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

FLIB

In market

HOT WINDOWHealth-claims tape

Flint Ledger

Pilots named (redacted). Waitlist not. 9,190 names. Your move.

You can open twelve thinner companies. Or this one, once, while the window is still a number.

Flint Ledger — A permissioned netting engine for trading venues and brokers that are already licensed. It reduces what has to settle. It is not a new CCP, and it is not a collateral token.

Live campaign. 9,190 on the product waitlist — that is demand, not an allocation.

Archive is free. Live access is timed. Flint Ledger is timed.

Diligence, not a prospectus. RCA Pad does not allocate, take orders, or close funding. If this company raises, it raises with its own counsel.

Waitlist

Window

Closed

Heat

0/99

Inbound / wk

0asks

Asking now

0live

Named pilots

Redacted on the public page

Live nodes

Claims book

Counsel hours

Madrid · counsel-named

Sentences killed

Before listing

Claims live

12/14

Growth

Our cut

Of any proceeds

Plate Horizon · 1578

FLIB

The plate

Horizon. Edition 1578.

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

FLIB · Madrid · Health-claims tape

Score

Desk diligence

Pilots

Named, redacted

Waitlist

Product demand

Madrid

Licensed venues

Sells

Venue

Venue licence add-on

Markets

Madrid

Years

Founded 2026

Surfaces

Claims book

Complete

File readiness

The wedge

Venue licence add-on

They will not tokenise margin. That sentence is why they are on this board.

Why the desk took it

A real job, not a ticker.

They did not claim to be a CCP. Counsel will still ask.

Traction

5 named pilots (redacted).

Founded 2026, headquartered in Madrid. 5 named pilots on file (identities redacted in public). 9,190 on the waitlist, gated — product demand, not a book built. 24 nodes or connected surfaces reported. Desk diligence score 94/100. A warehouse or port that has written a live event. A dual-control drill exists on paper. We have not watched it live yet — that is the next ask.

Next 12 months

Legal memo: are we a CCP? One page, named firm.

Calastone-style utilities move funds. This moves risk. They sell a fee the customer already pays a slower vendor for. TAM is that invoice, not a token float.

The brief

How a serious reader should hold this.

The first sentence Nia Hale would not let us publish was the exciting one. What remains is slower — and scarcer: Flint Ledger Ltd selling Health-claims tape as software, from Madrid, 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: Madrid · counsel-named. 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 ops

US persons are outside the audience. A form that asks “are you accredited?” without verification is not an exemption.

From the pilot

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.

Miss a few days and you are explaining to your IC why you read it after it closed.

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

Closed

Closed. History only — not a place to buy.

Sentences killed: 18
Counsel hours on file: 92
Asks / week: 1,149
Our cut: 0% of proceeds

The auditor has seen the dual-record. Switching now is a new conversation. That is the lock.
Nia Hale, Chief executive

This company

Flint Ledger

Twelve Health-claims tape decks look the same. One of them has a Madrid customer on the record.

In the same conversation

LCH / Eurex (incumbent CCPs)
Caldastone-style utilities
Not a DeFi clearinghouse

The bet

Why this company exists.

They will not tokenise margin. That sentence is why they are on this board.

T+1 and capital rules make gross settlement expensive. Venues will buy netting as a service before they will buy a new licence.

Post-trade cost is a line on every broker P&L. A 10% cut in settlement fails is a CFO conversation.

Versus the field

L2 wrappers are cheaper. They are also a different perimeter — and declined here. Flint Ledger is priced as software against an invoice that already exists.

Named: Madrid, United Kingdom. Off-limits: Public residual claims. A US person hearing an offering communication is a US problem even if the company sits in Madrid. Blocking an IP and taking a US Telegram admin is not a block.

How it works

01Members post positions they already hold
02The engine nets what the rulebook allows
03Only the residual hits the existing settlement rail
04Collateral as a token is an exclusion on this file
05Only the residual hits the existing settlement rail — gross never leaves the venue
06Exceptions post back into the customer’s existing case system — no side spreadsheet.

