The wedge
Per NAV event
Shadow books do not survive an audit. This only ships if the admin signs.
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
CLDH
In diligence
IN MOTIONNAV opsCold Harbour
2 days until this conversation is history.
Counsel has a live path. The waitlist is a short list. This pad still takes 0% of proceeds.
Cold Harbour — An operational layer for funds: NAV events, share-class records, books an AIFM can defend. The administrator remains the administrator. This is co-sourced infrastructure, not a tokenised fund on a public board.
In a 14-day diligence sprint (day 10). This is when the story, the customers and the legal path get written down — or the file stops.
Heat 61 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.
Sprint day
0/14
Window
0days
Heat
0/99
Inbound / wk
0asks
Asking now
0live
Named pilots
0
Redacted on the public page
Live nodes
0
Internal NAV oracles
Counsel hours
0
Not offering — locked
Sentences killed
0
Before listing
Claims live
2/7
Sprint
Our cut
0%
Of any proceeds
Plate Vault · 7568
CLDH
The plate
Vault. Edition 7568.
A unique plate for Cold Harbour. Geometry, orbit, and edition belong to this company — no other listing on the board shares it.
CLDH · Montreal · NAV ops
Score
0
Desk diligence
Pilots
0
Named, redacted
Sprint
0
Day 10 of 14
HQ
Montreal
Fund administrators
Sells
Per
Per NAV event
Markets
0
Montreal
Years
0
Founded 2021
Surfaces
0
Internal NAV oracles
Complete
0
File readiness
Why the desk took it
A real job, not a ticker.
Unit-as-token was refused in notes. We will not reverse that.
Traction
2 named pilots (redacted).
Founded 2021, headquartered in Montreal. 2 named pilots on file (identities redacted in public). 8 nodes or connected surfaces reported. Desk diligence score 76/100. Sprint day 10 of 14. A treasurer at a bank that already settles — not a crypto-native desk. Architecture says keys / title / NAV liability sit with a named licensed party — not Cold Harbour.
Next 12 months
No public ‘buy the token’ language anywhere they touch.
A public tokenised fund is a different file — and usually the wrong house. 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.
Before the waitlist, before the window, there was a refusal. Cold Harbour would not let a public sale sit on this page. That is why a company in NAV ops is listed here at all — and why the people who wanted a coin left, and the people who wanted the product stayed.
The bet is narrow. A named Montreal buyer already has budget for this invoice. Cold Harbour 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.
The auditor of a redacted pilot has seen a dual-record. Switching away now means a new auditor conversation. That is the switching cost — not the logo.
From counsel
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
Fixed fee. Deposit to start. 0% of proceeds. Token-only pay is declined. Percentage of raise is declined.
From the screen
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.
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.
Open the diligence or watch it close. There is not a third option that still counts as early.
Window remaining
0days
When this window closes, the campaign is archive.
- Sentences killed
- 14
- Counsel hours on file
- 30
- Asks / week
- 31
- Our cut
- 0% of proceeds
Renewal is the round. If nobody renews, there is no company. A token would not fix that.
This company
Cold Harbour
The copycats will arrive after certification. That is why the window is now.
In the same conversation
- SS&C
- Apex
- Citi TA
- Not a public tokenised fund
The bet
Why this company exists.
Shadow books do not survive an audit. This only ships if the admin signs.
Shadow books do not survive an audit. This only ships if the admin signs.
Allocators want faster marks. Administrators cannot staff that with people. A dual-record (their books + this event) is how they sleep.
Fund administration is a fee business measured in basis points of AUM. A faster close is retained business.
Versus the field
The incumbent brand sells the relationship. Cold Harbour 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 Not offering — locked. Proposed Regulation Crypto Assets is not treated as a calendar slot. Build as if it never opens.
How it works
- 01Administrator remains source of truth
- 02Events (NAV, subscription, share-class) are signed and timestamped
- 03Investors and auditors query what they are allowed to see
- 04The fund unit is not listed here as a token you can buy
- 05Investors and auditors query only what they are allowed to see
- 06Exceptions post back into the customer’s existing case system — no side spreadsheet.
In the same conversation as
- SS&C
- Apex
- Citi TA
- Not a public tokenised fund
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
33%
Dual-control drills, key ceremonies, and the person who owns them.
