The wedge
Per million notional
Ember Works sits in front of nostro, not in front of retail.
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
EMB7
Screened
SCREENEDWholesale FXEmber Works
They killed 7 sentences to get listed. That is the product you are about to miss.
Heat 24. Window a fewd. If you are going to read one Wholesale FX company, this is the one.
Ember Works — 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.
Screened, not yet in sprint. Treat every number as provisional. Calendar access is not automatic.
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.
Stage
upcoming
Window
Closed
Heat
0/99
Inbound / wk
0asks
Asking now
0live
Named pilots
0
Still a question
Live nodes
0
Permissioned FX rail
Counsel hours
0
Not offering — locked
Sentences killed
0
Before listing
Claims live
0/5
Sprint
Our cut
0%
Of any proceeds
Plate Horizon · 6663
EMB7
The plate
Horizon. Edition 6663.
A unique plate for Ember Works. Geometry, orbit, and edition belong to this company — no other listing on the board shares it.
EMB7 · Dublin · Wholesale FX
Score
0
Desk diligence
Pilots
0
Named, redacted
Stage
upcoming
upcoming
HQ
Dublin
Banks
Sells
Per
Per million notional
Markets
0
Ireland
Years
0
Founded 2025
Surfaces
0
Permissioned FX rail
Complete
0
File readiness
Why the desk took it
Early — still a question.
They do not issue the settlement asset.
Traction
One named pilot (redacted).
Founded 2025, headquartered in Dublin. One named pilot on file (redacted in public). 1 nodes or connected surfaces reported. Desk diligence score 63/100. A named Dublin administrator who already signs the pack (redacted). They killed their own ‘token as fee’ sentence before we asked. Rare, and it scored.
Next 12 months
Two banks quoting live.
A retail FX token is the opposite company. Per-event pricing so a pilot can start without a transformation programme.
The brief
How a serious reader should hold this.
The first sentence Marcus Reilly would not let us publish was the exciting one. What remains is slower — and scarcer: Ember Works DAC selling Wholesale FX as software, from Dublin, to a buyer who already pays someone else to do this badly. That buyer is named. You are not, yet.
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.
On a Tuesday in Dublin, an exception posts back into the customer’s existing case system. Nobody opens a side spreadsheet. That is the product: the night someone in ops does not stay late.
From the screen
The legal source of truth stays with the incumbent register, admin, or custodian. Ember Works does not attest to its own facts.
From the founder
US persons are outside the audience. A form that asks “are you accredited?” without verification is not an exemption.
From ops
A dual-control drill exists on paper. Production evidence is the next artefact, not a tweet.
The window
Miss this and you read the archive.
Skip it and you read the archive. Counterparties who matter will have already asked.
A supervisor is already forcing a perimeter. Houses that pick software over a coin will buy this now.
Open the diligence or watch it close. There is not a third option that still counts as early.
Window
Closed
Closed. History only — not a place to buy.
- Sentences killed
- 7
- Counsel hours on file
- 7
- Asks / week
- 12
- Our cut
- 0% of proceeds
The decline pile is a compliment. It means the screen still means something.
This company
Ember Works
Open-source looks free until the auditor asks who attests. Ember Works has an answer.
In the same conversation
- CLS
- Fnality
- RTGS upgrades
- Not a public L1
The bet
Why this company exists.
Ember Works sits in front of nostro, not in front of retail.
Ember Works sits in front of nostro, not in front of retail.
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
A generalist vendor can copy the slide in a quarter. They cannot copy the named record, the scheme map, or the auditor conversation. That is the year they would have to buy.
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
- 05Matches stay inside named desks; cash still settles where it already settles
- 06Kill of a public sentence is an hour, not a committee.
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
33%
The remaining certifications and the second named market.
Counsel & perimeter
22%
Dual-control drills, key ceremonies, and the person who owns them.
Control environment
14%
Adapter work against the incumbent register, admin, or custodian.
Certifications & adapters
31%
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.
- TueExceptionsOvernight breaks post back into the customer’s case system. No side book.
- MonClaimsEvery public sentence checked against the register. Anything extra is unpublished.
The wedge
Why this one, not the other one.
- They sell
- Per million notional
- Who pays
- A named Dublin administrator who already signs the pack (redacted).
- Unit economics
- Per-event pricing so a pilot can start without a transformation programme.
- Moat on file
- CLS or local RTGS remains the final cash.
- Switching cost
- The customer’s auditor has seen this book. Switching means a new auditor conversation.
- Vs the comps
- A retail FX token is the opposite company.
- Why we listed it
- They do not issue the settlement asset.
Next twelve months
What has to be true.
Two banks quoting live.
They killed their own ‘token as fee’ sentence before we asked. Rare, and it scored.
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.
Founded 2025, headquartered in Dublin. One named pilot on file (redacted in public). 1 nodes or connected surfaces reported. Desk diligence score 63/100. A named Dublin administrator who already signs the pack (redacted). 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
- Dublin 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.”
- Product29
- Customers40
- Legal path62
- Tech maturity31
- Demand10
- Market access68
Risks
What can kill it.
The one that actually kills it
The founder wants a public book
The moment Ember Works 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.
Issuing the cash
If Ember Works issues a stablecoin to make this atomic, the company becomes an e-money problem.
Single-customer gravity
If the first named buyer is also the only buyer, Ember Works is a services shop with a ledger. Ask for the second.
Ask these next
- 01What does renewal look like if no round ever happens?
- 02Who can unpublish a public sentence in 24 hours, by name?
- 03Which incumbent can copy this in a quarter, and what would they have to migrate?
- 04Is the waitlist demand for a product, or a queue for a coin?
- 05Which geography is actually locked, and which is a hope?
- 06Has counsel written the perimeter in a memo you can file?
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 Works DAC
- 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.
- Irelandnamed
- EEA professionalnamed
- United States retailrestricted
Team
Who runs it.
- Marcus ReillyChief executive
Stack
- Permissioned FX rail
- Wholesale FX
- Takedown SLA
- Approval trail
Named with them
- Northbridge Counsel
Who can decide
Marcus Reilly (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 Works does not sell a token to the public on this pad | Posture lock | live |
| The product is wholesale fx sold to institutions | Architecture + customer type | draft |
| Permissioned FX rail 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 | Desk file | draft |
| No public token is sold on this pad | Engagement terms + posture lock | live |
| Customers contemplated: Ireland, EEA professional | Named markets on the file | draft |
On the record
- Application APP-4596ScreenSep
- Counsel questionPathSep
Operating log
02 Sep 10:00
Application scored. Ember Works 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.