The wedge
Per-onboarding event
Drift ID 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
DRFI
Screened
SCREENEDSelective disclosureDrift ID
a short list already asked. The window is 56 days. After that, archive.
a short list names asked to be first. None of them bought a token here. They asked for the product.
Drift ID — 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.
Window 56d. 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
0
Redacted on the public page
Live nodes
0
Attestation graph
Counsel hours
0
Undetermined — not a path
Sentences killed
0
Before listing
Claims live
0/7
Sprint
Our cut
0%
Of any proceeds
Plate Horizon · 2226
DRFI
The plate
Horizon. Edition 2226.
A unique plate for Drift ID. Geometry, orbit, and edition belong to this company — no other listing on the board shares it.
DRFI · Reykjavík · Selective disclosure
Score
0
Desk diligence
Pilots
0
Named, redacted
Stage
upcoming
upcoming
HQ
Reykjavík
Fund administrators
Sells
Per-onboarding
Per-onboarding event
Markets
0
Reykjavík
Years
0
Founded 2021
Surfaces
0
Attestation graph
Complete
0
File readiness
Why the desk took it
Early — still a question.
They named the attester. Most decks do not.
Traction
One named pilot (redacted).
Founded 2021, headquartered in Reykjavík. One named pilot on file (redacted in public). Desk diligence score 60/100. A qualified custodian reconciling against this book. Architecture says keys / title / NAV liability sit with a named licensed party — not Drift ID.
Next 12 months
Three funds onboarding on the graph, not a demo.
Onfido is for people at the door. This is for funds already inside. Seat plus event. If they ever attach a token as the unit of account, the file stops.
The brief
How a serious reader should hold this.
You can wait for a sticker. The named customer did not. They are writing into this record while the rest of the market argues about a comment period.
The bet is narrow. A named Reykjavík buyer already has budget for this invoice. Drift ID 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.
On a Tuesday in Reykjavík, an exception posts back into the customer’s existing case system. Nobody opens a side spreadsheet. That is the product: the night someone in ops does not stay late.
From the founder
This communication is not an offer. Participation mechanics do not exist on this pad. If a later reader treats the public stack as the offer, the stack was already wrong.
From the screen
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.
The window
Miss this and you read the archive.
Waiting for a proposed US rule is how you miss a Reykjavík buyer who already has budget.
Counsel hours on file: enough that a later reader can tell this was not improvised.
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
- 5
- Counsel hours on file
- 13
- Asks / week
- 12
- Our cut
- 0% of proceeds
We did not come here to sell a token. We came here so a named customer could read a pack that survives counsel.
This company
Drift ID
A generalist vendor copies the slide. They cannot copy the named record.
In the same conversation
- Onfido / Jumio for people
- Fund-admin KYC teams
- W3C attestations
- Not a ‘passport token’
The bet
Why this company exists.
Drift ID sells a cost cut in onboarding, not an identity coin.
Drift ID 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
The incumbent brand sells the relationship. Drift ID 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 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
- 06Exceptions post back into the customer’s existing case system — no side spreadsheet.
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
28%
Hiring the operator who already does this job at a licensed firm.
Certifications & adapters
18%
The remaining certifications and the second named market.
Second market
22%
Keeping the public story from running ahead of the claims register.
Counsel & perimeter
32%
Dual-control drills, key ceremonies, and the person who owns them.
Operating week
What “in market” actually looks like.
- 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.
- FriKill switchRehearse unpublish in 24 hours. If it takes a committee, it is not a switch.
- SunOwnersWho can decide messaging and budget on a recorded line. If the answer is nobody, stop.
The wedge
Why this one, not the other one.
- They sell
- Per-onboarding event
- Who pays
- A qualified custodian reconciling against this book.
- Unit economics
- Seat plus event. If they ever attach a token as the unit of account, the file stops.
- Moat on file
- The attester is a party the recipient already trusts — not Drift ID.
- Switching cost
- Scheme maps, ISO, LMA language, registry adapters — eighteen months of unglamorous work.
- Vs the comps
- Onfido is for people at the door. This is for funds already inside.
- Why we listed it
- They named the attester. Most decks do not.
Next twelve months
What has to be true.
Three funds onboarding on the graph, not a demo.
Architecture says keys / title / NAV liability sit with a named licensed party — not Drift ID.
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 2021, headquartered in Reykjavík. One named pilot on file (redacted in public). Desk diligence score 60/100. A qualified custodian reconciling against this book. Architecture says keys / title / NAV liability sit with a named licensed party — not Drift ID.
- Architecture paper — no production customer on the public file
- No token contract listed as a public sale
- Named founder; customer still a conversation
- Reykjavík 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.”
- Product29
- Customers40
- Legal path24
- Tech maturity28
- 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 Drift ID 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 Drift ID in a different perimeter. The file treats that as a hard stop.
Ask these next
- 01What happens if a founder later wants a public token?
- 02Who can unpublish a public sentence in 24 hours, by name?
- 03Who is the first named paying customer — not a letter of intent?
- 04What does renewal look like if no round ever happens?
- 05Where do keys, title, or NAV liability sit — and is that person licensed?
- 06Is the waitlist demand for a product, or a queue for a coin?
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
- Drift ID 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.
- Reykjavíknamed
- Public residual claimsrestricted
- United Statesrestricted
Team
Who runs it.
- Lars KrügerChief executive
- Oskar ColeFinance
Stack
- Attestation graph
- Selective disclosure
- Disclosure templates
Named with them
- Helix Audit
Who can decide
Lars Krüger (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.
Year two is a second named market and the remaining certifications — still permissioned. It is not a public book. A public book would be a different company.
Claims with evidence
Statements with evidence.
| Statement | Evidence | Status |
|---|---|---|
| Drift ID 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 |
| Pilot identities redacted in public | No board minute | draft |
| No public token is sold on this pad | Engagement terms + posture lock | live |
| Customers contemplated: Reykjavík | Named markets on the file | draft |
On the record
- Application APP-4231ScreenSep
- Counsel questionPathSep
Operating log
02 Sep 15:00
Application scored. Drift ID 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.