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

FLI6

In diligence

IN MOTIONVault infrastructure

Flint Post

a short list already asked. The window is a few days. After that, archive.

US was taken off the public stack on day one. Adult companies do that. Then the waitlist filled anyway.

Flint Post — 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 2). This is when the story, the customers and the legal path get written down — or the file stops.

Most Vault infrastructure applications this quarter were declined. You are looking at one that was not.

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

1/6

Sprint

Our cut

Of any proceeds

Plate Concentric · 1563

FLI6

The plate

Concentric. Edition 1563.

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

FLI6 · Austin · Vault infrastructure

Score

Desk diligence

Pilots

Named, redacted

Sprint

Day 2 of 14

Austin

Asset managers

Sells

Per

Per statement

Markets

Austin

Years

Founded 2023

Surfaces

zk testnet

Complete

File readiness

The wedge

Per statement

Flint Post sells the statement, not the vault. Anyone can launch a vault.

Why the desk took it

A real job, not a ticker.

Custodian is named, even if redacted.

Traction

One named pilot (redacted).

Founded 2023, headquartered in Austin. One named pilot on file (redacted in public). 4 nodes or connected surfaces reported. Desk diligence score 75/100. Sprint day 2 of 14. A named Austin administrator who already signs the pack (redacted). A dual-control drill exists on paper. We have not watched it live yet — that is the next ask.

Next 12 months

One auditor-signed extract.

Fund admins already report. This is a proof they can attach. They win if they are cheaper than the internal build, not cheaper than a protocol.

The brief

How a serious reader should hold this.

The decline pile in Vault infrastructure is not a rumour. It is how this board stays readable. Flint Post is what survived. That is the sell.

The bet is narrow. A named Austin buyer already has budget for this invoice. Flint Post 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.

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

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

From counsel

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 screen

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.

Certification is in motion. After it lands, the price of the seat is not the question — access is.

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: 6
Counsel hours on file: 24
Asks / week: 10
Our cut: 0% of proceeds

Our TAM is an invoice the customer already pays. A coin would not make it larger. It would make the licence harder.
Claire Reilly, Chief executive

This company

Flint Post

A L2 wrapper is cheaper. It is also a different perimeter — and declined here.

In the same conversation

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

The bet

Why this company exists.

Flint Post sells the statement, not the vault. Anyone can launch a vault.

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

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

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

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
06The legal source of truth stays with the incumbent register, admin, or custodian.

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.

Certifications & adapters
28%
Adapter work against the incumbent register, admin, or custodian.
Counsel & perimeter
24%
Dual-control drills, key ceremonies, and the person who owns them.
Control environment
14%
A counsel memo that can survive a later reader.
Named operators
34%
Hiring the operator who already does this job at a licensed firm.

Operating week

What “in market” actually looks like.

WedCounselPerimeter diffs. If the site drifted from the memo, the site moves — not the memo.
FriKill switchRehearse unpublish in 24 hours. If it takes a committee, it is not a switch.
MonClaimsEvery public sentence checked against the register. Anything extra is unpublished.
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 statement
Who pays: A named Austin administrator who already signs the pack (redacted).
Unit economics: They win if they are cheaper than the internal build, not cheaper than a protocol.
Moat on file: Named custodian. Keys are not at the startup.
Switching cost: Once the record is the record, the incumbent copy has to migrate history. That is the year.
Vs the comps: Fund admins already report. This is a proof they can attach.
Why we listed it: Custodian is named, even if redacted.

Next twelve months

What has to be true.

One auditor-signed extract.

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 zk testnet
No token contract listed as a public sale
Pilot letters on file, identities redacted
Austin 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.”

Product38
Customers40
Legal path62
Tech maturity48
Demand26
Market access44

Risks

What can kill it.

The one that actually kills it

The founder wants a public book

The moment Flint Post 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.

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. Flint Post has to prove the real one.

Single-customer gravity

If the first named buyer is also the only buyer, Flint Post is a services shop with a ledger. Ask for the second.

Ask these next

01Who is the first named paying customer — not a letter of intent?
02Is the waitlist demand for a product, or a queue for a coin?
03If RCA Pad disappeared tomorrow, could the customer still run the job?
04Which incumbent can copy this in a quarter, and what would they have to migrate?
05Who can unpublish a public sentence in 24 hours, by name?
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: Flint Post 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.

Austinnamed
Global publicrestricted

Team

Who runs it.

Claire ReillyChief executive

Stack

zk testnet
Vault infrastructure
Approval trail

Named with them

Northbridge Counsel
Helix Audit

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.

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
Flint Post 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	No board minute	draft
No public token is sold on this pad	Engagement terms + posture lock	live
Customers contemplated: Austin	Named markets on the file	live

On the record

Day 0 lockKick-offSep
Claim inventoryPackSep
Audience matrix draftPackSep

Operating log

11 Sep 9:42
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

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.