Named operators
20%
The remaining certifications and the second named market.
Certifications & adapters
21%
Adapter work against the incumbent register, admin, or custodian.
Control environment
26%
A counsel memo that can survive a later reader.
Operating week
What “in market” actually looks like.
- FriKill switchRehearse unpublish in 24 hours. If it takes a committee, it is not a switch.
- SatDarkNo creators. No threads. Restricted geos stay dark.
- MonClaimsEvery public sentence checked against the register. Anything extra is unpublished.
- 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 NAV event
- Who pays
- A treasurer at a bank that already settles — not a crypto-native desk.
- Unit economics
- Annual software against an ops cost the board can see. Switching cost is the record, not the brand.
- Moat on file
- Named administrator on the engagement letter.
- Switching cost
- Once the record is the record, the incumbent copy has to migrate history. That is the year.
- Vs the comps
- A public tokenised fund is a different file — and usually the wrong house.
- Why we listed it
- Unit-as-token was refused in notes. We will not reverse that.
Next twelve months
What has to be true.
No public ‘buy the token’ language anywhere they touch.
Architecture says keys / title / NAV liability sit with a named licensed party — not Cold Harbour.
Capital would fund the adapter work and a named counsel memo, not a public sale.
Traction
What you can verify today.
Founded 2021, headquartered in Montreal. 2 named pilots on file (identities redacted in public). 8 nodes or connected surfaces reported. Desk diligence score 76/100. Sprint day 10 of 14. A treasurer at a bank that already settles — not a crypto-native desk. Architecture says keys / title / NAV liability sit with a named licensed party — not Cold Harbour.
- Operating notes for Internal NAV oracles
- No token contract listed as a public sale
- Named founder; customer still a conversation
- Montreal 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.”
- Product66
- Customers62
- Legal path62
- Tech maturity60
- Demand58
- Market access68
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.
Unit token
A share-class token sold to the public is a securities offering. This pad will not run that as a sale.
Admin of record
If the admin has not signed, this is a shadow book. Shadow books do not survive an audit.
NAV liability
Who is wrong when the number is wrong? That sentence has to exist.
Distribution
Using this layer as a public subscription journey is a different file — and usually the wrong house.
Shadow book
If the administrator has not signed, Cold Harbour is a copy of a spreadsheet. Copies do not survive the audit.
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 happens if a founder later wants a public token?
- 02Which geography is actually locked, and which is a hope?
- 03Has counsel written the perimeter in a memo you can file?
- 04Who is the first named paying customer — not a letter of intent?
- 05Who can unpublish a public sentence in 24 hours, by name?
- 06Where do keys, title, or NAV liability sit — and is that person licensed?
Structure
How money would actually move.
Sprint is diligence, not a raise. A pack at the end is a file the company can take to its own lawyers and investors. RCA Pad does not complete funding.
- Entity
- Cold Harbour 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.
- Montrealnamed
- United Kingdomnamed
- EU retailrestricted
Team
Who runs it.
- Tomás BergChief executive
- Mei ColeHead of product
Stack
- Internal NAV oracles
- NAV ops
- Takedown SLA
- Disclosure templates
Named with them
- Meridian Tax
Who can decide
The technical founder is on the record as Head of product. Contractors in undisclosed jurisdictions are written down as a fact, not hidden. Facts can be managed. Hiding them is how companies die in diligence.
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 |
|---|---|---|
| Cold Harbour does not sell a token to the public on this pad | Posture lock | live |
| The product is nav ops sold to institutions | Architecture + customer type | live |
| Internal NAV oracles is the method — not a listed asset | Desk snapshot | live |
| 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: Montreal, United Kingdom | Named markets on the file | live |
On the record
- Day 0 lockKick-offSep
- Claim inventoryPackSep
- Audience matrix draftPackSep
Operating log
11 Sep 11:22
Workshop. Funnel has no purchase step.
08 Sep 09:00
Kick-off. Exclusions recorded.
09 Sep 16:20
A claim killed for missing evidence.
Path to now
D0
Kick-off
Geographies, owners, SLA, exclusions.
D14
Read-out
Accept the pack or stop.
Not a subscription
This is not a sale page.
Sprint is diligence, not a raise. A pack at the end is a file the company can take to its own lawyers and investors. RCA Pad does not complete funding. 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.