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

GORK

Screened

SCREENEDCorporate treasury

Gorse Well

A named Belfast buyer is on the record. You are still reading the public page.

They killed 13 public sentences before we listed them. Thin files do not get that far.

Gorse Well — 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.

A year from now this will be an obvious company or a missed one. The window decides which.

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

0days

Heat

0/99

Inbound / wk

0asks

Asking now

0live

Named pilots

Still a question

Live nodes

Treasury ledger

Counsel hours

Not offering — locked

Sentences killed

Before listing

Claims live

1/7

Sprint

Our cut

Of any proceeds

Plate Ledger · 1276

GORK

The plate

Ledger. Edition 1276.

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

GORK · Belfast · Corporate treasury

Score

Desk diligence

Pilots

Named, redacted

Stage

upcoming

Belfast

Banks

Sells

Bank

Bank connector

Markets

Belfast

Years

Founded 2023

Surfaces

Treasury ledger

Complete

File readiness

The wedge

Bank connector

The wedge is T+1 and 24/7 FX: overnight risk became visible.

Why the desk took it

Early — still a question.

Finality law was in the application.

Traction

One named pilot (redacted).

Founded 2023, headquartered in Belfast. One named pilot on file (redacted in public). 3 nodes or connected surfaces reported. Desk diligence score 72/100. 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

Still no coin as the settlement asset.

CLS is FX. Fnality is the club. This is a rail those clubs might use. 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.

Before the waitlist, before the window, there was a refusal. Gorse Well would not let a public sale sit on this page. That is why a company in Corporate treasury is listed here at all — and why the people who wanted a coin left, and the people who wanted the product stayed.

Gorse Well exists because the incumbent brand will not staff the unglamorous middle of Corporate treasury. The product is that middle. The token, if it ever exists, is not the product — and is not for sale here. The people in the queue already understood the difference.

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 the screen

Fixed fee. Deposit to start. 0% of proceeds. Token-only pay is declined. Percentage of raise is declined.

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 ops

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.

Waiting for a proposed US rule is how you miss a Belfast buyer who already has budget.

Budget exists on a line the board can see. That is why the window is this quarter.

We do not allocate. We do not take a cut. We will not hold the window open for you.

Window remaining

0days

When this window closes, the campaign is archive.

Sentences killed: 13
Counsel hours on file: 14
Asks / week: 7
Our cut: 0% of proceeds

Our TAM is an invoice the customer already pays. A coin would not make it larger. It would make the licence harder.
Lars Ribeiro, Chief executive

This company

Gorse Well

A generalist vendor copies the slide. They cannot copy the named record.

In the same conversation

CLS
Fnality
RTGS upgrades
Not a public L1

The bet

Why this company exists.

The wedge is T+1 and 24/7 FX: overnight risk became visible.

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 Well 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
05The legal source of truth stays with the incumbent register, admin, or custodian.

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.

Named operators
29%
A counsel memo that can survive a later reader.
Second market
22%
Keeping the public story from running ahead of the claims register.
Claims & campaign ops
22%
Dual-control drills, key ceremonies, and the person who owns them.
Counsel & perimeter
27%
Adapter work against the incumbent register, admin, or custodian.

Operating week

What “in market” actually looks like.

WedCounselPerimeter diffs. If the site drifted from the memo, the site moves — not the memo.
TueExceptionsOvernight breaks post back into the customer’s case system. No side book.
MonClaimsEvery public sentence checked against the register. Anything extra is unpublished.
FriKill switchRehearse unpublish in 24 hours. If it takes a committee, it is not a switch.

The wedge

Why this one, not the other one.

They sell: Bank connector
Who pays: Two licensed PSPs on a paid pilot — identities off the public file.
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: Validator set is named operators, not an anon miner.
Switching cost: Once the record is the record, the incumbent copy has to migrate history. That is the year.
Vs the comps: CLS is FX. Fnality is the club. This is a rail those clubs might use.
Why we listed it: Finality law was in the application.

Next twelve months

What has to be true.

Still no coin as the settlement asset.

A redacted engagement letter landed in week one. That is why the desk took the meeting.

Capital would fund the adapter work and a named counsel memo, not a public sale.

Traction

What you can verify today.

Architecture paper — no production customer on the public file
No token contract listed as a public sale
Named founder; customer still a conversation
Belfast 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.”

Product23
Customers40
Legal path62
Tech maturity37
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. Not offering — locked has to be a memo you can file, not a slogan on the hero.

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.

Money issuance

If the rail issues a settlement asset, Gorse Well is in the e-money / deposit perimeter. That is a different company.

Path silence

If counsel will not name a path and not-offering is not locked, heated waitlist copy is an accidental offering.

Ask these next

01Who is the first named paying customer — not a letter of intent?
02Which geography is actually locked, and which is a hope?
03Is the waitlist demand for a product, or a queue for a coin?
04Has counsel written the perimeter in a memo you can file?
05What does renewal look like if no round ever happens?
06Where do keys, title, or NAV liability sit — and is that person licensed?

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 Well 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.

Belfastnamed
Public residual claimsrestricted

Team

Who runs it.

Lars RibeiroChief executive
Ibrahim DiazMarkets

Stack

Treasury ledger
Corporate treasury
Approval trail
Disclosure templates

Named with them

Northbridge Counsel

Who can decide

Lars Ribeiro (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.

A second counterparty writing into the record is the only network effect that counts. One customer is a consultancy. Two is a market.

Claims with evidence

Statements with evidence.

Statement	Evidence	Status
Gorse Well does not sell a token to the public on this pad	Posture lock	live
The product is corporate treasury sold to institutions	Architecture + customer type	draft
Treasury ledger 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: Belfast	Named markets on the file	draft

On the record

Application APP-4770ScreenSep
Counsel questionPathSep

Operating log

02 Sep 12:00
Application scored. Gorse Well 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.

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.