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

GORC

Closed

CLOSEDReinsurance records

Gorse Desk

Window closed. a short list asked while it was live. You are reading history.

Inbound this week: 4. That is demand for a job someone already pays for — not a book.

Gorse Desk — 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.

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

Redacted on the public page

Live nodes

Treaty book

Counsel hours

Geneva · closed private round

Sentences killed

Before listing

Claims live

0/15

Sprint

Our cut

Of any proceeds

Plate Lattice · 5644

GORC

The plate

Lattice. Edition 5644.

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

GORC · Geneva · Reinsurance records

Score

Desk diligence

Pilots

Named, redacted

Stage

completed

Geneva

Licensed venues

Sells

Per

Per binder

Markets

Geneva

Years

Founded 2024

Surfaces

Treaty book

Complete

File readiness

The wedge

Per binder

The wedge is bordereaux: still email, still late, still wrong.

Why the desk took it

A real job, not a ticker.

They named a coverholder, not a protocol.

Traction

3 named pilots (redacted).

Founded 2024, headquartered in Geneva. 3 named pilots on file (identities redacted in public). 15 nodes or connected surfaces reported. Desk diligence score 83/100. A qualified custodian reconciling against this book. A dual-control drill exists on paper. We have not watched it live yet — that is the next ask.

Next 12 months

One live binder a carrier will show their auditor.

Guidewire is the system of record. This is the slip between markets. Annual software against an ops cost the board can see. Switching cost is the record, not the brand.

The brief

How a serious reader should hold this.

Most Reinsurance records decks start with a market size. This one starts with a job: a person at a licensed firm, a record they cannot currently prove, and a calendar that does not wait for a proposed US rule. The calendar is the window. The window is the scarce thing.

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 sentence went public and came down in under an hour. Priya Reilly treated the kill as an operating skill, not a PR event. Files that cannot do this do not stay listed.

From the pilot

This communication is not an offer. Participation mechanics do not exist on this pad. If a later reader treats the public stack as the offer, the stack was already wrong.

From the screen

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

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.

Founders who want a pack this tight apply. Readers who wait get a closed stamp.

The comment period is not a path. This company is priced as if that is already true.

The scarce thing is not the company. It is the next 0 days of a live conversation.

Window

Closed

Closed. History only — not a place to buy.

Sentences killed: 10
Counsel hours on file: 84
Asks / week: 4
Our cut: 0% of proceeds

If RCA Pad ever asked for a cut of a raise, we would walk. That is in the first email.
Priya Reilly, Chief executive

This company

Gorse Desk

The copycats will arrive after certification. That is why the window is now.

In the same conversation

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

The bet

Why this company exists.

The wedge is bordereaux: still email, still late, still wrong.

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

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.

Named: Geneva. Off-limits: Public residual claims. A US person hearing an offering communication is a US problem even if the company sits in Geneva. 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
05Claim and premium events update the same slip the markets already signed
06A named counterparty verifies; Gorse Desk does not attest to its own facts.

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.

Counsel & perimeter
31%
Keeping the public story from running ahead of the claims register.
Named operators
21%
The remaining certifications and the second named market.
Claims & campaign ops
14%
Hiring the operator who already does this job at a licensed firm.
Certifications & adapters
34%
Adapter work against the incumbent register, admin, or custodian.

Operating week

What “in market” actually looks like.

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.
WedCounselPerimeter diffs. If the site drifted from the memo, the site moves — not the memo.
ThuCustomerNamed pilot (redacted) sees the same record the auditor saw.

The wedge

Why this one, not the other one.

They sell: Per binder
Who pays: A qualified custodian reconciling against this book.
Unit economics: Annual software against an ops cost the board can see. Switching cost is the record, not the brand.
Moat on file: Claim events post back into the carrier’s existing system.
Switching cost: Permissioned connectivity is the moat. Public endpoints would erase it.
Vs the comps: Guidewire is the system of record. This is the slip between markets.
Why we listed it: They named a coverholder, not a protocol.

Next twelve months

What has to be true.

One live binder a carrier will show their auditor.

A dual-control drill exists on paper. We have not watched it live yet — that is the next ask.

A round, if any, sits with their providers. This pad does not take the order.

Traction

What you can verify today.

Operating notes for Treaty book
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
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 maturity73
Demand10
Market access44

Risks

What can kill it.

The one that actually kills it

Counsel is a slide

Unnamed counsel is how companies die in diligence. Geneva · closed private round has to be a memo you can file, not a slogan on the hero.

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.

Not a carrier

If Gorse Desk looks like it is taking risk, it needs a licence. The file says it does not. Keep it that way.

Token relapse

A later round that wants a public token puts Gorse Desk in a different perimeter. The file treats that as a hard stop.

Ask these next

01If RCA Pad disappeared tomorrow, could the customer still run the job?
02Has counsel written the perimeter in a memo you can file?
03What happens if a founder later wants a public token?
04Which incumbent can copy this in a quarter, and what would they have to migrate?
05Where do keys, title, or NAV liability sit — and is that person licensed?
06Who is the first named paying customer — not a letter of intent?

Structure

How money would actually move.

Window closed. Tombstone is theirs. Archive is ours. 0% of proceeds.

Entity: Gorse Desk Ltd
Path on file: Geneva · closed private round
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
Public residual claimsrestricted

Team

Who runs it.

Priya ReillyChief executive

Stack

Treaty book
Reinsurance records
Takedown SLA
Approval trail

Who can decide

Priya Reilly came in named. The team is not a handle. Gorse Desk Ltd exists, founded 2024, headquartered in Geneva. Anonymity would have been an automatic decline.

If the first customer renews, the adapter work pays for itself. If they do not, Gorse Desk is a services firm with a slide. The twelve-month test is renewal, not waitlist.

Claims with evidence

Statements with evidence.

Statement	Evidence	Status
Gorse Desk does not sell a token to the public on this pad	Posture lock	withdrawn
The product is reinsurance records sold to institutions	Architecture + customer type	withdrawn
Treaty book 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: Geneva	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
Gorse Desk 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.

Launch your own How an RCAICO works

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