The wedge
Administrator co-source
They sell a faster close to administrators, not access to a crowd.
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
GRAB
Screened
SCREENEDCredit covenantsGrain Ledger
They killed 13 sentences to get listed. That is the product you are about to miss.
Renewal — not the round — is the twelve-month test. The people in this queue already know that.
Grain Ledger — 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.
If you needed a reason to open diligence tonight: a short list other people already did.
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
EVM · proof of concept
Counsel hours
0
Not offering — locked
Sentences killed
0
Before listing
Claims live
1/6
Sprint
Our cut
0%
Of any proceeds
Plate Orbit · 3245
GRAB
The plate
Orbit. Edition 3245.
A unique plate for Grain Ledger. Geometry, orbit, and edition belong to this company — no other listing on the board shares it.
GRAB · Vancouver · Credit covenants
Score
0
Desk diligence
Pilots
0
None on file
Stage
upcoming
upcoming
HQ
Vancouver
Private-credit funds
Sells
Administrator
Administrator co-source
Markets
0
Vancouver
Years
0
Founded 2024
Surfaces
0
EVM · proof of concept
Complete
0
File readiness
Why the desk took it
Early — still a question.
Retail was never in the deck. Rare.
Traction
No paying pilot on the public file.
Founded 2024, headquartered in Vancouver. No named paying pilot on the file yet — that is the first question. 3 nodes or connected surfaces reported. Desk diligence score 74/100. 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
Ten live facilities or this is still a lab.
A DeFi lending pool is the opposite company. Bps on a job that already has a budget line. A public coin would not make the invoice larger.
The brief
How a serious reader should hold this.
Vancouver 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 Ledger 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: Not offering — locked. Restricted markets stay dark. RCA Pad takes 0% if they ever raise. That combination is why inbound did not need a ticker.
On a Tuesday in Vancouver, an exception posts back into the customer’s existing case system. Nobody opens a side spreadsheet. That is the product: the night someone in ops does not stay late.
From the screen
The legal source of truth stays with the incumbent register, admin, or custodian. Grain Ledger does not attest to its own facts.
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 counsel
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.
Founders who want a pack this tight apply. Readers who wait get a closed stamp.
a short list people did not join a waitlist for a ticker. They joined for a job.
If you are a founder who wants a pack like this: apply. If you are a buyer: call them — not us.
Window
Closed
Closed. History only — not a place to buy.
- Sentences killed
- 13
- Counsel hours on file
- 11
- Asks / week
- 5
- 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 Ledger
The protocol pitch is the thing this company has already refused.
In the same conversation
- eFront
- Allvue
- Closed RFQ wires
- Not an on-chain lending pool
The bet
Why this company exists.
They sell a faster close to administrators, not access to a crowd.
They sell a faster close to administrators, not access to a crowd.
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.
Vancouver 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
- 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
- 06The legal source of truth stays with the incumbent register, admin, or custodian.
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.
Control environment
33%
Dual-control drills, key ceremonies, and the person who owns them.
Second market
27%
Hiring the operator who already does this job at a licensed firm.
Named operators
16%
The remaining certifications and the second named market.
Claims & campaign ops
24%
A counsel memo that can survive a later reader.
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.
- WedCounselPerimeter diffs. If the site drifted from the memo, the site moves — not the memo.
- 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
- Administrator co-source
- Who pays
- Two licensed PSPs on a paid pilot — identities off the public file.
- Unit economics
- Bps on a job that already has a budget line. A public coin would not make the invoice larger.
- 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
- A DeFi lending pool is the opposite company.
- Why we listed it
- Retail was never in the deck. Rare.
Next twelve months
What has to be true.
Ten live facilities or this is still a lab.
A redacted engagement letter landed in week one. That is why the desk took the meeting.
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 Vancouver. No named paying pilot on the file yet — that is the first question. 3 nodes or connected surfaces reported. Desk diligence score 74/100. 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.
- Architecture paper — no production customer on the public file
- No token contract listed as a public sale
- Pilot letters on file, identities redacted
- Vancouver 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.”
- Product20
- Customers18
- Legal path62
- Tech maturity37
- 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.
Token relapse
A later round that wants a public token puts Grain Ledger in a different perimeter. The file treats that as a hard stop.
Ask these next
- 01Who is the first named paying customer — not a letter of intent?
- 02If RCA Pad disappeared tomorrow, could the customer still run the job?
- 03Is the waitlist demand for a product, or a queue for a coin?
- 04Has counsel written the perimeter in a memo you can file?
- 05Who can unpublish a public sentence in 24 hours, by name?
- 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 Ledger 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.
- Vancouvernamed
- United Kingdomnamed
- Global publicrestricted
- United Statesrestricted
Team
Who runs it.
- Hannah HolmChief executive
- Eva ChoChief executive
Stack
- EVM · proof of concept
- Credit covenants
- Approval trail
- Disclosure templates
Named with them
- Clearline
Who can decide
Hannah Holm came in named. The team is not a handle. Grain Ledger Ltd exists, founded 2024, headquartered in Vancouver. Anonymity would have been an automatic decline.
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 |
|---|---|---|
| Grain Ledger does not sell a token to the public on this pad | Posture lock | live |
| The product is credit covenants sold to institutions | Architecture + customer type | draft |
| EVM · proof of concept 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: Vancouver, United Kingdom | Named markets on the file | draft |
On the record
- Application APP-4101ScreenSep
- Counsel questionPathSep
Operating log
05 Sep 13:00
Application scored. Grain Ledger 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.