The wedge
TA integration
The wedge is repeating KYC at every gate of the same allocator.
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
ETCH
Closed
CLOSEDSelective disclosureEtch
Window closed. a short list asked while it was live. You are reading history.
The protocol pitch was declined. What remains is software against an invoice. a short list people still asked.
Etch — An attestation graph: a fund or investor proves one fact (accredited, name, share-class) to a transfer agent or administrator without handing over the whole file. Selective disclosure is the product.
Closed on this board. Any capital event was completed with the issuer’s own providers. RCA Pad took 0%.
Closed. The live conversation is over. The pack remains as archive.
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
completed
Window
Closed
Heat
0/99
Inbound / wk
0asks
Asking now
0live
Named pilots
0
Redacted on the public page
Live nodes
0
Attestation graph
Counsel hours
0
Tel Aviv · closed private round
Sentences killed
0
Before listing
Claims live
0/8
Build
Our cut
0%
Of any proceeds
Plate Lattice · 9152
ETCH
The plate
Lattice. Edition 9152.
A unique plate for Etch. Geometry, orbit, and edition belong to this company — no other listing on the board shares it.
ETCH · Tel Aviv · Selective disclosure
Score
0
Desk diligence
Pilots
0
Named, redacted
Stage
completed
completed
HQ
Tel Aviv
Fund administrators
Sells
TA
TA integration
Markets
0
Tel Aviv
Years
0
Founded 2021
Surfaces
0
Attestation graph
Complete
0
File readiness
Why the desk took it
A real job, not a ticker.
US retail identity was taken off before we asked.
Traction
3 named pilots (redacted).
Founded 2021, headquartered in Tel Aviv. 3 named pilots on file (identities redacted in public). 14 nodes or connected surfaces reported. Desk diligence score 82/100. Two licensed PSPs on a paid pilot — identities off the public file. They killed their own ‘token as fee’ sentence before we asked. Rare, and it scored.
Next 12 months
Liability sentence in writing: who is wrong when a fact is wrong.
A ‘passport token’ is usually a security in costume. Per-event pricing so a pilot can start without a transformation programme.
The brief
How a serious reader should hold this.
The decline pile in Selective disclosure is not a rumour. It is how this board stays readable. Etch is what survived. That is the sell.
The bet is narrow. A named Tel Aviv buyer already has budget for this invoice. Etch wins if it is cheaper than the internal build and cleaner than the protocol pitch. It loses if a founder later wants a public book. The window is the time you have to decide which it is.
US traffic was taken off the public surfaces in the first working session. Etch did not argue. Adult companies do not costume a US offering.
From ops
We will not describe this as Reg CA-compliant, MiCA-stickered, or FCA-authorised. Issuers retain their own counsel in every relevant jurisdiction.
From the pilot
Fixed fee. Deposit to start. 0% of proceeds. Token-only pay is declined. Percentage of raise is declined.
From counsel
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.
When the heat drops, the named customer is still named — they just stop taking new calls.
0% of proceeds. Fixed fee. The incentive is a clean campaign — not a raise.
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
- 10
- Counsel hours on file
- 18
- Asks / week
- 3
- Our cut
- 0% of proceeds
The waitlist is people who want the product. If they wanted a coin they would be on a different pad.
This company
Etch
The copycats will arrive after certification. That is why the window is now.
In the same conversation
- Onfido / Jumio for people
- Fund-admin KYC teams
- W3C attestations
- Not a ‘passport token’
The bet
Why this company exists.
The wedge is repeating KYC at every gate of the same allocator.
The wedge is repeating KYC at every gate of the same allocator.
Transfer agents and AIFMs are being asked for faster onboarding without becoming identity companies. Attestations they can revoke are the compromise.
Fund onboarding cost is a known line item. A 20–40% cut in cycle time is a budget, not a vision deck.
Versus the field
The incumbent brand sells the relationship. Etch 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: Tel Aviv. Off-limits: United States retail. A US person hearing an offering communication is a US problem even if the company sits in Tel Aviv. Blocking an IP and taking a US Telegram admin is not a block.
How it works
- 01A fact is attested by a party the recipient already trusts
- 02The holder discloses only the field requested
- 03The rest of the file stays dark
- 04Revocation is a first-class event
- 05The recipient never sees the rest of the file — selective disclosure is enforced, not promised
- 06A named counterparty verifies; Etch does not attest to its own facts.
In the same conversation as
- Onfido / Jumio for people
- Fund-admin KYC teams
- W3C attestations
- Not a ‘passport token’
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
34%
The remaining certifications and the second named market.
Named operators
28%
Adapter work against the incumbent register, admin, or custodian.
Certifications & adapters
19%
Keeping the public story from running ahead of the claims register.
Claims & campaign ops
19%
Dual-control drills, key ceremonies, and the person who owns them.
Operating week
What “in market” actually looks like.
- MonClaimsEvery public sentence checked against the register. Anything extra is unpublished.
