The wedge
Per million notional
Gorse Gate sits in front of nostro, not in front of retail.
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
GORH
Screened
SCREENEDWholesale FXGorse Gate
Window a fewd · waitlist a short list · our cut 0%. Do the maths.
Renewal — not the round — is the twelve-month test. The people in this queue already know that.
Gorse Gate — A permissioned DvP rail: cash against asset between banks, FMIs or funds that already have accounts with each other. It is the moment of exchange, not a new listed asset.
Screened, not yet in sprint. Treat every number as provisional. Calendar access is not automatic.
If you needed a reason to open diligence tonight: a short list other people already did.
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
Redacted on the public page
Live nodes
0
Permissioned FX rail
Counsel hours
0
Not offering — locked
Sentences killed
0
Before listing
Claims live
0/5
Sprint
Our cut
0%
Of any proceeds
Plate Signal · 4892
GORH
The plate
Signal. Edition 4892.
A unique plate for Gorse Gate. Geometry, orbit, and edition belong to this company — no other listing on the board shares it.
GORH · Liverpool · Wholesale FX
Score
0
Desk diligence
Pilots
0
Named, redacted
Stage
upcoming
upcoming
HQ
Liverpool
Banks
Sells
Per
Per million notional
Markets
0
Liverpool
Years
0
Founded 2023
Surfaces
0
Permissioned FX rail
Complete
0
File readiness
Why the desk took it
Early — still a question.
A treasurer, not a growth lead, was on the first call.
Traction
One named pilot (redacted).
Founded 2023, headquartered in Liverpool. One named pilot on file (redacted in public). 1 nodes or connected surfaces reported. Desk diligence score 64/100. Four origination desks posting into a closed tape. They killed their own ‘token as fee’ sentence before we asked. Rare, and it scored.
Next 12 months
After-hours window with a fail drill.
A retail FX token is the opposite company. They win if they are cheaper than the internal build, not cheaper than a protocol.
The brief
How a serious reader should hold this.
Someone in Liverpool already renewed a slower vendor this year. Gorse Gate is the conversation that happens before they do it again. Miss this cycle and you explain the next one.
Read this as an operating company, not a round. Counsel has a posture: Not offering — locked. Restricted markets stay dark. RCA Pad takes 0% if they ever raise. That combination is why inbound did not need a ticker.
A dual-control drill sits on paper. Keys, title, or NAV liability sit with a named licensed party — not Gorse Gate. The architecture says so. We have not watched the drill live. That is the next ask, not a slogan.
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 the screen
Fixed fee. Deposit to start. 0% of proceeds. Token-only pay is declined. Percentage of raise is declined.
From counsel
The legal source of truth stays with the incumbent register, admin, or custodian. Gorse Gate does not attest to its own facts.
The window
Miss this and you read the archive.
You can read twelve thinner companies. Or this one, once, while the window is open.
The comment period is not a path. This company is priced as if that is already true.
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
- 8
- Counsel hours on file
- 9
- Asks / week
- 11
- Our cut
- 0% of proceeds
I will take thirty minutes and decide budget. If that person is not me, we should not be listed.
This company
Gorse Gate
The copycats will arrive after certification. That is why the window is now.
In the same conversation
- CLS
- Fnality
- RTGS upgrades
- Not a public L1
The bet
Why this company exists.
Gorse Gate sits in front of nostro, not in front of retail.
Gorse Gate sits in front of nostro, not in front of retail.
T+1, 24/7 FX and on-chain funds make overnight risk visible. Banks will connect a rail before they will issue a coin.
Wholesale settlement is a volume business. Even a sliver of fails avoided is a number a treasurer recognises.
Versus the field
L2 wrappers are cheaper. They are also a different perimeter — and declined here. Gorse Gate 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
- 01Two permissioned parties lock an agreed obligation
- 02Asset and cash move together, or not at all
- 03Existing accounts are the source of funds
- 04No public chain sale of the rail’s token
- 05Matches stay inside named desks; cash still settles where it already settles
- 06Exceptions post back into the customer’s existing case system — no side spreadsheet.
In the same conversation as
- CLS
- Fnality
- RTGS upgrades
- Not a public L1
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
36%
Adapter work against the incumbent register, admin, or custodian.
