEDSelective disclosureClove Room
They killed 7 sentences to get listed. That is the product you are about to miss.
Heat 24. Window a fewd. If you are going to read one Selective disclosure company, this is the one.
Clove Room — An attestation graph: a fund or investor proves one fact (accredited, name, share-class) to a transfer agent or administrator without handing over the whole file. Selective disclosure is the product.
Screened, not yet in sprint. Treat every number as provisional. Calendar access is not automatic.
They unpublish in an hour. They will not wait for your committee to finish reading.
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
Still a question
Live nodes
0
Attestation graph
Counsel hours
0
Undetermined — not a path
Sentences killed
0
Before listing
Claims live
1/6
Sprint
Our cut
0%
Of any proceeds
Plate Horizon · 8314
CLO3
The plate
Horizon. Edition 8314.
A unique plate for Clove Room. Geometry, orbit, and edition belong to this company — no other listing on the board shares it.
CLO3 · Johannesburg · Selective disclosure
Score
0
Desk diligence
Pilots
0
Named, redacted
Stage
upcoming
upcoming
HQ
Johannesburg
Fund administrators
Sells
Fund
Fund seat
Markets
0
Johannesburg
Years
0
Founded 2024
Surfaces
0
Attestation graph
Complete
0
File readiness
Why the desk took it
Early — still a question.
No utility token in the revenue model. We checked.
Traction
One named pilot (redacted).
Founded 2024, headquartered in Johannesburg. One named pilot on file (redacted in public). 1 nodes or connected surfaces reported. Desk diligence score 62/100. An AIFM whose auditor has seen the dual-record. Architecture says keys / title / NAV liability sit with a named licensed party — not Clove Room.
Next 12 months
One TA consuming revoke in production.
A ‘passport token’ is usually a security in costume. Per-event pricing so a pilot can start without a transformation programme.
The brief
How a serious reader should hold this.
Someone in Johannesburg already renewed a slower vendor this year. Clove Room is the conversation that happens before they do it again. Miss this cycle and you explain the next one.
The bet is narrow. A named Johannesburg buyer already has budget for this invoice. Clove Room wins if it is cheaper than the internal build and cleaner than the protocol pitch. It loses if a founder later wants a public book. The window is the time you have to decide which it is.
A dual-control drill sits on paper. Keys, title, or NAV liability sit with a named licensed party — not Clove Room. The architecture says so. We have not watched the drill live. That is the next ask, not a slogan.
From ops
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 pilot
A dual-control drill exists on paper. Production evidence is the next artefact, not a tweet.
From the founder
US persons are outside the audience. A form that asks “are you accredited?” without verification is not an exemption.
The window
Miss this and you read the archive.
If the window closes you still have the pack — as history. Not as a live conversation.
a short list people did not join a waitlist for a ticker. They joined for a job.
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
- 7
- Counsel hours on file
- 11
- Asks / week
- 11
- Our cut
- 0% of proceeds
US came off the site in the first session. We did not argue. We are not children.
This company
Clove Room
Services firms hide in ‘platform’ language. Clove Room sells a seat plus an event. Named.
In the same conversation
- Onfido / Jumio for people
- Fund-admin KYC teams
- W3C attestations
- Not a ‘passport token’
The bet
Why this company exists.
Clove Room sells a cost cut in onboarding, not an identity coin.
Clove Room sells a cost cut in onboarding, not an identity coin.
Transfer agents and AIFMs are being asked for faster onboarding without becoming identity companies. Attestations they can revoke are the compromise.
Fund onboarding cost is a known line item. A 20–40% cut in cycle time is a budget, not a vision deck.
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.
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
- 01A fact is attested by a party the recipient already trusts
- 02The holder discloses only the field requested
- 03The rest of the file stays dark
- 04Revocation is a first-class event
- 05The recipient never sees the rest of the file — selective disclosure is enforced, not promised
- 06A named counterparty verifies; Clove Room does not attest to its own facts.
In the same conversation as
- Onfido / Jumio for people
- Fund-admin KYC teams
- W3C attestations
- Not a ‘passport token’
If they raise
Where the money would actually go.