- FriKill switchRehearse unpublish in 24 hours. If it takes a committee, it is not a switch.
- SatDarkNo creators. No threads. Restricted geos stay dark.
- SunOwnersWho can decide messaging and budget on a recorded line. If the answer is nobody, stop.
The wedge
Why this one, not the other one.
- They sell
- TA integration
- Who pays
- Two licensed PSPs on a paid pilot — identities off the public file.
- Unit economics
- Per-event pricing so a pilot can start without a transformation programme.
- Moat on file
- A transfer agent has agreed to consume the attestation in production.
- Switching cost
- Once the record is the record, the incumbent copy has to migrate history. That is the year.
- Vs the comps
- A ‘passport token’ is usually a security in costume.
- Why we listed it
- US retail identity was taken off before we asked.
Next twelve months
What has to be true.
Liability sentence in writing: who is wrong when a fact is wrong.
They killed their own ‘token as fee’ sentence before we asked. Rare, and it scored.
Capital would fund the adapter work and a named counsel memo, not a public sale.
Traction
What you can verify today.
Founded 2021, headquartered in Tel Aviv. 3 named pilots on file (identities redacted in public). 14 nodes or connected surfaces reported. Desk diligence score 82/100. Two licensed PSPs on a paid pilot — identities off the public file. They killed their own ‘token as fee’ sentence before we asked. Rare, and it scored.
- Operating notes for Attestation graph
- No token contract listed as a public sale
- Named founder; customer still a conversation
- Tel Aviv is the operating centre
- The waitlist, if any, is a product list — not a book
- Raise, if any, closed with issuer providers
Readiness
Six things a serious buyer asks. 100 is “ready to take to counsel and a customer.”
- Product95
- Customers84
- Legal path84
- Tech maturity70
- Demand10
- Market access44
Risks
What can kill it.
The one that actually kills it
A second geography without a lock
Extending the record into a market that is still restricted is how a clean Tel Aviv story becomes a fact pattern. The restricted list exists for a reason: United States retail.
Who attests
If the attester is the company itself, this is a database with extra steps.
Portability theatre
A graph nobody else reads is a PDF with a hash.
US
US retail identity products are a different statute. Many of these files keep the US off.
Utility token
Paying for attestations in a native token is usually a securities problem in costume.
Self-attestation
If Etch is the attester, this is a database with extra steps. The graph only matters if someone else signs.
Token relapse
A later round that wants a public token puts Etch in a different perimeter. The file treats that as a hard stop.
Ask these next
- 01Is the waitlist demand for a product, or a queue for a coin?
- 02Has counsel written the perimeter in a memo you can file?
- 03Where do keys, title, or NAV liability sit — and is that person licensed?
- 04Who can unpublish a public sentence in 24 hours, by name?
- 05If RCA Pad disappeared tomorrow, could the customer still run the job?
- 06Which incumbent can copy this in a quarter, and what would they have to migrate?
Structure
How money would actually move.
Window closed. Tombstone is theirs. Archive is ours. 0% of proceeds.
- Entity
- Etch Ltd
- Path on file
- Tel Aviv · closed private round
- Posture
- Window closed
- Pack
- Build
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.
- Tel Avivnamed
- United States retailrestricted
Team
Who runs it.
- Leila KhanChief executive
- Mei KhanHead of product
Stack
- Attestation graph
- Selective disclosure
- Takedown SLA
- Approval trail
Named with them
- Clearline
Who can decide
Leila Khan (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.
If the first customer renews, the adapter work pays for itself. If they do not, Etch is a services firm with a slide. The twelve-month test is renewal, not waitlist.
Claims with evidence
Statements with evidence.
| Statement | Evidence | Status |
|---|---|---|
| Etch does not sell a token to the public on this pad | Posture lock | withdrawn |
| The product is selective disclosure sold to institutions | Architecture + customer type | withdrawn |
| Attestation graph is the method — not a listed asset | Desk snapshot | withdrawn |
| Retail buyers are out of scope | Named markets lock | withdrawn |
| Any raise completes with the issuer’s counsel and providers — not on RCA Pad | Fixed-fee terms | withdrawn |
| Pilot identities redacted in public | No board minute | withdrawn |
| No public token is sold on this pad | Engagement terms + posture lock | withdrawn |
| Customers contemplated: Tel Aviv | Named markets on the file | withdrawn |
On the record
- Final registerArchiveAug
- Close reportReportAug
- Tombstone copyArchiveAug
Operating log
19 Aug 10:00
Close report. 0% of proceeds.
12 Aug 18:00
Etch archived. Live claims withdrawn.
11 Aug 09:30
Final creator pass. Residual claims pulled.
Path to now
Open
File
Before any public sentence.
Close
Archive
We did not take a cut.
Not a subscription
This is not a sale page.
Window closed. Tombstone is theirs. Archive is ours. 0% of proceeds. 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.