The wedge
Desk seat
The wedge is the shared drive: marks, covenants and RFQs still live in email.
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
DRI6
Screened
SCREENEDISDA opsDrift Works
Most of ISDA ops died in the screen. Drift Works did not.
Pilots are named and redacted. The waitlist is not. a short list people already asked.
Drift Works — A system of record for private-credit funds and desks: tapes, RFQs, or covenants that update when a borrower files. The buyers already have a book. This is plumbing, not a venue that matches strangers.
Screened, not yet in sprint. Treat every number as provisional. Calendar access is not automatic.
If you needed a reason to open diligence tonight: a short list other people already did.
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
Closed
Heat
0/99
Inbound / wk
0asks
Asking now
0live
Named pilots
0
Redacted on the public page
Live nodes
0
Confirmations book
Counsel hours
0
Not offering — locked
Sentences killed
0
Before listing
Claims live
1/6
Sprint
Our cut
0%
Of any proceeds
Plate Meridian · 9204
DRI6
The plate
Meridian. Edition 9204.
A unique plate for Drift Works. Geometry, orbit, and edition belong to this company — no other listing on the board shares it.
DRI6 · Belfast · ISDA ops
Score
0
Desk diligence
Pilots
0
None on file
Stage
upcoming
upcoming
HQ
Belfast
Private-credit funds
Sells
Desk
Desk seat
Markets
0
Belfast
Years
0
Founded 2021
Surfaces
0
Confirmations book
Complete
0
File readiness
Why the desk took it
Early — still a question.
A redacted facility list landed in week one.
Traction
No paying pilot on the public file.
Founded 2021, headquartered in Belfast. No named paying pilot on the file yet — that is the first question. 3 nodes or connected surfaces reported. Desk diligence score 72/100. A treasurer at a bank that already settles — not a crypto-native desk. A redacted engagement letter landed in week one. That is why the desk took the meeting.
Next 12 months
Securities memo on the tape itself — is the record a security? Write it down.
eFront and Allvue are funds’ books. This is the tape between funds. Bps on a job that already has a budget line. A public coin would not make the invoice larger.
The brief
How a serious reader should hold this.
Belfast is not a backdrop. It is the jurisdiction where a named customer can be sued, called, and asked a question on a recorded line. Drift Works chose it for that reason. Counterparties who still think this is a ‘global’ story are already late.
If you leave this page without opening the claims table, you have read marketing. The scarce version of Drift Works is the version that survives counsel. It is on a clock.
A dual-control drill sits on paper. Keys, title, or NAV liability sit with a named licensed party — not Drift Works. The architecture says so. We have not watched the drill live. That is the next ask, not a slogan.
From the founder
US persons are outside the audience. A form that asks “are you accredited?” without verification is not an exemption.
From the pilot
A dual-control drill exists on paper. Production evidence is the next artefact, not a tweet.
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.
The window
Miss this and you read the archive.
The incumbent will still be slow in a year. The window will not.
0% of proceeds. Fixed fee. The incentive is a clean campaign — not a raise.
Read it once, properly, while the number is still green. Then decide.
Window
Closed
Closed. History only — not a place to buy.
- Sentences killed
- 12
- Counsel hours on file
- 12
- Asks / week
- 2
- Our cut
- 0% of proceeds
If RCA Pad ever asked for a cut of a raise, we would walk. That is in the first email.
This company
Drift Works
The copycats will arrive after certification. That is why the window is now.
In the same conversation
- eFront
- Allvue
- Closed RFQ wires
- Not an on-chain lending pool
The bet
Why this company exists.
The wedge is the shared drive: marks, covenants and RFQs still live in email.
The wedge is the shared drive: marks, covenants and RFQs still live in email.
Allocators want daily marks and covenant visibility. Banks want to originate without building a chain team. The first honest tape that does not pretend to be an exchange will be paid for as software.
Private credit AUM is measured in trillions. The software take-rate is small. The switching cost, once a tape is the record, is not.
Versus the field
A generalist vendor can copy the slide in a quarter. They cannot copy the named record, the scheme map, or the auditor conversation. That is the year they would have to buy.
