The wedge
Bank seat
Issuing a stablecoin to settle would put them in a different perimeter.
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
GRAJ
Screened
SCREENEDWholesale FXGrain Kiln
Most of Wholesale FX died in the screen. Grain Kiln did not.
Tomás Park will not run a public sale on this pad. The listing exists because of that sentence.
Grain Kiln — 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.
Window a fewd. Waitlist a short list. 1 asks this week. This is not a quiet listing.
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
Undetermined — not a path
Sentences killed
0
Before listing
Claims live
1/5
Sprint
Our cut
0%
Of any proceeds
Plate Concentric · 7089
GRAJ
The plate
Concentric. Edition 7089.
A unique plate for Grain Kiln. Geometry, orbit, and edition belong to this company — no other listing on the board shares it.
GRAJ · Taipei · Wholesale FX
Score
0
Desk diligence
Pilots
0
None on file
Stage
upcoming
upcoming
HQ
Taipei
Banks
Sells
Bank
Bank seat
Markets
0
Taipei
Years
0
Founded 2024
Surfaces
0
Permissioned FX rail
Complete
0
File readiness
Why the desk took it
Early — still a question.
Retail was never in the deck.
Traction
No paying pilot on the public file.
Founded 2024, headquartered in Taipei. No named paying pilot on the file yet — that is the first question. 3 nodes or connected surfaces reported. Desk diligence score 74/100. A named Taipei administrator who already signs the pack (redacted). 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.
360T and FXall are the screens. This is the after-hours rail. 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.
Taipei is not a backdrop. It is the jurisdiction where a named customer can be sued, called, and asked a question on a recorded line. Grain Kiln chose it for that reason. Counterparties who still think this is a ‘global’ story are already late.
Read this as an operating company, not a round. Counsel has a posture: Undetermined — not a path. Restricted markets stay dark. RCA Pad takes 0% if they ever raise. That combination is why inbound did not need a ticker.
A sentence went public and came down in under an hour. Tomás Park treated the kill as an operating skill, not a PR event. Files that cannot do this do not stay listed.
From the screen
US persons are outside the audience. A form that asks “are you accredited?” without verification is not an exemption.
From the founder
A dual-control drill exists on paper. Production evidence is the next artefact, not a tweet.
From ops
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.
Miss a few days and you are explaining to your IC why you read it after it closed.
0% of proceeds. Fixed fee. The incentive is a clean campaign — not a raise.
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
- 13
- Counsel hours on file
- 7
- Asks / week
- 1
- Our cut
- 0% of proceeds
US came off the site in the first session. We did not argue. We are not children.
This company
Grain Kiln
Not the incumbent brand. Grain Kiln sells the job the brand will not staff.
In the same conversation
- CLS
- Fnality
- RTGS upgrades
- Not a public L1
The bet
Why this company exists.
Issuing a stablecoin to settle would put them in a different perimeter.
Issuing a stablecoin to settle would put them in a different perimeter.
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
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.
Taipei 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
- 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
- 06The 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.
Certifications & adapters
30%
Keeping the public story from running ahead of the claims register.
Second market
21%
The remaining certifications and the second named market.
Control environment
18%
A counsel memo that can survive a later reader.
Named operators
31%
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.
- MonClaimsEvery public sentence checked against the register. Anything extra is unpublished.
- 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.
The wedge
Why this one, not the other one.
- They sell
- Bank seat
- Who pays
- A named Taipei 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
- Two banks quoting inside the permissioned room.
- Switching cost
- Permissioned connectivity is the moat. Public endpoints would erase it.
- Vs the comps
- 360T and FXall are the screens. This is the after-hours rail.
- Why we listed it
- Retail was never in the deck.
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 2024, headquartered in Taipei. No named paying pilot on the file yet — that is the first question. 3 nodes or connected surfaces reported. Desk diligence score 74/100. A named Taipei administrator who already signs the pack (redacted). 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
- Taipei 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.”
- Product15
- Customers18
- Legal path24
- 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. Undetermined — not a path 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.
Issuing the cash
If Grain Kiln issues a stablecoin to make this atomic, the company becomes an e-money problem.
Token relapse
A later round that wants a public token puts Grain Kiln in a different perimeter. The file treats that as a hard stop.
Ask these next
- 01Where do keys, title, or NAV liability sit — and is that person licensed?
- 02Who is the first named paying customer — not a letter of intent?
- 03If RCA Pad disappeared tomorrow, could the customer still run the job?
- 04Which incumbent can copy this in a quarter, and what would they have to migrate?
- 05What happens if a founder later wants a public token?
- 06Who can unpublish a public sentence in 24 hours, by name?
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 Kiln 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.
- Taipeinamed
- EU retailrestricted
- United Statesrestricted
Team
Who runs it.
- Tomás ParkChief executive
- Luca HolmChief executive
Stack
- Permissioned FX rail
- Wholesale FX
- Disclosure templates
Named with them
- Northbridge Counsel
Who can decide
Tomás Park came in named. The team is not a handle. Grain Kiln Ltd exists, founded 2024, headquartered in Taipei. Anonymity would have been an automatic decline.
If the first customer renews, the adapter work pays for itself. If they do not, Grain Kiln is a services firm with a slide. The twelve-month test is renewal, not waitlist.
Claims with evidence
Statements with evidence.
| Statement | Evidence | Status |
|---|---|---|
| Grain Kiln 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 | Desk file | draft |
| No public token is sold on this pad | Engagement terms + posture lock | live |
| Customers contemplated: Taipei | Named markets on the file | draft |
On the record
- Application APP-4597ScreenSep
- Counsel questionPathSep
Operating log
06 Sep 10:00
Application scored. Grain Kiln 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.