The wedge
Share-class seat
Ember Hold sells a 15-day lag down to a day, without turning the unit into a coin.
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
EMBG
Screened
SCREENEDNAV opsEmber Hold
a short list already asked. The window is 4 days. After that, archive.
Ember Hold survived the screen. Most of NAV ops did not. That is not a slogan. It is the decline pile.
Ember Hold — An operational layer for funds: NAV events, share-class records, books an AIFM can defend. The administrator remains the administrator. This is co-sourced infrastructure, not a tokenised fund on a public board.
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
0days
Heat
0/99
Inbound / wk
0asks
Asking now
0live
Named pilots
0
Redacted on the public page
Live nodes
0
Internal NAV oracles
Counsel hours
0
Not offering — locked
Sentences killed
0
Before listing
Claims live
1/5
Sprint
Our cut
0%
Of any proceeds
Plate Lattice · 6240
EMBG
The plate
Lattice. Edition 6240.
A unique plate for Ember Hold. Geometry, orbit, and edition belong to this company — no other listing on the board shares it.
EMBG · Montreal · NAV ops
Score
0
Desk diligence
Pilots
0
None on file
Stage
upcoming
upcoming
HQ
Montreal
Fund administrators
Sells
Share-class
Share-class seat
Markets
0
Montreal
Years
0
Founded 2025
Surfaces
0
Internal NAV oracles
Complete
0
File readiness
Why the desk took it
Early — still a question.
Unit-as-token was refused in notes. We will not reverse that.
Traction
No paying pilot on the public file.
Founded 2025, headquartered in Montreal. No named paying pilot on the file yet — that is the first question. 1 nodes or connected surfaces reported. Desk diligence score 64/100. A transfer agent willing to consume a revoke in production. A dual-control drill exists on paper. We have not watched it live yet — that is the next ask.
Next 12 months
No public ‘buy the token’ language anywhere they touch.
SS&C and Apex are the admin. This is the event layer they can defend. Annual software against an ops cost the board can see. Switching cost is the record, not the brand.
The brief
How a serious reader should hold this.
You can wait for a sticker. The named customer did not. They are writing into this record while the rest of the market argues about a comment period.
If you leave this page without opening the claims table, you have read marketing. The scarce version of Ember Hold is the version that survives counsel. It is on a clock.
A sentence went public and came down in under an hour. Devon Ng treated the kill as an operating skill, not a PR event. Files that cannot do this do not stay listed.
From the screen
The legal source of truth stays with the incumbent register, admin, or custodian. Ember Hold does not attest to its own facts.
From ops
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 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.
Waiting for a proposed US rule is how you miss a Montreal buyer who already has budget.
Counsel hours on file: enough that a later reader can tell this was not improvised.
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
- 8
- Counsel hours on file
- 8
- Asks / week
- 3
- Our cut
- 0% of proceeds
The decline pile is a compliment. It means the screen still means something.
This company
Ember Hold
The protocol pitch is the thing this company has already refused.
In the same conversation
- SS&C
- Apex
- Citi TA
- Not a public tokenised fund
The bet
Why this company exists.
Ember Hold sells a 15-day lag down to a day, without turning the unit into a coin.
Ember Hold sells a 15-day lag down to a day, without turning the unit into a coin.
Allocators want faster marks. Administrators cannot staff that with people. A dual-record (their books + this event) is how they sleep.
Fund administration is a fee business measured in basis points of AUM. A faster close is retained business.
Versus the field
The incumbent brand sells the relationship. Ember Hold 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.
Named: Montreal. Off-limits: Public residual claims, United States. A US person hearing an offering communication is a US problem even if the company sits in Montreal. Blocking an IP and taking a US Telegram admin is not a block.
How it works
- 01Administrator remains source of truth
- 02Events (NAV, subscription, share-class) are signed and timestamped
- 03Investors and auditors query what they are allowed to see
- 04The fund unit is not listed here as a token you can buy
- 05Investors and auditors query only what they are allowed to see
- 06Kill of a public sentence is an hour, not a committee.
In the same conversation as
- SS&C
- Apex
- Citi TA
- Not a public tokenised fund
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
28%
Hiring the operator who already does this job at a licensed firm.
Control environment
19%
Dual-control drills, key ceremonies, and the person who owns them.
Named operators
22%
A counsel memo that can survive a later reader.
Claims & campaign ops
31%
Keeping the public story from running ahead of the claims register.
Operating week
What “in market” actually looks like.
- SatDarkNo creators. No threads. Restricted geos stay dark.
- TueExceptionsOvernight breaks post back into the customer’s case system. No side book.
- ThuCustomerNamed pilot (redacted) sees the same record the auditor saw.
- MonClaimsEvery public sentence checked against the register. Anything extra is unpublished.
The wedge
Why this one, not the other one.
- They sell
- Share-class seat
- Who pays
- A transfer agent willing to consume a revoke in production.
- Unit economics
- Annual software against an ops cost the board can see. Switching cost is the record, not the brand.
- Moat on file
- A live NAV event in a real fund, not a demo clock.
- Switching cost
- The customer’s auditor has seen this book. Switching means a new auditor conversation.
- Vs the comps
- SS&C and Apex are the admin. This is the event layer they can defend.
- Why we listed it
- Unit-as-token was refused in notes. We will not reverse that.
Next twelve months
What has to be true.
No public ‘buy the token’ language anywhere they touch.
A dual-control drill exists on paper. We have not watched it live yet — that is the next ask.
Growth money would extend the record to a second geography, still permissioned.
Traction
What you can verify today.
Founded 2025, headquartered in Montreal. No named paying pilot on the file yet — that is the first question. 1 nodes or connected surfaces reported. Desk diligence score 64/100. A transfer agent willing to consume a revoke in production. A dual-control drill exists on paper. We have not watched it live yet — that is the next ask.
- Architecture paper — no production customer on the public file
- No token contract listed as a public sale
- Pilot letters on file, identities redacted
- Montreal 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 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.
Unit token
A share-class token sold to the public is a securities offering. This pad will not run that as a sale.
Admin of record
If the admin has not signed, this is a shadow book. Shadow books do not survive an audit.
NAV liability
Who is wrong when the number is wrong? That sentence has to exist.
Distribution
Using this layer as a public subscription journey is a different file — and usually the wrong house.
Shadow book
If the administrator has not signed, Ember Hold is a copy of a spreadsheet. Copies do not survive the audit.
Token relapse
A later round that wants a public token puts Ember Hold in a different perimeter. The file treats that as a hard stop.
Ask these next
- 01Which geography is actually locked, and which is a hope?
- 02Has counsel written the perimeter in a memo you can file?
- 03Where do keys, title, or NAV liability sit — and is that person licensed?
- 04Which incumbent can copy this in a quarter, and what would they have to migrate?
- 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.
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
- Ember Hold 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.
- Montrealnamed
- Public residual claimsrestricted
- United Statesrestricted
Team
Who runs it.
- Devon NgChief executive
Stack
- Internal NAV oracles
- NAV ops
- Disclosure templates
Named with them
- Northbridge Counsel
Who can decide
Devon Ng came in named. The team is not a handle. Ember Hold Ltd exists, founded 2025, headquartered in Montreal. Anonymity would have been an automatic decline.
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 Hold does not sell a token to the public on this pad | Posture lock | live |
| The product is nav ops sold to institutions | Architecture + customer type | draft |
| Internal NAV oracles 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: Montreal | Named markets on the file | draft |
On the record
- Application APP-4826ScreenSep
- Counsel questionPathSep
Operating log
06 Sep 14:00
Application scored. Ember Hold 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.