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

GRAU

Screened

SCREENEDISDA ops

Grain Field

Skip it and you read a PDF. Counterparties who matter will have already called.

a short list names asked to be first. None of them bought a token here. They asked for the product.

Grain Field — 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.

6 live counterparties in the thread. The public page is the overflow.

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

Redacted on the public page

Live nodes

Confirmations book

Counsel hours

Undetermined — not a path

Sentences killed

Before listing

Claims live

0/6

Sprint

Our cut

Of any proceeds

Plate Signal · 3942

GRAU

The plate

Signal. Edition 3942.

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

GRAU · London · ISDA ops

Score

Desk diligence

Pilots

Named, redacted

Stage

upcoming

London

Private-credit funds

Sells

Bps

Bps on facilities on the tape

Markets

United Kingdom

Years

Founded 2026

Surfaces

Confirmations book

Complete

File readiness

The wedge

Bps on facilities on the tape

The wedge is the shared drive: marks, covenants and RFQs still live in email.

Why the desk took it

Early — still a question.

They asked us to kill ‘marketplace’ in every sentence. We did.

Traction

One named pilot (redacted).

Founded 2026, headquartered in London. One named pilot on file (redacted in public). 2 nodes or connected surfaces reported. Desk diligence score 68/100. A warehouse or port that has written a live event. A dual-control drill exists on paper. We have not watched it live yet — that is the next ask.

Next 12 months

Ten live facilities or this is still a lab.

Closed RFQ wires do this slowly. Grain Field does it as a record. Per-event pricing so a pilot can start without a transformation programme.

The brief

How a serious reader should hold this.

The decline pile in ISDA ops is not a rumour. It is how this board stays readable. Grain Field is what survived. That is the sell.

If you leave this page without opening the claims table, you have read marketing. The scarce version of Grain Field is the version that survives counsel. It is on a clock.

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

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 founder

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

From the screen

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.

The window

Miss this and you read the archive.

The next ISDA ops company on this board will not have this waitlist, this HQ, or this counsel posture.

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

Closed

Closed. History only — not a place to buy.

Sentences killed: 10
Counsel hours on file: 11
Asks / week: 9
Our cut: 0% of proceeds

Do not put a participate button on our page. If you do, we leave.
Priya Okoye, Chief executive

This company

Grain Field

Not the incumbent brand. Grain Field sells the job the brand will not staff.

In the same conversation

eFront
Allvue
Closed RFQ wires
Not an on-chain lending pool

The bet

Why this company exists.

The wedge is the shared drive: marks, covenants and RFQs still live in email.

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

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: United Kingdom, EEA professional. Off-limits: United States retail. A US person hearing an offering communication is a US problem even if the company sits in London. Blocking an IP and taking a US Telegram admin is not a block.

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.

Second market
40%
A counsel memo that can survive a later reader.
Control environment
18%
Adapter work against the incumbent register, admin, or custodian.
Named operators
15%
The remaining certifications and the second named market.
Certifications & adapters
27%
Hiring the operator who already does this job at a licensed firm.

Operating week

What “in market” actually looks like.

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.
ThuCustomerNamed pilot (redacted) sees the same record the auditor saw.
TueExceptionsOvernight breaks post back into the customer’s case system. No side book.

The wedge

Why this one, not the other one.

They sell: Bps on facilities on the tape
Who pays: A warehouse or port that has written a live event.
Unit economics: Per-event pricing so a pilot can start without a transformation programme.
Moat on file: Covenant language mapped to the LMA set — not a custom dialect.
Switching cost: Once the record is the record, the incumbent copy has to migrate history. That is the year.
Vs the comps: Closed RFQ wires do this slowly. Grain Field does it as a record.
Why we listed it: They asked us to kill ‘marketplace’ in every sentence. We did.

Next twelve months

What has to be true.

Ten live facilities or this is still a lab.

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

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
Pilot letters on file, identities redacted
London 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.”

Product25
Customers40
Legal path24
Tech maturity34
Demand10
Market access68

Risks

What can kill it.

The one that actually kills it

The named customer is a letter of intent

Pilots that cannot be named, even redacted, are theatre. One paying seat that an auditor has seen is worth more than a waitlist of a short list.

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.

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

01Is the waitlist demand for a product, or a queue for a coin?
02If RCA Pad disappeared tomorrow, could the customer still run the job?
03What does renewal look like if no round ever happens?
04Has counsel written the perimeter in a memo you can file?
05What happens if a founder later wants a public token?
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: Grain Field Ltd · England & Wales
Path on file: Undetermined — not a path
Posture: Private only
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.

United Kingdomnamed
EEA professionalnamed
United States retailrestricted

Team

Who runs it.

Priya OkoyeChief executive

Stack

Confirmations book
ISDA ops
Audit log

Named with them

Helix Audit

Who can decide

Priya Okoye came in named. The team is not a handle. Grain Field Ltd · England & Wales exists, founded 2026, headquartered in London. Anonymity would have been an automatic decline.

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
Grain Field 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	No board minute	draft
No public token is sold on this pad	Engagement terms + posture lock	live
Customers contemplated: United Kingdom, EEA professional	Named markets on the file	draft

On the record

Application APP-4879ScreenSep
Counsel questionPathSep

Operating log

06 Sep 13:00
Application scored. Grain Field 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.

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.