In the same conversation as

LCH / Eurex (incumbent CCPs)
Caldastone-style utilities
Not a DeFi clearinghouse

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
37%
Hiring the operator who already does this job at a licensed firm.
Second market
25%
Keeping the public story from running ahead of the claims register.
Named operators
19%
Adapter work against the incumbent register, admin, or custodian.
Control environment
19%
Dual-control drills, key ceremonies, and the person who owns them.

Operating week

What “in market” actually looks like.

SunOwnersWho can decide messaging and budget on a recorded line. If the answer is nobody, stop.
ThuCustomerNamed pilot (redacted) sees the same record the auditor saw.
TueExceptionsOvernight breaks post back into the customer’s case system. No side book.
SatDarkNo creators. No threads. Restricted geos stay dark.

The wedge

Why this one, not the other one.

They sell: Venue licence add-on
Who pays: A warehouse or port that has written a live event.
Unit economics: They sell a fee the customer already pays a slower vendor for. TAM is that invoice, not a token float.
Moat on file: Members already post positions to the incumbent CCP; this sits beside it.
Switching cost: Network effects only if a second named counterparty writes. One customer is a service firm.
Vs the comps: Calastone-style utilities move funds. This moves risk.
Why we listed it: They did not claim to be a CCP. Counsel will still ask.

Next twelve months

What has to be true.

Legal memo: are we a CCP? One page, named firm.

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.

Operating notes for Claims book
No token contract listed as a public sale
Pilot letters on file, identities redacted
Madrid 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.”

Product83
Customers96
Legal path84
Tech maturity94
Demand86
Market access68

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 9,190.

CCP perimeter

If a regulator reads this as clearing, the licence problem is existential.

Collateral token

That ask has been refused on files like this. It should stay refused.

Member default

Who eats the loss? If the answer is ‘the protocol’, there is no protocol that can.

Incumbent freeze-out

CCPs can copy the netting logic faster than a startup can collect members.

CCP copy

The incumbent can ship the same netting as a feature. Flint Ledger has to be cheaper or faster before that happens.

Incumbent feature

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

Ask these next

01If RCA Pad disappeared tomorrow, could the customer still run the job?
02Which incumbent can copy this in a quarter, and what would they have to migrate?
03Has counsel written the perimeter in a memo you can file?
04Is the waitlist demand for a product, or a queue for a coin?
05Where do keys, title, or NAV liability sit — and is that person licensed?
06What happens if a founder later wants a public token?

Structure

How money would actually move.

If this company raises, it raises with its own counsel and providers. The waitlist is a product list. It is not a round, a book, or an allocation on RCA Pad. We do not take a cut.

Entity: Flint Ledger Ltd
Path on file: Madrid · counsel-named
Posture: No public sale
Pack: Growth

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.

Madridnamed
United Kingdomnamed
Public residual claimsrestricted

Team

Who runs it.

Nia HaleChief executive
Oskar HolmFinance

Stack

Claims book
Health-claims tape
Takedown SLA
Approval trail

Named with them

Helix Audit

Who can decide

Nia Hale (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.

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
Flint Ledger does not sell a token to the public on this pad	Posture lock	live
The product is health-claims tape sold to institutions	Architecture + customer type	live
Claims book 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: Madrid, United Kingdom	Named markets on the file	live

On the record

Sprint packPackJun
Counsel lockPathJul
Claims register liveRegisterAug
Creator briefBriefSep

Operating log

11 Sep 09:36
Takedown SLA idle-tested.
08 Sep 11:40
A claim held for missing evidence.
04 Sep 08:22
Weekly report issued to the desk.
01 Sep 14:08
Creator set on disclosure. No buy language.

Path to now

Sprint
Pack accepted
Narrative, matrix, claims locked.
Path
Counsel names it
Or the file stays not-offering.
Live
Campaign
Waitlist and register. No purchase journey.

Not a subscription

This is not a sale page.

If this company raises, it raises with its own counsel and providers. The waitlist is a product list. It is not a round, a book, or an allocation on RCA Pad. We do not take a cut. 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

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.