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

EMBV

In diligence

IN MOTIONVault infrastructure

Ember Mark

Window a fewd · waitlist a short list · our cut 0%. Do the maths.

Closed files are history. Live files have a clock. Ember Mark has a few days.

Ember Mark — Accounting and proof layers for vaults that already hold assets for known clients. zk or otherwise, the point is a statement a counterparty can verify — not a public yield product.

In a 14-day diligence sprint (day 8). This is when the story, the customers and the legal path get written down — or the file stops.

The named customer already picked. The waitlist is everyone who was late to that fact.

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

zk testnet

Counsel hours

Not offering — locked

Sentences killed

Before listing

Claims live

4/6

Sprint

Our cut

Of any proceeds

Plate Ledger · 8008

EMBV

The plate

Ledger. Edition 8008.

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

EMBV · Cape Town · Vault infrastructure

Score

Desk diligence

Pilots

Named, redacted

Sprint

Day 8 of 14

Cape Town

Asset managers

Sells

Per

Per statement

Markets

Cape Town

Years

Founded 2021

Surfaces

zk testnet

Complete

File readiness

The wedge

Per statement

The wedge is 2022: allocators asked for proof and got demos.

Why the desk took it

A real job, not a ticker.

They called zk a method in the application. Correct.

Traction

2 named pilots (redacted).

Founded 2021, headquartered in Cape Town. 2 named pilots on file (identities redacted in public). 5 nodes or connected surfaces reported. Desk diligence score 88/100. Sprint day 8 of 14. A coverholder or carrier running one binder on this record. A redacted engagement letter landed in week one. That is why the desk took the meeting.

Next 12 months

One auditor-signed extract.

Public vault tokens are the thing this is not. 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.

Someone in Cape Town already renewed a slower vendor this year. Ember Mark is the conversation that happens before they do it again. Miss this cycle and you explain the next one.

Read this as an operating company, not a round. Counsel has a posture: Not offering — locked. Restricted markets stay dark. RCA Pad takes 0% if they ever raise. That combination is why inbound did not need a ticker.

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 counsel

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 ops

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

From the screen

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.

If the window closes you still have the pack — as history. Not as a live conversation.

Switching cost is the auditor conversation. Once it happens, you are late.

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: 9
Counsel hours on file: 88
Asks / week: 27
Our cut: 0% of proceeds

Do not put a participate button on our page. If you do, we leave.
Leila Petrov, Chief executive

This company

Ember Mark

Twelve Vault infrastructure decks look the same. One of them has a Cape Town customer on the record.

In the same conversation

Fund admins
Custodian reporting
Public ‘vault tokens’ (the thing this is not)

The bet

Why this company exists.

The wedge is 2022: allocators asked for proof and got demos.

Allocators asked for proof after 2022. Labs answered with demos. The first vault accounting that an auditor will sign is a business.

Middle-office spend at alternative managers is a budget that survived the last cycle.

Versus the field

The incumbent brand sells the relationship. Ember Mark 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.

Cape Town being the city does not make local retail a default audience. Communications capable of inducing investment activity still have a promotions problem.

How it works

01Positions are accounted in a book the manager already runs
02A proof or extract is produced for a named counterparty
03Yield is not marketed to the public on this pad
04zk, if present, is a method — not a ticker
05A proof or extract is produced for a named counterparty only
06Kill of a public sentence is an hour, not a committee.

In the same conversation as

Fund admins
Custodian reporting
Public ‘vault tokens’ (the thing this is not)

If they raise

Where the money would actually go.

Not a token float. A budget against work. RCA Pad still takes 0% of proceeds.

Named operators
36%
Dual-control drills, key ceremonies, and the person who owns them.
Control environment
28%
A counsel memo that can survive a later reader.
Claims & campaign ops
16%
The remaining certifications and the second named market.
Certifications & adapters
20%
Hiring the operator who already does this job at a licensed firm.

Operating week

What “in market” actually looks like.

SunOwnersWho can decide messaging and budget on a recorded line. If the answer is nobody, stop.
FriKill switchRehearse unpublish in 24 hours. If it takes a committee, it is not a switch.
WedCounselPerimeter diffs. If the site drifted from the memo, the site moves — not the memo.
SatDarkNo creators. No threads. Restricted geos stay dark.

The wedge

Why this one, not the other one.

They sell: Per statement
Who pays: A coverholder or carrier running one binder on this record.
Unit economics: Bps on a job that already has a budget line. A public coin would not make the invoice larger.
Moat on file: The circuit, if any, proves the real book.
Switching cost: Permissioned connectivity is the moat. Public endpoints would erase it.
Vs the comps: Public vault tokens are the thing this is not.
Why we listed it: They called zk a method in the application. Correct.

Next twelve months

What has to be true.

One auditor-signed extract.

A redacted engagement letter landed in week one. That is why the desk took the meeting.

Growth money would extend the record to a second geography, still permissioned.

Traction

What you can verify today.

Operating notes for zk testnet
No token contract listed as a public sale
Pilot letters on file, identities redacted
Cape Town 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.”

Product49
Customers62
Legal path62
Tech maturity51
Demand50
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.

Yield product

If the landing page is APY, this is a different, usually unlicensed, business.

Proof theatre

A zk circuit of a fake book is still a fake book.

Custodian

Who holds the keys? If it is the startup, that is custody.

Audit

No auditor, no statement. Demo is not diligence.

Proof theatre

A zk circuit of a fake book is still a fake book. Ember Mark has to prove the real one.

Incumbent feature

The administrator, CCP, scheme or custodian can ship this as a checkbox. Ember Mark has to be cheaper or faster before that happens.

Ask these next

01Which geography is actually locked, and which is a hope?
02Where do keys, title, or NAV liability sit — and is that person licensed?
03What happens if a founder later wants a public token?
04Who can unpublish a public sentence in 24 hours, by name?
05Has counsel written the perimeter in a memo you can file?
06What does renewal look like if no round ever happens?

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 Mark Ltd
Path on file: Not offering — locked
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.

Cape Townnamed
EU retailrestricted
United Statesrestricted

Team

Who runs it.

Leila PetrovChief executive
Ines NgChief executive

Stack

zk testnet
Vault infrastructure
Audit log

Named with them

Helix Audit
Clearline

Who can decide

The technical founder is on the record as Chief executive. Contractors in undisclosed jurisdictions are written down as a fact, not hidden. Facts can be managed. Hiding them is how companies die in diligence.

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 Mark does not sell a token to the public on this pad	Posture lock	live
The product is vault infrastructure sold to institutions	Architecture + customer type	live
zk testnet 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
Pilot identities redacted in public	Desk file	draft
No public token is sold on this pad	Engagement terms + posture lock	live
Customers contemplated: Cape Town	Named markets on the file	live

On the record

Day 0 lockKick-offSep
Claim inventoryPackSep
Audience matrix draftPackSep

Operating log

11 Sep 15:27
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

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