The wedge
Per-onboarding event
Revocation is the product. Anyone can issue; almost no one can take it back.
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
FRTR
In diligence
IN MOTIONTransfer agencyFar Transfer
If you read one Transfer agency company this quarter, make it this one.
US was taken off the public stack on day one. Adult companies do that. Then the waitlist filled anyway.
Far Transfer — 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.
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
0
Redacted on the public page
Live nodes
0
TA adapters
Counsel hours
0
Not offering — locked
Sentences killed
0
Before listing
Claims live
3/6
Sprint
Our cut
0%
Of any proceeds
Plate Horizon · 9579
FRTR
The plate
Horizon. Edition 9579.
A unique plate for Far Transfer. Geometry, orbit, and edition belong to this company — no other listing on the board shares it.
FRTR · Auckland · Transfer agency
Score
0
Desk diligence
Pilots
0
Named, redacted
Sprint
0
Day 13 of 14
HQ
Auckland
Fund administrators
Sells
Per-onboarding
Per-onboarding event
Markets
0
Auckland
Years
0
Founded 2023
Surfaces
0
TA adapters
Complete
0
File readiness
Why the desk took it
A real job, not a ticker.
No utility token in the revenue model. We checked.
Traction
2 named pilots (redacted).
Founded 2023, headquartered in Auckland. 2 named pilots on file (identities redacted in public). 8 nodes or connected surfaces reported. Desk diligence score 84/100. Sprint day 13 of 14. Two licensed PSPs on a paid pilot — identities off the public file. A redacted engagement letter landed in week one. That is why the desk took the meeting.
Next 12 months
Liability sentence in writing: who is wrong when a fact is wrong.
A ‘passport token’ is usually a security in costume. Seat plus event. If they ever attach a token as the unit of account, the file stops.
The brief
How a serious reader should hold this.
The decline pile in Transfer agency is not a rumour. It is how this board stays readable. Far Transfer 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 Far Transfer is the version that survives counsel. It is on a clock.
A sentence went public and came down in under an hour. Nia Okafor treated the kill as an operating skill, not a PR event. Files that cannot do this do not stay listed.
From the screen
Fixed fee. Deposit to start. 0% of proceeds. Token-only pay is declined. Percentage of raise is declined.
From the founder
We will not describe this as Reg CA-compliant, MiCA-stickered, or FCA-authorised. Issuers retain their own counsel in every relevant jurisdiction.
From counsel
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.
When the heat drops, the named customer is still named — they just stop taking new calls.
Switching cost is the auditor conversation. Once it happens, you are late.
Read it once, properly, while the number is still green. Then decide.
Window
Closed
Closed. History only — not a place to buy.
- Sentences killed
- 16
- Counsel hours on file
- 71
- Asks / week
- 39
- Our cut
- 0% of proceeds
The decline pile is a compliment. It means the screen still means something.
This company
Far Transfer
Services firms hide in ‘platform’ language. Far Transfer sells a seat plus an event. Named.
In the same conversation
- Onfido / Jumio for people
- Fund-admin KYC teams
- W3C attestations
- Not a ‘passport token’
The bet
Why this company exists.
Revocation is the product. Anyone can issue; almost no one can take it back.
Revocation is the product. Anyone can issue; almost no one can take it back.
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. Far Transfer 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
- 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
- 06The legal source of truth stays with the incumbent register, admin, or custodian.
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.
Claims & campaign ops
34%
Dual-control drills, key ceremonies, and the person who owns them.
Second market
25%
The remaining certifications and the second named market.
Control environment
18%
A counsel memo that can survive a later reader.
Certifications & adapters
23%
Hiring the operator who already does this job at a licensed firm.
Operating week
What “in market” actually looks like.
- FriKill switchRehearse unpublish in 24 hours. If it takes a committee, it is not a switch.
- SunOwnersWho can decide messaging and budget on a recorded line. If the answer is nobody, stop.
- 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.
The wedge
Why this one, not the other one.
- They sell
- Per-onboarding event
- Who pays
- Two licensed PSPs on a paid pilot — identities off the public file.
- Unit economics
- Seat plus event. If they ever attach a token as the unit of account, the file stops.
- Moat on file
- The attester is a party the recipient already trusts — not Far Transfer.
- Switching cost
- The customer’s auditor has seen this book. Switching means a new auditor conversation.
- Vs the comps
- A ‘passport token’ is usually a security in costume.
- Why we listed it
- No utility token in the revenue model. We checked.
Next twelve months
What has to be true.
Liability sentence in writing: who is wrong when a fact is wrong.
A redacted engagement letter landed in week one. That is why the desk took the meeting.
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 2023, headquartered in Auckland. 2 named pilots on file (identities redacted in public). 8 nodes or connected surfaces reported. Desk diligence score 84/100. Sprint day 13 of 14. Two licensed PSPs on a paid pilot — identities off the public file. A redacted engagement letter landed in week one. That is why the desk took the meeting.
- Operating notes for TA adapters
- No token contract listed as a public sale
- Pilot letters on file, identities redacted
- Auckland 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.”
- Product73
- Customers62
- Legal path62
- Tech maturity60
- Demand70
- Market access44
Risks
What can kill it.
The one that actually kills it
The named customer is a letter of intent
Pilots that cannot be named, even redacted, are theatre. One paying seat that an auditor has seen is worth more than a waitlist of a short list.
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 Far Transfer is the attester, this is a database with extra steps. The graph only matters if someone else signs.
Single-customer gravity
If the first named buyer is also the only buyer, Far Transfer is a services shop with a ledger. Ask for the second.
Ask these next
- 01What does renewal look like if no round ever happens?
- 02Which incumbent can copy this in a quarter, and what would they have to migrate?
- 03Who is the first named paying customer — not a letter of intent?
- 04Where do keys, title, or NAV liability sit — and is that person licensed?
- 05If RCA Pad disappeared tomorrow, could the customer still run the job?
- 06Has counsel written the perimeter in a memo you can file?
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
- Far Transfer 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.
- Aucklandnamed
- EU retailrestricted
Team
Who runs it.
- Nia OkaforChief executive
Stack
- TA adapters
- Transfer agency
- Takedown SLA
Named with them
- Northbridge Counsel
- Clearline
Who can decide
The technical founder is on the record as engineering. Contractors in undisclosed jurisdictions are written down as a fact, not hidden. Facts can be managed. Hiding them is how companies die in diligence.
Year two is a second named market and the remaining certifications — still permissioned. It is not a public book. A public book would be a different company.
Claims with evidence
Statements with evidence.
| Statement | Evidence | Status |
|---|---|---|
| Far Transfer does not sell a token to the public on this pad | Posture lock | live |
| The product is transfer agency sold to institutions | Architecture + customer type | live |
| TA adapters 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: Auckland | Named markets on the file | live |
On the record
- Day 0 lockKick-offSep
- Claim inventoryPackSep
- Audience matrix draftPackSep
Operating log
11 Sep 9:41
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.
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.