The wedge
Per-onboarding event
The wedge is repeating KYC at every gate of the same allocator.
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
DRIA
In diligence
IN MOTIONTransfer agencyDrift Quay
Certification is in motion. After it lands, access is the scarce thing — not price.
You can open twelve thinner companies. Or this one, once, while the window is still a number.
Drift Quay — 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.
In a 14-day diligence sprint (day 1). This is when the story, the customers and the legal path get written down — or the file stops.
Heat 43 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
Closed
Heat
0/99
Inbound / wk
0asks
Asking now
0live
Named pilots
0
Redacted on the public page
Live nodes
0
TA adapters
Counsel hours
0
Not offering — locked
Sentences killed
0
Before listing
Claims live
5/6
Sprint
Our cut
0%
Of any proceeds
Plate Concentric · 7530
DRIA
The plate
Concentric. Edition 7530.
A unique plate for Drift Quay. Geometry, orbit, and edition belong to this company — no other listing on the board shares it.
DRIA · Singapore · Transfer agency
Score
0
Desk diligence
Pilots
0
Named, redacted
Sprint
0
Day 1 of 14
HQ
Singapore
Fund administrators
Sells
Per-onboarding
Per-onboarding event
Markets
0
Singapore
Years
0
Founded 2021
Surfaces
0
TA adapters
Complete
0
File readiness
Why the desk took it
A real job, not a ticker.
US retail identity was taken off before we asked.
Traction
One named pilot (redacted).
Founded 2021, headquartered in Singapore. One named pilot on file (redacted in public). 5 nodes or connected surfaces reported. Desk diligence score 87/100. Sprint day 1 of 14. Two licensed PSPs on a paid pilot — identities off the public file. A redacted engagement letter landed in week one. That is why the desk took the meeting.
Next 12 months
One TA consuming revoke in production.
Jumio does not speak share-class. Per-event pricing so a pilot can start without a transformation programme.
The brief
How a serious reader should hold this.
Most Transfer agency decks start with a market size. This one starts with a job: a person at a licensed firm, a record they cannot currently prove, and a calendar that does not wait for a proposed US rule. The calendar is the window. The window is the scarce thing.
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.
A sentence went public and came down in under an hour. Siobhán Cho treated the kill as an operating skill, not a PR event. Files that cannot do this do not stay listed.
From the screen
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 founder
We will not describe this as Reg CA-compliant, MiCA-stickered, or FCA-authorised. Issuers retain their own counsel in every relevant jurisdiction.
From counsel
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.
Skip it and you read the archive. Counterparties who matter will have already asked.
a short list people did not join a waitlist for a ticker. They joined for a job.
If you are a founder who wants a pack like this: apply. If you are a buyer: call them — not us.
Window
Closed
Closed. History only — not a place to buy.
- Sentences killed
- 8
- Counsel hours on file
- 84
- Asks / week
- 8
- Our cut
- 0% of proceeds
The waitlist is people who want the product. If they wanted a coin they would be on a different pad.
This company
Drift Quay
Twelve Transfer agency decks look the same. One of them has a Singapore customer on the 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.
The wedge is repeating KYC at every gate of the same allocator.
The wedge is repeating KYC at every gate of the same allocator.
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
L2 wrappers are cheaper. They are also a different perimeter — and declined here. Drift Quay is priced as software against an invoice that already exists.
Singapore 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
- 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
- 06Kill of a public sentence is an hour, not a committee.
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.
Certifications & adapters
38%
Dual-control drills, key ceremonies, and the person who owns them.
Control environment
25%
The remaining certifications and the second named market.
Claims & campaign ops
14%
Adapter work against the incumbent register, admin, or custodian.
Counsel & perimeter
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.
- SatDarkNo creators. No threads. Restricted geos stay dark.
- SunOwnersWho can decide messaging and budget on a recorded line. If the answer is nobody, stop.
- ThuCustomerNamed pilot (redacted) sees the same record the auditor saw.
The wedge
Why this one, not the other one.
- They sell
- Per-onboarding event
- Who pays
- Two licensed PSPs on a paid pilot — identities off the public file.
- Unit economics
- Per-event pricing so a pilot can start without a transformation programme.
- Moat on file
- The attester is a party the recipient already trusts — not Drift Quay.
- Switching cost
- The customer’s auditor has seen this book. Switching means a new auditor conversation.
- Vs the comps
- Jumio does not speak share-class.
- Why we listed it
- US retail identity was taken off before we asked.
Next twelve months
What has to be true.
One TA consuming revoke in production.
A redacted engagement letter landed in week one. That is why the desk took the meeting.
Growth money would extend the record to a second geography, still permissioned.
Traction
What you can verify today.
Founded 2021, headquartered in Singapore. One named pilot on file (redacted in public). 5 nodes or connected surfaces reported. Desk diligence score 87/100. Sprint day 1 of 14. Two licensed PSPs on a paid pilot — identities off the public file. A redacted engagement letter landed in week one. That is why the desk took the meeting.
- Operating notes for TA adapters
- No token contract listed as a public sale
- Named founder; customer still a conversation
- Singapore 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.”
- Product46
- Customers40
- Legal path62
- Tech maturity51
- Demand22
- Market access68
Risks
What can kill it.
The one that actually kills it
The named customer is a letter of intent
Pilots that cannot be named, even redacted, are theatre. One paying seat that an auditor has seen is worth more than a waitlist of a short list.
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 Quay is the attester, this is a database with extra steps. The graph only matters if someone else signs.
Incumbent feature
The administrator, CCP, scheme or custodian can ship this as a checkbox. Drift Quay has to be cheaper or faster before that happens.
Ask these next
- 01Is the waitlist demand for a product, or a queue for a coin?
- 02What does renewal look like if no round ever happens?
- 03If RCA Pad disappeared tomorrow, could the customer still run the job?
- 04Has counsel written the perimeter in a memo you can file?
- 05What happens if a founder later wants a public token?
- 06Which incumbent can copy this in a quarter, and what would they have to migrate?
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
- Drift Quay Pte. 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.
- Singaporenamed
- Hong Kong professionalnamed
- Mainland China retailrestricted
Team
Who runs it.
- Siobhán ChoChief executive
- Rafa PetrovChief executive
Stack
- TA adapters
- Transfer agency
- Approval trail
- Disclosure templates
Named with them
- Northbridge Counsel
- Helix Audit
- Meridian Tax
Who can decide
Siobhán Cho (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.
If the first customer renews, the adapter work pays for itself. If they do not, Drift Quay is a services firm with a slide. The twelve-month test is renewal, not waitlist.
Claims with evidence
Statements with evidence.
| Statement | Evidence | Status |
|---|---|---|
| Drift Quay does not sell a token to the public on this pad | Posture lock | live |
| The product is transfer agency sold to institutions | Architecture + customer type | live |
| TA adapters 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 |
| Pilot identities redacted in public | No board minute | draft |
| No public token is sold on this pad | Engagement terms + posture lock | live |
| Customers contemplated: Singapore, Hong Kong professional | Named markets on the file | live |
On the record
- Day 0 lockKick-offSep
- Claim inventoryPackSep
- Audience matrix draftPackSep
Operating log
11 Sep 14:41
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.