The wedge
Share-class seat
Drift House sells a 15-day lag down to a day, without turning the unit into a 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
DRIX
Closed
CLOSEDCap-table opsDrift House
Window closed. a short list asked while it was live. You are reading history.
The protocol pitch was declined. What remains is software against an invoice. a short list people still asked.
Drift House — 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.
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.
Stage
completed
Window
Closed
Heat
0/99
Inbound / wk
0asks
Asking now
0live
Named pilots
0
Redacted on the public page
Live nodes
0
Share register
Counsel hours
0
Geneva · closed private round
Sentences killed
0
Before listing
Claims live
0/13
Growth
Our cut
0%
Of any proceeds
Plate Meridian · 4267
DRIX
The plate
Meridian. Edition 4267.
A unique plate for Drift House. Geometry, orbit, and edition belong to this company — no other listing on the board shares it.
DRIX · Geneva · Cap-table ops
Score
0
Desk diligence
Pilots
0
Named, redacted
Stage
completed
completed
HQ
Geneva
Fund administrators
Sells
Share-class
Share-class seat
Markets
0
Geneva
Years
0
Founded 2022
Surfaces
0
Share register
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 2022, headquartered in Geneva. 2 named pilots on file (identities redacted in public). 7 nodes or connected surfaces reported. Desk diligence score 73/100. Four origination desks posting into a closed tape. They killed their own ‘token as fee’ sentence before we asked. Rare, and it scored.
Next 12 months
Counsel on the unit — security or not — in writing.
Citi TA will not be replaced. It might consume this. Per-event pricing so a pilot can start without a transformation programme.
The brief
How a serious reader should hold this.
Before the waitlist, before the window, there was a refusal. Drift House would not let a public sale sit on this page. That is why a company in Cap-table ops is listed here at all — and why the people who wanted a coin left, and the people who wanted the product stayed.
What you can verify today is smaller than the slide. What you cannot verify is named as a question, not a promise. That is the difference between this company and a pad listing — and why the waitlist is not a coin queue.
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 the screen
A dual-control drill exists on paper. Production evidence is the next artefact, not a tweet.
From counsel
The legal source of truth stays with the incumbent register, admin, or custodian. Drift House does not attest to its own facts.
From ops
Fixed fee. Deposit to start. 0% of proceeds. Token-only pay is declined. Percentage of raise is declined.
The window
Miss this and you read the archive.
Attention is the scarce asset. 2 asks this week are already spending it.
Certification is in motion. After it lands, the price of the seat is not the question — access is.
The scarce thing is not the company. It is the next 0 days of a live conversation.
Window
Closed
Closed. History only — not a place to buy.
- Sentences killed
- 4
- Counsel hours on file
- 64
- Asks / week
- 2
- Our cut
- 0% of proceeds
Our TAM is an invoice the customer already pays. A coin would not make it larger. It would make the licence harder.
This company
Drift House
Services firms hide in ‘platform’ language. Drift House sells a seat plus an event. Named.
In the same conversation
- SS&C
- Apex
- Citi TA
- Not a public tokenised fund
The bet
Why this company exists.
Drift House sells a 15-day lag down to a day, without turning the unit into a coin.
Drift House sells a 15-day lag down to a day, without turning the unit into a coin.
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. Drift House 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 Geneva · closed private round. 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
- 06A named counterparty verifies; Drift House does not attest to its own facts.
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.
Certifications & adapters
37%
Keeping the public story from running ahead of the claims register.
Counsel & perimeter
20%
Adapter work against the incumbent register, admin, or custodian.
Second market
19%
Hiring the operator who already does this job at a licensed firm.
Claims & campaign ops
24%
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.
- TueExceptionsOvernight breaks post back into the customer’s case system. No side book.
- 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
- Share-class seat
- Who pays
- Four origination desks posting into a closed tape.
- Unit economics
- Per-event pricing so a pilot can start without a transformation programme.
- Moat on file
- A live NAV event in a real fund, not a demo clock.
- Switching cost
- The customer’s auditor has seen this book. Switching means a new auditor conversation.
- Vs the comps
- Citi TA will not be replaced. It might consume this.
- Why we listed it
- Unit-as-token was refused in notes. We will not reverse that.
Next twelve months
What has to be true.
Counsel on the unit — security or not — in writing.
They killed their own ‘token as fee’ sentence before we asked. Rare, and it scored.
Growth money would extend the record to a second geography, still permissioned.
Traction
What you can verify today.
Founded 2022, headquartered in Geneva. 2 named pilots on file (identities redacted in public). 7 nodes or connected surfaces reported. Desk diligence score 73/100. Four origination desks posting into a closed tape. They killed their own ‘token as fee’ sentence before we asked. Rare, and it scored.
- Operating notes for Share register
- No token contract listed as a public sale
- Pilot letters on file, identities redacted
- Geneva 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
- Customers62
- Legal path84
- Tech maturity49
- Demand10
- Market access68
Risks
What can kill it.
The one that actually kills it
A second geography without a lock
Extending the record into a market that is still restricted is how a clean Geneva story becomes a fact pattern. The restricted list exists for a reason: Global public, United States.
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, Drift House is a copy of a spreadsheet. Copies do not survive the audit.
Facts vs theatre
A proof of a fake book is still a fake book. Drift House has to attach to the real one, in Geneva.
Ask these next
- 01Where do keys, title, or NAV liability sit — and is that person licensed?
- 02Which incumbent can copy this in a quarter, and what would they have to migrate?
- 03Which geography is actually locked, and which is a hope?
- 04Who can unpublish a public sentence in 24 hours, by name?
- 05Has counsel written the perimeter in a memo you can file?
- 06If RCA Pad disappeared tomorrow, could the customer still run the job?
Structure
How money would actually move.
Window closed. Tombstone is theirs. Archive is ours. 0% of proceeds.
- Entity
- Drift House Ltd
- Path on file
- Geneva · closed private round
- Posture
- No public sale
- Pack
- Growth
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.
- Genevanamed
- United Kingdomnamed
- Global publicrestricted
- United Statesrestricted
Team
Who runs it.
- Aisha MbekiChief executive
- Kofi ReillyHead of product
Stack
- Share register
- Cap-table ops
- Audit log
- Disclosure templates
Named with them
- Northbridge Counsel
- Helix Audit
- Clearline
Who can decide
Aisha Mbeki (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 |
|---|---|---|
| Drift House does not sell a token to the public on this pad | Posture lock | withdrawn |
| The product is cap-table ops sold to institutions | Architecture + customer type | withdrawn |
| Share register 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 |
| Pilot identities redacted in public | No board minute | withdrawn |
| No public token is sold on this pad | Engagement terms + posture lock | withdrawn |
| Customers contemplated: Geneva, United Kingdom | 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
Drift House 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.
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