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

EMBW

In diligence

IN MOTIONSettlement

Ember Field

A named Johannesburg buyer is on the record. You are still reading the public page.

US was taken off the public stack on day one. Adult companies do that. Then the waitlist filled anyway.

Ember Field — A permissioned DvP rail: cash against asset between banks, FMIs or funds that already have accounts with each other. It is the moment of exchange, not a new listed asset.

In a 14-day diligence sprint (day 13). This is when the story, the customers and the legal path get written down — or the file stops.

Window a fewd. Waitlist a short list. 39 asks this week. This is not a quiet listing.

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

Redacted on the public page

Live nodes

Permissioned settlement

Counsel hours

Not offering — locked

Sentences killed

Before listing

Claims live

1/10

Sprint

Our cut

Of any proceeds

Plate Horizon · 1538

EMBW

The plate

Horizon. Edition 1538.

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

EMBW · Johannesburg · Settlement

Score

Desk diligence

Pilots

Named, redacted

Sprint

Day 13 of 14

Johannesburg

Banks

Sells

FMI

FMI seat

Markets

Johannesburg

Years

Founded 2021

Surfaces

Permissioned settlement

Complete

File readiness

The wedge

FMI seat

The wedge is T+1 and 24/7 FX: overnight risk became visible.

Why the desk took it

A real job, not a ticker.

Finality law was in the application.

Traction

2 named pilots (redacted).

Founded 2021, headquartered in Johannesburg. 2 named pilots on file (identities redacted in public). 7 nodes or connected surfaces reported. Desk diligence score 80/100. Sprint day 13 of 14. A transfer agent willing to consume a revoke in production. They killed their own ‘token as fee’ sentence before we asked. Rare, and it scored.

Next 12 months

Finality opinion from a named firm.

CLS is FX. Fnality is the club. This is a rail those clubs might use. They win if they are cheaper than the internal build, not cheaper than a protocol.

The brief

How a serious reader should hold this.

The decline pile in Settlement is not a rumour. It is how this board stays readable. Ember Field is what survived. That is the sell.

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

A sentence went public and came down in under an hour. Devon Shah treated the kill as an operating skill, not a PR event. Files that cannot do this do not stay listed.

From the founder

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 counsel

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

From the pilot

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.

Miss a few days and you are explaining to your IC why you read it after it closed.

A supervisor is already forcing a perimeter. Houses that pick software over a coin will buy this now.

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: 12
Counsel hours on file: 49
Asks / week: 39
Our cut: 0% of proceeds

I will take thirty minutes and decide budget. If that person is not me, we should not be listed.
Devon Shah, Chief executive

This company

Ember Field

A L2 wrapper is cheaper. It is also a different perimeter — and declined here.

In the same conversation

CLS
Fnality
RTGS upgrades
Not a public L1

The bet

Why this company exists.

The wedge is T+1 and 24/7 FX: overnight risk became visible.

T+1, 24/7 FX and on-chain funds make overnight risk visible. Banks will connect a rail before they will issue a coin.

Wholesale settlement is a volume business. Even a sliver of fails avoided is a number a treasurer recognises.

Versus the field

The incumbent brand sells the relationship. Ember Field 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 Not offering — locked. Proposed Regulation Crypto Assets is not treated as a calendar slot. Build as if it never opens.

How it works

01Two permissioned parties lock an agreed obligation
02Asset and cash move together, or not at all
03Existing accounts are the source of funds
04No public chain sale of the rail’s token
05Retail and unnamed geographies are structurally off the form, not only in the footer.

In the same conversation as

CLS
Fnality
RTGS upgrades
Not a public L1

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
28%
The remaining certifications and the second named market.
Control environment
25%
Adapter work against the incumbent register, admin, or custodian.
Counsel & perimeter
18%
A counsel memo that can survive a later reader.
Second market
29%
Dual-control drills, key ceremonies, and the person who owns them.

Operating week

What “in market” actually looks like.

WedCounselPerimeter diffs. If the site drifted from the memo, the site moves — not the memo.
FriKill switchRehearse unpublish in 24 hours. If it takes a committee, it is not a switch.
SatDarkNo creators. No threads. Restricted geos stay dark.
ThuCustomerNamed pilot (redacted) sees the same record the auditor saw.

The wedge

Why this one, not the other one.

They sell: FMI seat
Who pays: A transfer agent willing to consume a revoke in production.
Unit economics: They win if they are cheaper than the internal build, not cheaper than a protocol.
Moat on file: Legal opinion on finality in the governing law.
Switching cost: Scheme maps, ISO, LMA language, registry adapters — eighteen months of unglamorous work.
Vs the comps: CLS is FX. Fnality is the club. This is a rail those clubs might use.
Why we listed it: Finality law was in the application.

Next twelve months

What has to be true.

Finality opinion from a named firm.

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.

Operating notes for Permissioned settlement
No token contract listed as a public sale
Pilot letters on file, identities redacted
Johannesburg 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.”

Product58
Customers62
Legal path62
Tech maturity57
Demand70
Market access44

Risks

What can kill it.

The one that actually kills it

The founder wants a public book

The moment Ember Field asks this pad to allocate, sell, or complete funding, the listing ends. That is not a moral project. It is how a services firm stays a services firm.

Money issuance

If the rail issues a settlement asset, it is in the e-money / deposit perimeter.

Legal finality

Atomic in software is not final in court. Ask which law says it is.

Incumbent RTGS

Central banks are not asleep. A feature can become a standard.

Public token

Listing the rail’s unit is a sale. This pad does not run that sale.

Money issuance

If the rail issues a settlement asset, Ember Field is in the e-money / deposit perimeter. That is a different company.

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

01What happens if a founder later wants a public token?
02Which geography is actually locked, and which is a hope?
03Which incumbent can copy this in a quarter, and what would they have to migrate?
04Where do keys, title, or NAV liability sit — and is that person licensed?
05Who can unpublish a public sentence in 24 hours, by name?
06Who is the first named paying customer — not a letter of intent?

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: Ember Field 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.

Johannesburgnamed
United States retailrestricted

Team

Who runs it.

Devon ShahChief executive
Leila KhanChief executive

Stack

Permissioned settlement
Settlement
Takedown SLA

Named with them

Northbridge Counsel

Who can decide

Devon Shah (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
Ember Field does not sell a token to the public on this pad	Posture lock	live
The product is settlement sold to institutions	Architecture + customer type	live
Permissioned settlement 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
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: Johannesburg	Named markets on the file	live

On the record

Day 0 lockKick-offSep
Claim inventoryPackSep
Audience matrix draftPackSep

Operating log

11 Sep 16:46
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.

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.