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

GRAY

In diligence

IN MOTIONDvP rails

Grain North

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

They killed 12 public sentences before we listed them. Thin files do not get that far.

Grain North — 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.

In a 14-day diligence sprint (day 8). This is when the story, the customers and the legal path get written down — or the file stops.

Archive is free. Live access is timed. Grain North is timed.

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 DvP

Counsel hours

Not offering — locked

Sentences killed

Before listing

Claims live

1/7

Sprint

Our cut

Of any proceeds

Plate Ledger · 4846

GRAY

The plate

Ledger. Edition 4846.

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

GRAY · Dublin · DvP rails

Score

Desk diligence

Pilots

Named, redacted

Sprint

Day 8 of 14

Dublin

Banks

Sells

Per

Per settled obligation

Markets

Ireland

Years

Founded 2023

Surfaces

Permissioned DvP

Complete

File readiness

The wedge

Per settled obligation

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

Why the desk took it

A real job, not a ticker.

Finality law was in the application.

Traction

2 named pilots (redacted).

Founded 2023, headquartered in Dublin. 2 named pilots on file (identities redacted in public). 7 nodes or connected surfaces reported. Desk diligence score 83/100. Sprint day 8 of 14. A coverholder or carrier running one binder on this record. Architecture says keys / title / NAV liability sit with a named licensed party — not Grain North.

Next 12 months

Finality opinion from a named firm.

CLS is FX. Fnality is the club. This is a rail those clubs might use. Annual software against an ops cost the board can see. Switching cost is the record, not the brand.

The brief

How a serious reader should hold this.

In Dublin, the person who signs the monthly pack already has a vendor. Grain North is not asking them to believe in a token. It is asking them to move one job — the one that currently lives in a spreadsheet, a fax, or a person who is about to retire — onto a record that can be shown to counsel. The queue to read that record is already not empty.

The bet is narrow. A named Dublin buyer already has budget for this invoice. Grain North wins if it is cheaper than the internal build and cleaner than the protocol pitch. It loses if a founder later wants a public book. The window is the time you have to decide which it is.

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

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.

From ops

A dual-control drill exists on paper. Production evidence is the next artefact, not a tweet.

From the pilot

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

The window

Miss this and you read the archive.

You can read twelve thinner companies. Or this one, once, while the window is open.

Certification is in motion. After it lands, the price of the seat is not the question — access is.

Open the diligence or watch it close. There is not a third option that still counts as early.

Window

Closed

Closed. History only — not a place to buy.

Sentences killed: 12
Counsel hours on file: 63
Asks / week: 27
Our cut: 0% of proceeds

We would rather be archive-clean than live-loud. The waitlist showed up anyway.
Jonah Costa, Chief executive

This company

Grain North

A L2 wrapper is cheaper. It is also a different perimeter — and declined here.

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. Grain North 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
05A named counterparty verifies; Grain North does not attest to its own facts.

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%
Adapter work against the incumbent register, admin, or custodian.
Second market
22%
Keeping the public story from running ahead of the claims register.
Control environment
17%
A counsel memo that can survive a later reader.
Certifications & adapters
32%
The remaining certifications and the second named market.

Operating week

What “in market” actually looks like.

SatDarkNo creators. No threads. Restricted geos stay dark.
ThuCustomerNamed pilot (redacted) sees the same record the auditor saw.
SunOwnersWho can decide messaging and budget on a recorded line. If the answer is nobody, stop.
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: Per settled obligation
Who pays: A coverholder or carrier running one binder on this record.
Unit economics: Annual software against an ops cost the board can see. Switching cost is the record, not the brand.
Moat on file: Legal opinion on finality in the governing law.
Switching cost: The customer’s auditor has seen this book. Switching means a new auditor conversation.
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.

Finality opinion from a named firm.

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

A round, if any, sits with their providers. This pad does not take the order.

Traction

What you can verify today.

Operating notes for Permissioned DvP
No token contract listed as a public sale
Pilot letters on file, identities redacted
Dublin 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.”

Product59
Customers62
Legal path62
Tech maturity57
Demand50
Market access68

Risks

What can kill it.

The one that actually kills it

The founder wants a public book

The moment Grain 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.

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, Grain North 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

01Which incumbent can copy this in a quarter, and what would they have to migrate?
02Who is the first named paying customer — not a letter of intent?
03Which geography is actually locked, and which is a hope?
04Has counsel written the perimeter in a memo you can file?
05What happens if a founder later wants a public token?
06What does renewal look like if no round ever happens?

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: Grain North DAC
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.

Irelandnamed
EEA professionalnamed
Global publicrestricted
United Statesrestricted

Team

Who runs it.

Jonah CostaChief executive
Sasha SantosChief executive

Stack

Permissioned DvP
DvP rails
Takedown SLA
Disclosure templates

Named with them

Helix Audit

Who can decide

The technical founder is on the record as Chief executive. Contractors in undisclosed jurisdictions are written down as a fact, not hidden. Facts can be managed. Hiding them is how companies die in diligence.

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 North does not sell a token to the public on this pad	Posture lock	live
The product is dvp rails sold to institutions	Architecture + customer type	live
Permissioned DvP 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	No board minute	draft
No public token is sold on this pad	Engagement terms + posture lock	live
Customers contemplated: Ireland, EEA professional	Named markets on the file	live

On the record

Day 0 lockKick-offSep
Claim inventoryPackSep
Audience matrix draftPackSep

Operating log

11 Sep 9:19
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.