Counsel & perimeter
27%
Hiring the operator who already does this job at a licensed firm.
Control environment
17%
The remaining certifications and the second named market.
Certifications & adapters
20%
Dual-control drills, key ceremonies, and the person who owns them.
Operating week
What “in market” actually looks like.
- WedCounselPerimeter diffs. If the site drifted from the memo, the site moves — not the memo.
- SunOwnersWho can decide messaging and budget on a recorded line. If the answer is nobody, stop.
- FriKill switchRehearse unpublish in 24 hours. If it takes a committee, it is not a switch.
- SatDarkNo creators. No threads. Restricted geos stay dark.
The wedge
Why this one, not the other one.
- They sell
- Per million notional
- Who pays
- Four origination desks posting into a closed tape.
- Unit economics
- They win if they are cheaper than the internal build, not cheaper than a protocol.
- Moat on file
- CLS or local RTGS remains the final cash.
- Switching cost
- Once the record is the record, the incumbent copy has to migrate history. That is the year.
- Vs the comps
- A retail FX token is the opposite company.
- Why we listed it
- A treasurer, not a growth lead, was on the first call.
Next twelve months
What has to be true.
After-hours window with a fail drill.
They killed their own ‘token as fee’ sentence before we asked. Rare, and it scored.
They have not asked us to run a sale. That ask would close the file.
Traction
What you can verify today.
Founded 2023, headquartered in Liverpool. One named pilot on file (redacted in public). 1 nodes or connected surfaces reported. Desk diligence score 64/100. Four origination desks posting into a closed tape. They killed their own ‘token as fee’ sentence before we asked. Rare, and it scored.
- Architecture paper — no production customer on the public file
- No token contract listed as a public sale
- Pilot letters on file, identities redacted
- Liverpool 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.”
- Product27
- Customers40
- Legal path62
- Tech maturity31
- Demand10
- Market access68
Risks
What can kill it.
The one that actually kills it
A second geography without a lock
Extending the record into a market that is still restricted is how a clean Liverpool story becomes a fact pattern. The restricted list exists for a reason: Global public.
Money issuance
If the rail issues a settlement asset, it is in the e-money / deposit perimeter.
Legal finality
Atomic in software is not final in court. Ask which law says it is.
Incumbent RTGS
Central banks are not asleep. A feature can become a standard.
Public token
Listing the rail’s unit is a sale. This pad does not run that sale.
Issuing the cash
If Gorse Gate issues a stablecoin to make this atomic, the company becomes an e-money problem.
Single-customer gravity
If the first named buyer is also the only buyer, Gorse Gate is a services shop with a ledger. Ask for the second.
Ask these next
- 01Which incumbent can copy this in a quarter, and what would they have to migrate?
- 02What does renewal look like if no round ever happens?
- 03Which geography is actually locked, and which is a hope?
- 04Who is the first named paying customer — not a letter of intent?
- 05Where do keys, title, or NAV liability sit — and is that person licensed?
- 06If RCA Pad disappeared tomorrow, could the customer still run the job?
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
- Gorse Gate 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.
- Liverpoolnamed
- United Kingdomnamed
- Global publicrestricted
Team
Who runs it.
- Noam MoreauChief executive
- Yara NgChief compliance
Stack
- Permissioned FX rail
- Wholesale FX
- Disclosure templates
Named with them
- Clearline
Who can decide
Noam Moreau came in named. The team is not a handle. Gorse Gate Ltd exists, founded 2023, headquartered in Liverpool. Anonymity would have been an automatic decline.
If the first customer renews, the adapter work pays for itself. If they do not, Gorse Gate 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 Gate does not sell a token to the public on this pad | Posture lock | live |
| The product is wholesale fx sold to institutions | Architecture + customer type | draft |
| Permissioned FX rail 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 | No board minute | draft |
| No public token is sold on this pad | Engagement terms + posture lock | live |
| Customers contemplated: Liverpool, United Kingdom | Named markets on the file | draft |
On the record
- Application APP-4388ScreenSep
- Counsel questionPathSep
Operating log
04 Sep 13:00
Application scored. Gorse Gate is not a calendar slot.
11 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.