The wedge
Member seat
The wedge is T+1: gross settlement got expensive overnight.
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
EBCL
Screened
SCREENEDClearingEbb Clear
They killed 13 sentences to get listed. That is the product you are about to miss.
Renewal — not the round — is the twelve-month test. The people in this queue already know that.
Ebb Clear — A permissioned netting engine for trading venues and brokers that are already licensed. It reduces what has to settle. It is not a new CCP, and it is not a collateral token.
Screened, not yet in sprint. Treat every number as provisional. Calendar access is not automatic.
They unpublish in an hour. They will not wait for your committee to finish reading.
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
Permissioned netting
Counsel hours
0
Undetermined — not a path
Sentences killed
0
Before listing
Claims live
0/5
Sprint
Our cut
0%
Of any proceeds
Plate Orbit · 3520
EBCL
The plate
Orbit. Edition 3520.
A unique plate for Ebb Clear. Geometry, orbit, and edition belong to this company — no other listing on the board shares it.
EBCL · Brussels · Clearing
Score
0
Desk diligence
Pilots
0
None on file
Stage
upcoming
upcoming
HQ
Brussels
Licensed venues
Sells
Member
Member seat
Markets
0
Brussels
Years
0
Founded 2025
Surfaces
0
Permissioned netting
Complete
0
File readiness
Why the desk took it
Early — still a question.
They did not claim to be a CCP. Counsel will still ask.
Traction
No paying pilot on the public file.
Founded 2025, headquartered in Brussels. No named paying pilot on the file yet — that is the first question. 3 nodes or connected surfaces reported. Desk diligence score 73/100. A qualified custodian reconciling against this book. They killed their own ‘token as fee’ sentence before we asked. Rare, and it scored.
Next 12 months
Two members netting live, or stop.
A DeFi clearinghouse is a different, usually unlicensed, business. They sell a fee the customer already pays a slower vendor for. TAM is that invoice, not a token float.
The brief
How a serious reader should hold this.
In Brussels, the person who signs the monthly pack already has a vendor. Ebb Clear is not asking them to believe in a token. It is asking them to move one job — the one that currently lives in a spreadsheet, a fax, or a person who is about to retire — onto a record that can be shown to counsel. The queue to read that record is already not empty.
The bet is narrow. A named Brussels buyer already has budget for this invoice. Ebb Clear 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.
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
The legal source of truth stays with the incumbent register, admin, or custodian. Ebb Clear does not attest to its own facts.
From the founder
A dual-control drill exists on paper. Production evidence is the next artefact, not a tweet.
From the pilot
US persons are outside the audience. A form that asks “are you accredited?” without verification is not an exemption.
The window
Miss this and you read the archive.
Skip it and you read the archive. Counterparties who matter will have already asked.
Switching cost is the auditor conversation. Once it happens, you are late.
If you are a founder who wants a pack like this: apply. If you are a buyer: call them — not us.
Window remaining
0days
When this window closes, the campaign is archive.
- Sentences killed
- 13
- Counsel hours on file
- 6
- Asks / week
- 6
- Our cut
- 0% of proceeds
We would rather be archive-clean than live-loud. The waitlist showed up anyway.
This company
Ebb Clear
Open-source looks free until the auditor asks who attests. Ebb Clear has an answer.
In the same conversation
- LCH / Eurex (incumbent CCPs)
- Caldastone-style utilities
- Not a DeFi clearinghouse
The bet
Why this company exists.
The wedge is T+1: gross settlement got expensive overnight.
The wedge is T+1: gross settlement got expensive overnight.
T+1 and capital rules make gross settlement expensive. Venues will buy netting as a service before they will buy a new licence.
Post-trade cost is a line on every broker P&L. A 10% cut in settlement fails is a CFO conversation.
Versus the field
L2 wrappers are cheaper. They are also a different perimeter — and declined here. Ebb Clear is priced as software against an invoice that already exists.
