The wedge
Desk seat
Gorse Mark wants to be the record everyone already trusts, without becoming the venue.
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
GORU
Screened
SCREENEDISDA opsGorse Mark
They killed 7 sentences to get listed. That is the product you are about to miss.
Seats of attention are not infinite. 8 counterparties are in the live thread. You are not — yet.
Gorse Mark — A system of record for private-credit funds and desks: tapes, RFQs, or covenants that update when a borrower files. The buyers already have a book. This is plumbing, not a venue that matches strangers.
Screened, not yet in sprint. Treat every number as provisional. Calendar access is not automatic.
Heat 24 of 99. Hot windows do not stay hot. They close.
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
Confirmations book
Counsel hours
0
Undetermined — not a path
Sentences killed
0
Before listing
Claims live
0/6
Sprint
Our cut
0%
Of any proceeds
Plate Horizon · 7435
GORU
The plate
Horizon. Edition 7435.
A unique plate for Gorse Mark. Geometry, orbit, and edition belong to this company — no other listing on the board shares it.
GORU · Montreal · ISDA ops
Score
0
Desk diligence
Pilots
0
Named, redacted
Stage
upcoming
upcoming
HQ
Montreal
Private-credit funds
Sells
Desk
Desk seat
Markets
0
Montreal
Years
0
Founded 2023
Surfaces
0
Confirmations book
Complete
0
File readiness
Why the desk took it
Early — still a question.
A redacted facility list landed in week one.
Traction
One named pilot (redacted).
Founded 2023, headquartered in Montreal. One named pilot on file (redacted in public). 1 nodes or connected surfaces reported. Desk diligence score 62/100. A named Montreal 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 administrator consuming marks daily.
A DeFi lending pool is the opposite company. Seat plus event. If they ever attach a token as the unit of account, the file stops.
The brief
How a serious reader should hold this.
Before the waitlist, before the window, there was a refusal. Gorse Mark would not let a public sale sit on this page. That is why a company in ISDA ops is listed here at all — and why the people who wanted a coin left, and the people who wanted the product stayed.
The bet is narrow. A named Montreal buyer already has budget for this invoice. Gorse Mark 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 counsel
Fixed fee. Deposit to start. 0% of proceeds. Token-only pay is declined. Percentage of raise is declined.
From ops
US persons are outside the audience. A form that asks “are you accredited?” without verification is not an exemption.
From the screen
We will not describe this as Reg CA-compliant, MiCA-stickered, or FCA-authorised. Issuers retain their own counsel in every relevant jurisdiction.
The window
Miss this and you read the archive.
When the heat drops, the named customer is still named — they just stop taking new calls.
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 a few days of a live conversation.
Window
Closed
Closed. History only — not a place to buy.
- Sentences killed
- 7
- Counsel hours on file
- 10
- Asks / week
- 12
- 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 Mark
A generalist vendor copies the slide. They cannot copy the named record.
In the same conversation
- eFront
- Allvue
- Closed RFQ wires
- Not an on-chain lending pool
The bet
Why this company exists.
Gorse Mark wants to be the record everyone already trusts, without becoming the venue.
Gorse Mark wants to be the record everyone already trusts, without becoming the venue.
Allocators want daily marks and covenant visibility. Banks want to originate without building a chain team. The first honest tape that does not pretend to be an exchange will be paid for as software.
Private credit AUM is measured in trillions. The software take-rate is small. The switching cost, once a tape is the record, is not.
Versus the field
L2 wrappers are cheaper. They are also a different perimeter — and declined here. Gorse Mark is priced as software against an invoice that already exists.
The live path is Undetermined — not a path. Proposed Regulation Crypto Assets is not treated as a calendar slot. Build as if it never opens.
How it works
- 01A loan or covenant event is written once
- 02Permissioned counterparties see what they are allowed to see
- 03Marks and RFQs stay inside named desks
- 04No public order book, no retail
- 05Default and amendment events are first-class, not a PDF in a side channel
- 06Kill of a public sentence is an hour, not a committee.
In the same conversation as
- eFront
- Allvue
- Closed RFQ wires
- Not an on-chain lending pool
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
34%
A counsel memo that can survive a later reader.
Counsel & perimeter
23%
The remaining certifications and the second named market.
Named operators
18%
Hiring the operator who already does this job at a licensed firm.
Control environment
25%
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.
- TueExceptionsOvernight breaks post back into the customer’s case system. No side book.
- SunOwnersWho can decide messaging and budget on a recorded line. If the answer is nobody, stop.
- MonClaimsEvery public sentence checked against the register. Anything extra is unpublished.
The wedge
Why this one, not the other one.
- They sell
- Desk seat
- Who pays
- A named Montreal administrator who already signs the pack (redacted).
- Unit economics
- Seat plus event. If they ever attach a token as the unit of account, the file stops.
- Moat on file
- Four origination desks already post into a closed tape.
- Switching cost
- The customer’s auditor has seen this book. Switching means a new auditor conversation.
- Vs the comps
- A DeFi lending pool is the opposite company.
- Why we listed it
- A redacted facility list landed in week one.
Next twelve months
What has to be true.
One administrator consuming marks daily.
A dual-control drill exists on paper. We have not watched it live yet — that is the next ask.
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 Montreal. One named pilot on file (redacted in public). 1 nodes or connected surfaces reported. Desk diligence score 62/100. A named Montreal 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.
- Architecture paper — no production customer on the public file
- No token contract listed as a public sale
- Named founder; customer still a conversation
- Montreal 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.”
- Product29
- Customers40
- Legal path24
- Tech maturity31
- Demand10
- Market access44
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 Montreal story becomes a fact pattern. The restricted list exists for a reason: EU retail.
Marketplace slip
The moment this looks like a public book, it is a venue. This pad will not list that.
Data rights
Who owns the tape when a fund leaves? If that is unsigned, the enterprise value is a conversation.
Credit cycle
A default cluster will test whether the product is a record or a reputation.
Retail
Retail is prohibited. Any ‘access token’ story is a different company.
Data rights on exit
If a fund leaves and the tape stays, who owns the history? Unsigned, the enterprise value is a conversation.
Token relapse
A later round that wants a public token puts Gorse Mark in a different perimeter. The file treats that as a hard stop.
Ask these next
- 01What happens if a founder later wants a public token?
- 02Is the waitlist demand for a product, or a queue for a coin?
- 03Which geography is actually locked, and which is a hope?
- 04Which incumbent can copy this in a quarter, and what would they have to migrate?
- 05If RCA Pad disappeared tomorrow, could the customer still run the job?
- 06Has counsel written the perimeter in a memo you can file?
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 Mark 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.
- Montrealnamed
- EU retailrestricted
Team
Who runs it.
- Lars PetrovChief executive
- Amira CostaMarkets
Stack
- Confirmations book
- ISDA ops
- Audit log
- Takedown SLA
Named with them
- Helix Audit
Who can decide
The technical founder is on the record as Markets. Contractors in undisclosed jurisdictions are written down as a fact, not hidden. Facts can be managed. Hiding them is how companies die in diligence.
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 |
|---|---|---|
| Gorse Mark does not sell a token to the public on this pad | Posture lock | live |
| The product is isda ops sold to institutions | Architecture + customer type | draft |
| Confirmations book 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 |
| Pilot identities redacted in public | Desk file | draft |
| No public token is sold on this pad | Engagement terms + posture lock | live |
| Customers contemplated: Montreal | Named markets on the file | draft |
On the record
- Application APP-4745ScreenSep
- Counsel questionPathSep
Operating log
09 Sep 14:00
Application scored. Gorse Mark 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.