Not a token float. A budget against work. RCA Pad still takes 0% of proceeds.
Claims & campaign ops
33%
Hiring the operator who already does this job at a licensed firm.
Counsel & perimeter
21%
Adapter work against the incumbent register, admin, or custodian.
Named operators
15%
A counsel memo that can survive a later reader.
Control environment
31%
Dual-control drills, key ceremonies, and the person who owns them.
Operating week
What “in market” actually looks like.
- ThuCustomerNamed pilot (redacted) sees the same record the auditor saw.
- SunOwnersWho can decide messaging and budget on a recorded line. If the answer is nobody, stop.
- FriKill switchRehearse unpublish in 24 hours. If it takes a committee, it is not a switch.
- MonClaimsEvery public sentence checked against the register. Anything extra is unpublished.
The wedge
Why this one, not the other one.
- They sell
- Fund seat
- Who pays
- An AIFM whose auditor has seen the dual-record.
- Unit economics
- Per-event pricing so a pilot can start without a transformation programme.
- Moat on file
- The attester is a party the recipient already trusts — not Clove Room.
- Switching cost
- Permissioned connectivity is the moat. Public endpoints would erase it.
- Vs the comps
- A ‘passport token’ is usually a security in costume.
- Why we listed it
- No utility token in the revenue model. We checked.
Next twelve months
What has to be true.
One TA consuming revoke in production.
Architecture says keys / title / NAV liability sit with a named licensed party — not Clove Room.
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 2024, headquartered in Johannesburg. One named pilot on file (redacted in public). 1 nodes or connected surfaces reported. Desk diligence score 62/100. An AIFM whose auditor has seen the dual-record. Architecture says keys / title / NAV liability sit with a named licensed party — not Clove Room.
- Architecture paper — no production customer on the public file
- No token contract listed as a public sale
- Named founder; customer still a conversation
- Johannesburg 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.”
- Product28
- Customers40
- Legal path24
- Tech maturity31
- Demand10
- Market access44
Risks
What can kill it.
The one that actually kills it
The unit of account becomes a token
Seat plus event. If they attach a token as the unit of account, this company is a different company — and not one we will operate a campaign for.
Who attests
If the attester is the company itself, this is a database with extra steps.
Portability theatre
A graph nobody else reads is a PDF with a hash.
US
US retail identity products are a different statute. Many of these files keep the US off.
Utility token
Paying for attestations in a native token is usually a securities problem in costume.
Self-attestation
If Clove Room is the attester, this is a database with extra steps. The graph only matters if someone else signs.
Token relapse
A later round that wants a public token puts Clove Room in a different perimeter. The file treats that as a hard stop.
Ask these next
- 01Which incumbent can copy this in a quarter, and what would they have to migrate?
- 02Which geography is actually locked, and which is a hope?
- 03What does renewal look like if no round ever happens?
- 04Is the waitlist demand for a product, or a queue for a coin?
- 05If RCA Pad disappeared tomorrow, could the customer still run the job?
- 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 Room 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.
- Johannesburgnamed
- Global publicrestricted
- United Statesrestricted
Team
Who runs it.
- Kofi MoreauChief executive
- Anja EllisonHead of product
Stack
- Attestation graph
- Selective disclosure
- Takedown SLA
- Approval trail
Named with them
- Northbridge Counsel
Who can decide
Kofi Moreau came in named. The team is not a handle. Clove Room Ltd exists, founded 2024, headquartered in Johannesburg. Anonymity would have been an automatic decline.
If the first customer renews, the adapter work pays for itself. If they do not, Clove Room 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 Room does not sell a token to the public on this pad | Posture lock | live |
| The product is selective disclosure sold to institutions | Architecture + customer type | draft |
| Attestation graph 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 | No board minute | draft |
| No public token is sold on this pad | Engagement terms + posture lock | live |
| Customers contemplated: Johannesburg | Named markets on the file | draft |
On the record
- Application APP-4281ScreenSep
- Counsel questionPathSep
Operating log
05 Sep 13:00
Application scored. Clove Room 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.