Named: Brussels, United Kingdom. Off-limits: United States retail, United States. A US person hearing an offering communication is a US problem even if the company sits in Brussels. Blocking an IP and taking a US Telegram admin is not a block.
How it works
- 01Members post positions they already hold
- 02The engine nets what the rulebook allows
- 03Only the residual hits the existing settlement rail
- 04Collateral as a token is an exclusion on this file
- 05Only the residual hits the existing settlement rail — gross never leaves the venue
- 06The legal source of truth stays with the incumbent register, admin, or custodian.
In the same conversation as
- LCH / Eurex (incumbent CCPs)
- Caldastone-style utilities
- Not a DeFi clearinghouse
If they raise
Where the money would actually go.
Not a token float. A budget against work. RCA Pad still takes 0% of proceeds.
Control environment
33%
Dual-control drills, key ceremonies, and the person who owns them.
Second market
27%
Adapter work against the incumbent register, admin, or custodian.
Counsel & perimeter
14%
Hiring the operator who already does this job at a licensed firm.
Named operators
26%
A counsel memo that can survive a later reader.
Operating week
What “in market” actually looks like.
- SatDarkNo creators. No threads. Restricted geos stay dark.
- WedCounselPerimeter diffs. If the site drifted from the memo, the site moves — not the memo.
- 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.
The wedge
Why this one, not the other one.
- They sell
- Member seat
- Who pays
- A qualified custodian reconciling against this book.
- Unit economics
- They sell a fee the customer already pays a slower vendor for. TAM is that invoice, not a token float.
- Moat on file
- Named venue LOIs — redacted, but they exist.
- Switching cost
- Network effects only if a second named counterparty writes. One customer is a service firm.
- Vs the comps
- A DeFi clearinghouse is a different, usually unlicensed, business.
- Why we listed it
- They did not claim to be a CCP. Counsel will still ask.
Next twelve months
What has to be true.
Two members netting live, or stop.
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 2025, headquartered in Brussels. No named paying pilot on the file yet — that is the first question. 3 nodes or connected surfaces reported. Desk diligence score 73/100. A qualified custodian reconciling against this book. They killed their own ‘token as fee’ sentence before we asked. Rare, and it scored.
- Architecture paper — no production customer on the public file
- No token contract listed as a public sale
- Named founder; customer still a conversation
- Brussels 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.”
- Product21
- Customers18
- Legal path24
- Tech maturity37
- Demand10
- 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.
CCP perimeter
If a regulator reads this as clearing, the licence problem is existential.
Collateral token
That ask has been refused on files like this. It should stay refused.
Member default
Who eats the loss? If the answer is ‘the protocol’, there is no protocol that can.
Incumbent freeze-out
CCPs can copy the netting logic faster than a startup can collect members.
CCP copy
The incumbent can ship the same netting as a feature. Ebb Clear has to be cheaper or faster before that happens.
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
- 01Has counsel written the perimeter in a memo you can file?
- 02Who is the first named paying customer — not a letter of intent?
- 03Who can unpublish a public sentence in 24 hours, by name?
- 04Where do keys, title, or NAV liability sit — and is that person licensed?
- 05Which geography is actually locked, and which is a hope?
- 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
- Ebb Clear 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.
- Brusselsnamed
- United Kingdomnamed
- United States retailrestricted
- United Statesrestricted
Team
Who runs it.
- Claire NovakChief executive
- Claire ParkChief compliance
Stack
- Permissioned netting
- Clearing
- Approval trail
- Disclosure templates
Named with them
- Clearline
Who can decide
Claire Novak (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 |
|---|---|---|
| Ebb Clear does not sell a token to the public on this pad | Posture lock | live |
| The product is clearing sold to institutions | Architecture + customer type | draft |
| Permissioned netting 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: Brussels, United Kingdom | Named markets on the file | draft |
On the record
- Application APP-4655ScreenSep
- Counsel questionPathSep
Operating log
02 Sep 14:00
Application scored. Ebb Clear is not a calendar slot.
10 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.