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

GORZ

In diligence

IN MOTIONClearing

Gorse North

They killed 16 sentences to get listed. That is the product you are about to miss.

The first buyer already has a vendor. Gorse North is taking that invoice. The queue is a short list deep.

Gorse North — 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.

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.

The named customer already picked. The waitlist is everyone who was late to that fact.

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

Permissioned netting

Counsel hours

Not offering — locked

Sentences killed

Before listing

Claims live

3/10

Sprint

Our cut

Of any proceeds

Plate Concentric · 2038

GORZ

The plate

Concentric. Edition 2038.

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

GORZ · Hong Kong · Clearing

Score

Desk diligence

Pilots

Named, redacted

Sprint

Day 2 of 14

Hong Kong

Licensed venues

Sells

Venue

Venue licence add-on

Markets

Hong Kong

Years

Founded 2023

Surfaces

Permissioned netting

Complete

File readiness

The wedge

Venue licence add-on

They will not tokenise margin. That sentence is why they are on this board.

Why the desk took it

A real job, not a ticker.

A broker named a fail-cost number. That is a budget.

Traction

One named pilot (redacted).

Founded 2023, headquartered in Hong Kong. One named pilot on file (redacted in public). 8 nodes or connected surfaces reported. Desk diligence score 87/100. Sprint day 2 of 14. Four origination desks posting into a closed tape. Architecture says keys / title / NAV liability sit with a named licensed party — not Gorse North.

Next 12 months

Legal memo: are we a CCP? One page, named firm.

A DeFi clearinghouse is a different, usually unlicensed, business. They sell a fee the customer already pays a slower vendor for. TAM is that invoice, not a token float.

The brief

How a serious reader should hold this.

Hong Kong is not a backdrop. It is the jurisdiction where a named customer can be sued, called, and asked a question on a recorded line. Gorse North chose it for that reason. Counterparties who still think this is a ‘global’ story are already late.

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.

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

We will not describe this as Reg CA-compliant, MiCA-stickered, or FCA-authorised. Issuers retain their own counsel in every relevant jurisdiction.

From counsel

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

From the pilot

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

The window

Miss this and you read the archive.

The decline pile in Clearing is full of companies that looked the same on slide one. This one is listed.

Counsel hours on file: enough that a later reader can tell this was not improvised.

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: 16
Counsel hours on file: 82
Asks / week: 11
Our cut: 0% of proceeds

US came off the site in the first session. We did not argue. We are not children.
Ibrahim Ellison, Chief executive

This company

Gorse North

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.

They will not tokenise margin. That sentence is why they are on this board.

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.

Hong Kong 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

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
05Only the residual hits the existing settlement rail — gross never leaves the venue
06A named counterparty verifies; Gorse North 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.

Certifications & adapters
33%
Hiring the operator who already does this job at a licensed firm.
Claims & campaign ops
24%
A counsel memo that can survive a later reader.
Second market
19%
Adapter work against the incumbent register, admin, or custodian.
Named operators
24%
Dual-control drills, key ceremonies, and the person who owns them.

Operating week

What “in market” actually looks like.

ThuCustomerNamed pilot (redacted) sees the same record the auditor saw.
SatDarkNo creators. No threads. Restricted geos stay dark.
MonClaimsEvery public sentence checked against the register. Anything extra is unpublished.
SunOwnersWho can decide messaging and budget on a recorded line. If the answer is nobody, stop.

The wedge

Why this one, not the other one.

They sell: Venue licence add-on
Who pays: Four origination desks posting into a closed tape.
Unit economics: They sell a fee the customer already pays a slower vendor for. TAM is that invoice, not a token float.
Moat on file: Members already post positions to the incumbent CCP; this sits beside it.
Switching cost: The customer’s auditor has seen this book. Switching means a new auditor conversation.
Vs the comps: A DeFi clearinghouse is a different, usually unlicensed, business.
Why we listed it: A broker named a fail-cost number. That is a budget.

Next twelve months

What has to be true.

Legal memo: are we a CCP? One page, named firm.

Architecture says keys / title / NAV liability sit with a named licensed party — not Gorse North.

If they raise, it is to hire the remaining certifications and the second market — not to float a coin.

Traction

What you can verify today.

Operating notes for Permissioned netting
No token contract listed as a public sale
Named founder; customer still a conversation
Hong Kong 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.”

Product72
Customers40
Legal path62
Tech maturity60
Demand26
Market access44

Risks

What can kill it.

The one that actually kills it

The founder wants a public book

The moment Gorse North 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.

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.

CCP copy

The incumbent can ship the same netting as a feature. Gorse North has to be cheaper or faster before that happens.

Facts vs theatre

A proof of a fake book is still a fake book. Gorse North has to attach to the real one, in Hong Kong.

Ask these next

01If RCA Pad disappeared tomorrow, could the customer still run the job?
02What does renewal look like if no round ever happens?
03Who is the first named paying customer — not a letter of intent?
04What happens if a founder later wants a public token?
05Is the waitlist demand for a product, or a queue for a coin?
06Who can unpublish a public sentence in 24 hours, by name?

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: Gorse North 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.

Hong Kongnamed
Mainland China retailrestricted
United Statesrestricted

Team

Who runs it.

Ibrahim EllisonChief executive
Zara NairHead of product

Stack

Permissioned netting
Clearing
Approval trail

Named with them

Northbridge Counsel

Who can decide

Ibrahim Ellison (Chief executive) will take a 30-minute call and decide budget. If the only person who can accept “we are not opening a sale” is a silent co-founder in another time zone, this company would not be on the board.

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 North does not sell a token to the public on this pad	Posture lock	live
The product is clearing sold to institutions	Architecture + customer type	live
Permissioned netting 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	Desk file	draft
No public token is sold on this pad	Engagement terms + posture lock	live
Customers contemplated: Hong Kong	Named markets on the file	live

On the record

Day 0 lockKick-offSep
Claim inventoryPackSep
Audience matrix draftPackSep

Operating log

11 Sep 13:38
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.