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

COIL

Closed

CLOSEDPayments orchestration

Coil

Window closed. 3,732 asked while it was live. You are reading history.

If this pad disappeared tomorrow, the customer could still run the job. That is why they are here.

Coil — A routing layer in front of payment firms that already hold licences. One API picks the rail (SEPA, cards, local schemes) and can present a wallet-like checkout. The wallet is the interface. It is not a coin.

Closed on this board. Any capital event was completed with the issuer’s own providers. RCA Pad took 0%.

Closed. The live conversation is over. The pack remains as archive.

Diligence, not a prospectus. RCA Pad does not allocate, take orders, or close funding. If this company raises, it raises with its own counsel.

Waitlist

Window

Closed

Heat

0/99

Inbound / wk

0asks

Asking now

0live

Named pilots

Redacted on the public page

Live nodes

Account abstraction · testnet

Counsel hours

Berlin · closed private round

Sentences killed

Before listing

Claims live

0/16

Sprint

Our cut

Of any proceeds

Plate Ledger · 9808

COIL

The plate

Ledger. Edition 9808.

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

COIL · Berlin · Payments orchestration

Score

Desk diligence

Pilots

Named, redacted

Waitlist

Product demand

Berlin

Licensed PSPs

Sells

Scheme-map

Scheme-map licence

Markets

Berlin

Years

Founded 2024

Surfaces

Account abstraction · testnet

Complete

File readiness

The wedge

Scheme-map licence

The wedge is scheme sprawl: every new local rail is a new integration the PSP does not want to own.

Why the desk took it

A real job, not a ticker.

US was taken off the file in the first hour. That is adult.

Traction

4 named pilots (redacted).

Founded 2024, headquartered in Berlin. 4 named pilots on file (identities redacted in public). 3,732 on the waitlist, gated — product demand, not a book built. 16 nodes or connected surfaces reported. Desk diligence score 86/100. A coverholder or carrier running one binder on this record. Architecture says keys / title / NAV liability sit with a named licensed party — not Coil.

Next 12 months

Counsel memo on the AA perimeter, or the UX layer stays dark.

Modulr and Lemonway sell the account. Coil sells the router in front of accounts they already have. They sell a fee the customer already pays a slower vendor for. TAM is that invoice, not a token float.

The brief

How a serious reader should hold this.

Berlin is not a backdrop. It is the jurisdiction where a named customer can be sued, called, and asked a question on a recorded line. Coil chose it for that reason. Counterparties who still think this is a ‘global’ story are already late.

The bet is narrow. A named Berlin buyer already has budget for this invoice. Coil 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.

US traffic was taken off the public surfaces in the first working session. Coil did not argue. Adult companies do not costume a US offering.

From the pilot

US persons are outside the audience. A form that asks “are you accredited?” without verification is not an exemption.

From the founder

A dual-control drill exists on paper. Production evidence is the next artefact, not a tweet.

From ops

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

The window

Miss this and you read the archive.

The next Payments orchestration company on this board will not have this waitlist, this HQ, or this counsel posture.

0% of proceeds. Fixed fee. The incentive is a clean campaign — not a raise.

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

Window

Closed

Closed. History only — not a place to buy.

Sentences killed: 11
Counsel hours on file: 69
Asks / week: 467
Our cut: 0% of proceeds

Do not put a participate button on our page. If you do, we leave.
Priya Okoye, Chief executive

This company

Coil

Twelve Payments orchestration decks look the same. One of them has a Berlin customer on the record.

In the same conversation

Modulr
Lemonway
Checkout.com routing
Not a L2 payments coin

The bet

Why this company exists.

The wedge is scheme sprawl: every new local rail is a new integration the PSP does not want to own.

MiCA is forcing PSPs to choose a perimeter. Houses that will not become CASPs still need programmable checkout. The ones that pick software over a coin will buy this. The ones that want a token will be declined here.

PSP orchestration in Europe is a multi-billion software market. Buyers already pay for routing. A token would not make the invoice larger; it would make the licence harder.

Versus the field

L2 wrappers are cheaper. They are also a different perimeter — and declined here. Coil is priced as software against an invoice that already exists.

Named: Berlin. Off-limits: Mainland China retail, United States. A US person hearing an offering communication is a US problem even if the company sits in Berlin. Blocking an IP and taking a US Telegram admin is not a block.

How it works

01Payer or merchant hits a single checkout API
02The router selects a licensed rail the PSP already runs
03Account-abstraction is an optional UX layer (currently testnet)
04Settlement lands in the PSP’s existing accounts — no new token
05Exceptions (chargebacks, scheme rejects) post back into the PSP’s existing case system
06The legal source of truth stays with the incumbent register, admin, or custodian.

