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

ELDX

Screened

SCREENEDCredit covenants

Elder House

Budget exists on a board line. This is this quarter, not ‘when the rule opens’.

If this pad disappeared tomorrow, the customer could still run the job. That is why they are here.

Elder House — 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.

Most Credit covenants applications this quarter were declined. You are looking at one that was not.

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

Still a question

Live nodes

EVM · proof of concept

Counsel hours

Undetermined — not a path

Sentences killed

Before listing

Claims live

0/4

Sprint

Our cut

Of any proceeds

Plate Signal · 4391

ELDX

The plate

Signal. Edition 4391.

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

ELDX · Houston · Credit covenants

Score

Desk diligence

Pilots

Named, redacted

Stage

upcoming

Houston

Private-credit funds

Sells

Bps

Bps on facilities on the tape

Markets

United States professional

Years

Founded 2024

Surfaces

EVM · proof of concept

Complete

File readiness

The wedge

Bps on facilities on the tape

They sell a faster close to administrators, not access to a crowd.

Why the desk took it

Early — still a question.

Retail was never in the deck. Rare.

Traction

One named pilot (redacted).

Founded 2024, headquartered in Houston. One named pilot on file (redacted in public). 4 nodes or connected surfaces reported. Desk diligence score 81/100. A treasurer at a bank that already settles — not a crypto-native desk. Architecture says keys / title / NAV liability sit with a named licensed party — not Elder House.

Next 12 months

Securities memo on the tape itself — is the record a security? Write it down.

Closed RFQ wires do this slowly. Elder House does it as a record. 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.

The first sentence Hiro Ibrahim would not let us publish was the exciting one. What remains is slower — and scarcer: Elder House Inc. · Delaware selling Credit covenants as software, from Houston, to a buyer who already pays someone else to do this badly. That buyer is named. You are not, yet.

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. Hiro Ibrahim treated the kill as an operating skill, not a PR event. Files that cannot do this do not stay listed.

From the pilot

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

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

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.

The incumbent will still be slow in a year. The window will not.

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

We do not allocate. We do not take a cut. We will not hold the window open for you.

Window

Closed

Closed. History only — not a place to buy.

Sentences killed: 18
Counsel hours on file: 6
Asks / week: 11
Our cut: 0% of proceeds

US came off the site in the first session. We did not argue. We are not children.
Hiro Ibrahim, Chief executive

This company

Elder House

Services firms hide in ‘platform’ language. Elder House sells a seat plus an event. Named.

In the same conversation

eFront
Allvue
Closed RFQ wires
Not an on-chain lending pool

The bet

Why this company exists.

They sell a faster close to administrators, not access to a crowd.

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

The incumbent brand sells the relationship. Elder House 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 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
06The legal source of truth stays with the incumbent register, admin, or custodian.

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.

Claims & campaign ops
39%
Adapter work against the incumbent register, admin, or custodian.
Second market
28%
Dual-control drills, key ceremonies, and the person who owns them.
Certifications & adapters
22%
The remaining certifications and the second named market.
Counsel & perimeter
11%
Hiring the operator who already does this job at a licensed firm.

Operating week

What “in market” actually looks like.

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.
SatDarkNo creators. No threads. Restricted geos stay dark.
TueExceptionsOvernight breaks post back into the customer’s case system. No side book.

The wedge

Why this one, not the other one.

They sell: Bps on facilities on the tape
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: Administrator of record has signed a dual-control letter.
Switching cost: Once the record is the record, the incumbent copy has to migrate history. That is the year.
Vs the comps: Closed RFQ wires do this slowly. Elder House does it as a record.
Why we listed it: Retail was never in the deck. Rare.

Next twelve months

What has to be true.

Securities memo on the tape itself — is the record a security? Write it down.

Architecture says keys / title / NAV liability sit with a named licensed party — not Elder House.

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.

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

Product27
Customers40
Legal path24
Tech maturity40
Demand10
Market access68

Risks

What can kill it.

The one that actually kills it

Counsel is a slide

Unnamed counsel is how companies die in diligence. Undetermined — not a path 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.

Facts vs theatre

A proof of a fake book is still a fake book. Elder House has to attach to the real one, in Houston.

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?
03If RCA Pad disappeared tomorrow, could the customer still run the job?
04What does renewal look like if no round ever happens?
05What happens if a founder later wants a public token?
06Where do keys, title, or NAV liability sit — and is that person licensed?

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: Elder House Inc. · Delaware
Path on file: Undetermined — not a path
Posture: Private only
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.

United States professionalnamed
United Kingdomnamed
Public residual claimsrestricted

Team

Who runs it.

Hiro IbrahimChief executive

Stack

EVM · proof of concept
Credit covenants
Audit log
Disclosure templates

Named with them

Helix Audit

Who can decide

Hiro Ibrahim (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
Elder House does not sell a token to the public on this pad	Posture lock	live
The product is credit covenants sold to institutions	Architecture + customer type	draft
EVM · proof of concept 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: United States professional, United Kingdom	Named markets on the file	draft

On the record

Application APP-4313ScreenSep
Counsel questionPathSep

Operating log

07 Sep 13:00
Application scored. Elder House 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.

Launch your own How an RCAICO works

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.