Named: Belfast. Off-limits: Public residual claims, United States. A US person hearing an offering communication is a US problem even if the company sits in Belfast. Blocking an IP and taking a US Telegram admin is not a block.
How it works
- 01A loan or covenant event is written once
- 02Permissioned counterparties see what they are allowed to see
- 03Marks and RFQs stay inside named desks
- 04No public order book, no retail
- 05Default and amendment events are first-class, not a PDF in a side channel
- 06Exceptions post back into the customer’s existing case system — no side spreadsheet.
In the same conversation as
- eFront
- Allvue
- Closed RFQ wires
- Not an on-chain lending pool
If they raise
Where the money would actually go.
Not a token float. A budget against work. RCA Pad still takes 0% of proceeds.
Counsel & perimeter
30%
Keeping the public story from running ahead of the claims register.
Second market
23%
Dual-control drills, key ceremonies, and the person who owns them.
Named operators
21%
The remaining certifications and the second named market.
Control environment
26%
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
- Desk seat
- Who pays
- A treasurer at a bank that already settles — not a crypto-native desk.
- Unit economics
- Bps on a job that already has a budget line. A public coin would not make the invoice larger.
- Moat on file
- Covenant language mapped to the LMA set — not a custom dialect.
- Switching cost
- Permissioned connectivity is the moat. Public endpoints would erase it.
- Vs the comps
- eFront and Allvue are funds’ books. This is the tape between funds.
- Why we listed it
- A redacted facility list landed in week one.
Next twelve months
What has to be true.
Securities memo on the tape itself — is the record a security? Write it down.
A redacted engagement letter landed in week one. That is why the desk took the meeting.
A round, if any, sits with their providers. This pad does not take the order.
Traction
What you can verify today.
Founded 2021, headquartered in Belfast. No named paying pilot on the file yet — that is the first question. 3 nodes or connected surfaces reported. Desk diligence score 72/100. A treasurer at a bank that already settles — not a crypto-native desk. A redacted engagement letter landed in week one. That is why the desk took the meeting.
- Architecture paper — no production customer on the public file
- No token contract listed as a public sale
- Pilot letters on file, identities redacted
- Belfast 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.”
- Product18
- Customers18
- Legal path62
- Tech maturity37
- Demand10
- Market access44
Risks
What can kill it.
The one that actually kills it
Counsel is a slide
Unnamed counsel is how companies die in diligence. Not offering — locked has to be a memo you can file, not a slogan on the hero.
Marketplace slip
The moment this looks like a public book, it is a venue. This pad will not list that.
Data rights
Who owns the tape when a fund leaves? If that is unsigned, the enterprise value is a conversation.
Credit cycle
A default cluster will test whether the product is a record or a reputation.
Retail
Retail is prohibited. Any ‘access token’ story is a different company.
Data rights on exit
If a fund leaves and the tape stays, who owns the history? Unsigned, the enterprise value is a conversation.
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
- 01If RCA Pad disappeared tomorrow, could the customer still run the job?
- 02Has counsel written the perimeter in a memo you can file?
- 03Which geography is actually locked, and which is a hope?
- 04What happens if a founder later wants a public token?
- 05Which incumbent can copy this in a quarter, and what would they have to migrate?
- 06Who is the first named paying customer — not a letter of intent?
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 Works 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.
- Belfastnamed
- Public residual claimsrestricted
- United Statesrestricted
Team
Who runs it.
- Zara CostaChief executive
- Leila HolmHead of product
Stack
- Confirmations book
- ISDA ops
- Takedown SLA
- Approval trail
Named with them
- Northbridge Counsel
Who can decide
Zara Costa (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 Works does not sell a token to the public on this pad | Posture lock | live |
| The product is isda ops sold to institutions | Architecture + customer type | draft |
| Confirmations book 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 | Desk file | draft |
| No public token is sold on this pad | Engagement terms + posture lock | live |
| Customers contemplated: Belfast | Named markets on the file | draft |
On the record
- Application APP-4333ScreenSep
- Counsel questionPathSep
Operating log
02 Sep 12:00
Application scored. Drift Works 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.