In the same conversation as

Modulr
Lemonway
Checkout.com routing
Not a L2 payments coin

If they raise

Where the money would actually go.

Not a token float. A budget against work. RCA Pad still takes 0% of proceeds.

Named operators
29%
Hiring the operator who already does this job at a licensed firm.
Control environment
28%
Keeping the public story from running ahead of the claims register.
Second market
19%
A counsel memo that can survive a later reader.
Claims & campaign ops
24%
The remaining certifications and the second named market.

Operating week

What “in market” actually looks like.

ThuCustomerNamed pilot (redacted) sees the same record the auditor saw.
MonClaimsEvery public sentence checked against the register. Anything extra is unpublished.
FriKill switchRehearse unpublish in 24 hours. If it takes a committee, it is not a switch.
TueExceptionsOvernight breaks post back into the customer’s case system. No side book.

The wedge

Why this one, not the other one.

They sell: Scheme-map licence
Who pays: A coverholder or carrier running one binder on this record.
Unit economics: They sell a fee the customer already pays a slower vendor for. TAM is that invoice, not a token float.
Moat on file: A design-partner PSP that will not talk to a second vendor this year.
Switching cost: Permissioned connectivity is the moat. Public endpoints would erase it.
Vs the comps: Modulr and Lemonway sell the account. Coil sells the router in front of accounts they already have.
Why we listed it: US was taken off the file in the first hour. That is adult.

Next twelve months

What has to be true.

Counsel memo on the AA perimeter, or the UX layer stays dark.

Architecture says keys / title / NAV liability sit with a named licensed party — not Coil.

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.

Operating notes for Account abstraction · testnet
No token contract listed as a public sale
Pilot letters on file, identities redacted
Berlin is the operating centre
The waitlist, if any, is a product list — not a book
Raise, if any, closed with issuer providers

Readiness

Six things a serious buyer asks. 100 is “ready to take to counsel and a customer.”

Product95
Customers96
Legal path84
Tech maturity76
Demand59
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. Berlin · closed private round has to be a memo you can file, not a slogan on the hero.

Token temptation

If the wallet layer is ever described as a means of payment, the product becomes an e-money or CASP problem. This file treats that as a hard stop.

Perimeter

A supervisor can still read account-abstraction as issuing. Until counsel names the path, treat the AA layer as a lab.

Customer concentration

A handful of PSP design partners can stall the company if they slip. Ask who is paying, not who is ‘interested’.

United States

The US is out of scope on this file. That is deliberate. It also caps the TAM.

Scheme freeze

A card scheme can kill the router without talking to Coil. Concentration in one scheme is existential.

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

01What does renewal look like if no round ever happens?
02What happens if a founder later wants a public token?
03Which geography is actually locked, and which is a hope?
04Which incumbent can copy this in a quarter, and what would they have to migrate?
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.

Window closed. Tombstone is theirs. Archive is ours. 0% of proceeds.

Entity: Coil Ltd
Path on file: Berlin · closed private round
Posture: Window closed
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.

Berlinnamed
Mainland China retailrestricted
United Statesrestricted

Team

Who runs it.

Priya OkoyeChief executive
Hannah OkoyeChief compliance

Stack

Account abstraction · testnet
Payments orchestration
Approval trail
Disclosure templates

Named with them

Northbridge Counsel
Clearline
Meridian Tax

Who can decide

Priya Okoye came in named. The team is not a handle. Coil Ltd exists, founded 2024, headquartered in Berlin. 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
Coil does not sell a token to the public on this pad	Posture lock	withdrawn
The product is payments orchestration sold to institutions	Architecture + customer type	withdrawn
Account abstraction · testnet is the method — not a listed asset	Desk snapshot	withdrawn
Retail buyers are out of scope	Named markets lock	withdrawn
Any raise completes with the issuer’s counsel and providers — not on RCA Pad	Fixed-fee terms	withdrawn
Production date for the chain layer is not committed	No board minute	withdrawn
No public token is sold on this pad	Engagement terms + posture lock	withdrawn
Customers contemplated: Berlin	Named markets on the file	withdrawn

On the record

Final registerArchiveAug
Close reportReportAug
Tombstone copyArchiveAug

Operating log

19 Aug 10:00
Close report. 0% of proceeds.
12 Aug 18:00
Coil archived. Live claims withdrawn.
11 Aug 09:30
Final creator pass. Residual claims pulled.

Path to now

Open
File
Before any public sentence.
Close
Archive
We did not take a cut.

Not a subscription

This is not a sale page.

Window closed. Tombstone is theirs. Archive is ours. 0% of proceeds. 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

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