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

CLOR

Screened

SCREENEDPrime brokerage ops

Clove Vault

Counsel is live. The waitlist is a short list. The public sale is not.

The first buyer already has a vendor. Clove Vault is taking that invoice. The queue is a short list deep.

Clove Vault — 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.

Window 19d. Waitlist a short list. 12 asks this week. This is not a quiet listing.

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

Redacted on the public page

Live nodes

Prime adapters

Counsel hours

Undetermined — not a path

Sentences killed

Before listing

Claims live

1/4

Sprint

Our cut

Of any proceeds

Plate Horizon · 8794

CLOR

The plate

Horizon. Edition 8794.

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

CLOR · Auckland · Prime brokerage ops

Score

Desk diligence

Pilots

Named, redacted

Stage

upcoming

Auckland

Asset managers

Sells

Auditor

Auditor extract

Markets

Auckland

Years

Founded 2022

Surfaces

Prime adapters

Complete

File readiness

The wedge

Auditor extract

Clove Vault sells the statement, not the vault. Anyone can launch a vault.

Why the desk took it

Early — still a question.

Custodian is named, even if redacted.

Traction

One named pilot (redacted).

Founded 2022, headquartered in Auckland. One named pilot on file (redacted in public). Desk diligence score 58/100. A coverholder or carrier running one binder on this record. Counsel is named, even if the memo is still a draft. Unnamed counsel is how files die.

Next 12 months

Still no yield marketed to the public.

Fund admins already report. This is a proof they can attach. Per-event pricing so a pilot can start without a transformation programme.

The brief

How a serious reader should hold this.

The first sentence Luca Reilly would not let us publish was the exciting one. What remains is slower — and scarcer: Clove Vault Ltd selling Prime brokerage ops as software, from Auckland, to a buyer who already pays someone else to do this badly. That buyer is named. You are not, yet.

Clove Vault exists because the incumbent brand will not staff the unglamorous middle of Prime brokerage 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.

A dual-control drill sits on paper. Keys, title, or NAV liability sit with a named licensed party — not Clove Vault. The architecture says so. We have not watched the drill live. That is the next ask, not a slogan.

From the screen

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

From ops

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

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.

Read it once, properly, while the number is still green. Then decide.

Window remaining

0days

When this window closes, the campaign is archive.

Sentences killed: 4
Counsel hours on file: 5
Asks / week: 12
Our cut: 0% of proceeds

Kill the public sentence in an hour or do not list us. We can do the hour.
Luca Reilly, Chief executive

This company

Clove Vault

Services firms hide in ‘platform’ language. Clove Vault sells a seat plus an event. Named.

In the same conversation

Fund admins
Custodian reporting
Public ‘vault tokens’ (the thing this is not)

The bet

Why this company exists.

Clove Vault sells the statement, not the vault. Anyone can launch a vault.

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.

Auckland being the city does not make local retail a default audience. Communications capable of inducing investment activity still have a promotions problem.

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
05A proof or extract is produced for a named counterparty only
06A named counterparty verifies; Clove Vault does not attest to its own facts.

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.

Claims & campaign ops
32%
A counsel memo that can survive a later reader.
Certifications & adapters
24%
The remaining certifications and the second named market.
Counsel & perimeter
21%
Keeping the public story from running ahead of the claims register.
Second market
23%
Hiring the operator who already does this job at a licensed firm.

Operating week

What “in market” actually looks like.

TueExceptionsOvernight breaks post back into the customer’s case system. No side book.
SunOwnersWho can decide messaging and budget on a recorded line. If the answer is nobody, stop.
WedCounselPerimeter diffs. If the site drifted from the memo, the site moves — not the memo.
MonClaimsEvery public sentence checked against the register. Anything extra is unpublished.

The wedge

Why this one, not the other one.

They sell: Auditor extract
Who pays: A coverholder or carrier running one binder on this record.
Unit economics: Per-event pricing so a pilot can start without a transformation programme.
Moat on file: Named custodian. Keys are not at the startup.
Switching cost: The customer’s auditor has seen this book. Switching means a new auditor conversation.
Vs the comps: Fund admins already report. This is a proof they can attach.
Why we listed it: Custodian is named, even if redacted.

Next twelve months

What has to be true.

Still no yield marketed to the public.

Counsel is named, even if the memo is still a draft. Unnamed counsel is how files die.

Growth money would extend the record to a second geography, still permissioned.

Traction

What you can verify today.

Architecture paper — no production customer on the public file
No token contract listed as a public sale
Named founder; customer still a conversation
Auckland 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 maturity28
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. Undetermined — not a path has to be a memo you can file, not a slogan on the hero.

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.

Proof theatre

A zk circuit of a fake book is still a fake book. Clove Vault has to prove the real one.

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

01If RCA Pad disappeared tomorrow, could the customer still run the job?
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?
05Which geography is actually locked, and which is a hope?
06What happens if a founder later wants a public token?

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 Vault 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.

Aucklandnamed
Public residual claimsrestricted

Team

Who runs it.

Luca ReillyChief executive

Stack

Prime adapters
Prime brokerage ops
Takedown SLA
Approval trail

Named with them

Northbridge Counsel

Who can decide

Luca Reilly (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 Vault does not sell a token to the public on this pad	Posture lock	live
The product is prime brokerage ops sold to institutions	Architecture + customer type	draft
Prime adapters 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: Auckland	Named markets on the file	draft

On the record

Application APP-4162ScreenSep
Counsel questionPathSep

Operating log

03 Sep 10:00
Application scored. Clove Vault 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.

Launch your own How an RCAICO works

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.