The wedge
Per-onboarding event
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
FLIR
Screened
SCREENEDSelective disclosureFlint Vault
a few days until this conversation is history.
Seats of attention are not infinite. 6 counterparties are in the live thread. You are not — yet.
Flint Vault — 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.
Screened, not yet in sprint. Treat every number as provisional. Calendar access is not automatic.
Window a fewd. Waitlist a short list. 4 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.
Stage
upcoming
Window
Closed
Heat
0/99
Inbound / wk
0asks
Asking now
0live
Named pilots
0
Still a question
Live nodes
0
Attestation graph
Counsel hours
0
Undetermined — not a path
Sentences killed
0
Before listing
Claims live
0/6
Sprint
Our cut
0%
Of any proceeds
Plate Lattice · 6145
FLIR
The plate
Lattice. Edition 6145.
A unique plate for Flint Vault. Geometry, orbit, and edition belong to this company — no other listing on the board shares it.
FLIR · Geneva · Selective disclosure
Score
0
Desk diligence
Pilots
0
None on file
Stage
upcoming
upcoming
HQ
Geneva
Fund administrators
Sells
Per-onboarding
Per-onboarding event
Markets
0
Geneva
Years
0
Founded 2024
Surfaces
0
Attestation graph
Complete
0
File readiness
Why the desk took it
Early — still a question.
No utility token in the revenue model. We checked.
Traction
No paying pilot on the public file.
Founded 2024, headquartered in Geneva. No named paying pilot on the file yet — that is the first question. 2 nodes or connected surfaces reported. Desk diligence score 71/100. 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
One TA consuming revoke in production.
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 first sentence Kofi Holm would not let us publish was the exciting one. What remains is slower — and scarcer: Flint Vault Ltd selling Selective disclosure as software, from Geneva, to a buyer who already pays someone else to do this badly. That buyer is named. You are not, yet.
What you can verify today is smaller than the slide. What you cannot verify is named as a question, not a promise. That is the difference between this company and a pad listing — and why the waitlist is not a coin queue.
A dual-control drill sits on paper. Keys, title, or NAV liability sit with a named licensed party — not Flint Vault. The architecture says so. We have not watched the drill live. That is the next ask, not a slogan.
From the screen
The legal source of truth stays with the incumbent register, admin, or custodian. Flint Vault does not attest to its own facts.
From the founder
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.
The next Selective disclosure company on this board will not have this waitlist, this HQ, or this counsel posture.
Budget exists on a line the board can see. That is why the window is this quarter.
The scarce thing is not the company. It is the next a few days of a live conversation.
Window
Closed
Closed. History only — not a place to buy.
- Sentences killed
- 12
- Counsel hours on file
- 10
- Asks / week
- 4
- Our cut
- 0% of proceeds
US came off the site in the first session. We did not argue. We are not children.
This company
Flint Vault
Services firms hide in ‘platform’ language. Flint Vault 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.
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
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.
Geneva being the city does not make local retail a default audience. Communications capable of inducing investment activity still have a promotions problem.
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
- 06Kill of a public sentence is an hour, not a committee.
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.
Control environment
32%
A counsel memo that can survive a later reader.
Named operators
23%
The remaining certifications and the second named market.
Second market
14%
Dual-control drills, key ceremonies, and the person who owns them.
Certifications & adapters
31%
Keeping the public story from running ahead of the claims register.
Operating week
What “in market” actually looks like.
- ThuCustomerNamed pilot (redacted) sees the same record the auditor saw.
- SunOwnersWho can decide messaging and budget on a recorded line. If the answer is nobody, stop.
- 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-onboarding event
- 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
- Revoke has been tested against a live register.
- 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.
One TA consuming revoke in production.
A redacted engagement letter landed in week one. That is why the desk took the meeting.
Growth money would extend the record to a second geography, still permissioned.
Traction
What you can verify today.
Founded 2024, headquartered in Geneva. No named paying pilot on the file yet — that is the first question. 2 nodes or connected surfaces reported. Desk diligence score 71/100. 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.
- Architecture paper — no production customer on the public file
- No token contract listed as a public sale
- Pilot letters on file, identities redacted
- Geneva 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.”
- Product19
- Customers18
- Legal path24
- Tech maturity34
- Demand10
- Market access44
Risks
What can kill it.
The one that actually kills it
The unit of account becomes a token
Seat plus event. If they attach a token as the unit of account, this company is a different company — and not one we will operate a campaign for.
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 Flint Vault is the attester, this is a database with extra steps. The graph only matters if someone else signs.
Facts vs theatre
A proof of a fake book is still a fake book. Flint Vault has to attach to the real one, in Geneva.
Ask these next
- 01Has counsel written the perimeter in a memo you can file?
- 02What happens if a founder later wants a public token?
- 03Which incumbent can copy this in a quarter, and what would they have to migrate?
- 04Where do keys, title, or NAV liability sit — and is that person licensed?
- 05Who can unpublish a public sentence in 24 hours, by name?
- 06Is the waitlist demand for a product, or a queue for a coin?
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
- Flint Vault Ltd
- Path on file
- Undetermined — not a path
- 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.
- Genevanamed
- United States retailrestricted
Team
Who runs it.
- Kofi HolmChief executive
- Amira ParkChief technology
Stack
- Attestation graph
- Selective disclosure
- Approval trail
- Disclosure templates
Who can decide
Kofi Holm came in named. The team is not a handle. Flint Vault Ltd exists, founded 2024, headquartered in Geneva. Anonymity would have been an automatic decline.
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 Vault does not sell a token to the public on this pad | Posture lock | live |
| The product is selective disclosure sold to institutions | Architecture + customer type | draft |
| Attestation graph 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 |
| Production date for the chain layer is not committed | Desk file | draft |
| No public token is sold on this pad | Engagement terms + posture lock | live |
| Customers contemplated: Geneva | Named markets on the file | draft |
On the record
- Application APP-4301ScreenSep
- Counsel questionPathSep
Operating log
06 Sep 11:00
Application scored. Flint Vault 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.