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

DRI4

Screened

SCREENEDPrime brokerage ops

Drift Stack

a short list already asked. The window is 13 days. After that, archive.

Seats of attention are not infinite. 10 counterparties are in the live thread. You are not — yet.

Drift Stack — Accounting and proof layers for vaults that already hold assets for known clients. zk or otherwise, the point is a statement a counterparty can verify — not a public yield product.

Screened, not yet in sprint. Treat every number as provisional. Calendar access is not automatic.

A year from now this will be an obvious company or a missed one. The window decides which.

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

Still a question

Live nodes

Prime adapters

Counsel hours

Not offering — locked

Sentences killed

Before listing

Claims live

1/5

Sprint

Our cut

Of any proceeds

Plate Ledger · 4128

DRI4

The plate

Ledger. Edition 4128.

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

DRI4 · Liverpool · Prime brokerage ops

Score

Desk diligence

Pilots

Named, redacted

Stage

upcoming

Liverpool

Asset managers

Sells

Fund

Fund seat

Markets

Liverpool

Years

Founded 2025

Surfaces

Prime adapters

Complete

File readiness

The wedge

Fund seat

Drift Stack sells the statement, not the vault. Anyone can launch a vault.

Why the desk took it

Early — still a question.

Custodian is named, even if redacted.

Traction

One named pilot (redacted).

Founded 2025, headquartered in Liverpool. One named pilot on file (redacted in public). 1 nodes or connected surfaces reported. Desk diligence score 61/100. A named Liverpool administrator who already signs the pack (redacted). A dual-control drill exists on paper. We have not watched it live yet — that is the next ask.

Next 12 months

Production book, not a demo circuit.

Fund admins already report. This is a proof they can attach. Per-event pricing so a pilot can start without a transformation programme.

The brief

How a serious reader should hold this.

Most Prime brokerage ops 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.

If you leave this page without opening the claims table, you have read marketing. The scarce version of Drift Stack is the version that survives counsel. It is on a clock.

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 pilot

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

From counsel

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

From ops

We will not describe this as Reg CA-compliant, MiCA-stickered, or FCA-authorised. Issuers retain their own counsel in every relevant jurisdiction.

The window

Miss this and you read the archive.

You can read twelve thinner companies. Or this one, once, while the window is open.

The incumbent copy takes a year. The named customer is already writing into this record.

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: 6
Counsel hours on file: 6
Asks / week: 7
Our cut: 0% of proceeds

The decline pile is a compliment. It means the screen still means something.
Mei Okafor, Chief executive

This company

Drift Stack

The copycats will arrive after certification. That is why the window is now.

In the same conversation

Fund admins
Custodian reporting
Public ‘vault tokens’ (the thing this is not)

The bet

Why this company exists.

Drift Stack sells the statement, not the vault. Anyone can launch a vault.

Allocators asked for proof after 2022. Labs answered with demos. The first vault accounting that an auditor will sign is a business.

Middle-office spend at alternative managers is a budget that survived the last cycle.

Versus the field

The incumbent brand sells the relationship. Drift Stack 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.

Liverpool 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

01Positions are accounted in a book the manager already runs
02A proof or extract is produced for a named counterparty
03Yield is not marketed to the public on this pad
04zk, if present, is a method — not a ticker
05A proof or extract is produced for a named counterparty only
06The legal source of truth stays with the incumbent register, admin, or custodian.

In the same conversation as

Fund admins
Custodian reporting
Public ‘vault tokens’ (the thing this is not)

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
28%
Adapter work against the incumbent register, admin, or custodian.
Counsel & perimeter
23%
Keeping the public story from running ahead of the claims register.
Control environment
17%
Hiring the operator who already does this job at a licensed firm.
Second market
32%
Dual-control drills, key ceremonies, and the person who owns them.

Operating week

What “in market” actually looks like.

SatDarkNo creators. No threads. Restricted geos stay dark.
FriKill switchRehearse unpublish in 24 hours. If it takes a committee, it is not a switch.
ThuCustomerNamed pilot (redacted) sees the same record the auditor saw.
TueExceptionsOvernight breaks post back into the customer’s case system. No side book.

The wedge

Why this one, not the other one.

They sell: Fund seat
Who pays: A named Liverpool administrator who already signs the pack (redacted).
Unit economics: Per-event pricing so a pilot can start without a transformation programme.
Moat on file: Named custodian. Keys are not at the startup.
Switching cost: Network effects only if a second named counterparty writes. One customer is a service firm.
Vs the comps: Fund admins already report. This is a proof they can attach.
Why we listed it: Custodian is named, even if redacted.

Next twelve months

What has to be true.

Production book, not a demo circuit.

A dual-control drill exists on paper. We have not watched it live yet — that is the next ask.

They have not asked us to run a sale. That ask would close the file.

Traction

What you can verify today.

Architecture paper — no production customer on the public file
No token contract listed as a public sale
Pilot letters on file, identities redacted
Liverpool 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.”

Product23
Customers40
Legal path62
Tech maturity31
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.

Yield product

If the landing page is APY, this is a different, usually unlicensed, business.

Proof theatre

A zk circuit of a fake book is still a fake book.

Custodian

Who holds the keys? If it is the startup, that is custody.

Audit

No auditor, no statement. Demo is not diligence.

Proof theatre

A zk circuit of a fake book is still a fake book. Drift Stack has to prove the real one.

Facts vs theatre

A proof of a fake book is still a fake book. Drift Stack has to attach to the real one, in Liverpool.

Ask these next

01Has counsel written the perimeter in a memo you can file?
02Which incumbent can copy this in a quarter, and what would they have to migrate?
03If RCA Pad disappeared tomorrow, could the customer still run the job?
04Who is the first named paying customer — not a letter of intent?
05Which geography is actually locked, and which is a hope?
06What does renewal look like if no round ever happens?

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 Stack 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.

Liverpoolnamed
Global publicrestricted

Team

Who runs it.

Mei OkaforChief executive
Eva ParkMarkets

Stack

Prime adapters
Prime brokerage ops
Approval trail
Audit log

Named with them

Northbridge Counsel

Who can decide

Mei Okafor came in named. The team is not a handle. Drift Stack Ltd exists, founded 2025, headquartered in Liverpool. Anonymity would have been an automatic decline.

If the first customer renews, the adapter work pays for itself. If they do not, Drift Stack 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 Stack does not sell a token to the public on this pad	Posture lock	live
The product is prime brokerage ops sold to institutions	Architecture + customer type	draft
Prime adapters 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
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: Liverpool	Named markets on the file	draft

On the record

Application APP-4709ScreenSep
Counsel questionPathSep

Operating log

05 Sep 10:00
Application scored. Drift Stack 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.

Launch your own How an RCAICO works

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