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

GRAM

Closed

CLOSEDCap-table ops

Grain Pike

Window closed. a short list asked while it was live. You are reading history.

A dual-control drill is on paper. A named licensed party holds the liability. That is rarer than a waitlist.

Grain Pike — An operational layer for funds: NAV events, share-class records, books an AIFM can defend. The administrator remains the administrator. This is co-sourced infrastructure, not a tokenised fund on a public board.

Closed on this board. Any capital event was completed with the issuer’s own providers. RCA Pad took 0%.

Closed. The live conversation is over. The pack remains as archive.

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

completed

Window

Closed

Heat

0/99

Inbound / wk

0asks

Asking now

0live

Named pilots

Redacted on the public page

Live nodes

Share register

Counsel hours

Tel Aviv · closed private round

Sentences killed

Before listing

Claims live

0/8

Build

Our cut

Of any proceeds

Plate Meridian · 9976

GRAM

The plate

Meridian. Edition 9976.

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

GRAM · Tel Aviv · Cap-table ops

Score

Desk diligence

Pilots

Named, redacted

Stage

completed

Tel Aviv

Fund administrators

Sells

Share-class

Share-class seat

Markets

Tel Aviv

Years

Founded 2021

Surfaces

Share register

Complete

File readiness

The wedge

Share-class seat

Shadow books do not survive an audit. This only ships if the admin signs.

Why the desk took it

A real job, not a ticker.

The admin of record is named, even if redacted here.

Traction

2 named pilots (redacted).

Founded 2021, headquartered in Tel Aviv. 2 named pilots on file (identities redacted in public). 21 nodes or connected surfaces reported. Desk diligence score 90/100. A national registry counterpart, not a scrape. No public APY, no public book, no ‘how to buy’ on any surface we could find.

Next 12 months

No public ‘buy the token’ language anywhere they touch.

SS&C and Apex are the admin. This is the event layer they can defend. 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.

You can wait for a sticker. The named customer did not. They are writing into this record while the rest of the market argues about a comment period.

The bet is narrow. A named Tel Aviv buyer already has budget for this invoice. Grain Pike 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.

A dual-control drill sits on paper. Keys, title, or NAV liability sit with a named licensed party — not Grain Pike. The architecture says so. We have not watched the drill live. That is the next ask, not a slogan.

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 the screen

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

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

The window

Miss this and you read the archive.

Founders who want a pack this tight apply. Readers who wait get a closed stamp.

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

Read it once, properly, while the number is still green. Then decide.

Window

Closed

Closed. History only — not a place to buy.

Sentences killed: 15
Counsel hours on file: 18
Asks / week: 2
Our cut: 0% of proceeds

The decline pile is a compliment. It means the screen still means something.
Nia Ng, Chief executive

This company

Grain Pike

Twelve Cap-table ops decks look the same. One of them has a Tel Aviv customer on the record.

In the same conversation

SS&C
Apex
Citi TA
Not a public tokenised fund

The bet

Why this company exists.

Shadow books do not survive an audit. This only ships if the admin signs.

Allocators want faster marks. Administrators cannot staff that with people. A dual-record (their books + this event) is how they sleep.

Fund administration is a fee business measured in basis points of AUM. A faster close is retained business.

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

How it works

01Administrator remains source of truth
02Events (NAV, subscription, share-class) are signed and timestamped
03Investors and auditors query what they are allowed to see
04The fund unit is not listed here as a token you can buy
05Investors and auditors query only what they are allowed to see
06The legal source of truth stays with the incumbent register, admin, or custodian.

In the same conversation as

SS&C
Apex
Citi TA
Not a public tokenised fund

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
31%
Dual-control drills, key ceremonies, and the person who owns them.
Second market
22%
Hiring the operator who already does this job at a licensed firm.
Counsel & perimeter
21%
A counsel memo that can survive a later reader.
Claims & campaign ops
26%
Keeping the public story from running ahead of the claims register.

Operating week

What “in market” actually looks like.

FriKill switchRehearse unpublish in 24 hours. If it takes a committee, it is not a switch.
MonClaimsEvery public sentence checked against the register. Anything extra is unpublished.
SatDarkNo creators. No threads. Restricted geos stay dark.
ThuCustomerNamed pilot (redacted) sees the same record the auditor saw.

The wedge

Why this one, not the other one.

They sell: Share-class seat
Who pays: A national registry counterpart, not a scrape.
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: Named administrator on the engagement letter.
Switching cost: Network effects only if a second named counterparty writes. One customer is a service firm.
Vs the comps: SS&C and Apex are the admin. This is the event layer they can defend.
Why we listed it: The admin of record is named, even if redacted here.

Next twelve months

What has to be true.

No public ‘buy the token’ language anywhere they touch.

No public APY, no public book, no ‘how to buy’ on any surface we could find.

Growth money would extend the record to a second geography, still permissioned.

Traction

What you can verify today.

Operating notes for Share register
No token contract listed as a public sale
Named founder; customer still a conversation
Tel Aviv is the operating centre
The waitlist, if any, is a product list — not a book
Raise, if any, closed with issuer providers

Readiness

Six things a serious buyer asks. 100 is “ready to take to counsel and a customer.”

Product95
Customers62
Legal path84
Tech maturity91
Demand10
Market access44

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.

Unit token

A share-class token sold to the public is a securities offering. This pad will not run that as a sale.

Admin of record

If the admin has not signed, this is a shadow book. Shadow books do not survive an audit.

NAV liability

Who is wrong when the number is wrong? That sentence has to exist.

Distribution

Using this layer as a public subscription journey is a different file — and usually the wrong house.

Shadow book

If the administrator has not signed, Grain Pike is a copy of a spreadsheet. Copies do not survive the audit.

Single-customer gravity

If the first named buyer is also the only buyer, Grain Pike is a services shop with a ledger. Ask for the second.

Ask these next

01Which incumbent can copy this in a quarter, and what would they have to migrate?
02Has counsel written the perimeter in a memo you can file?
03Who is the first named paying customer — not a letter of intent?
04Is the waitlist demand for a product, or a queue for a coin?
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.

Window closed. Tombstone is theirs. Archive is ours. 0% of proceeds.

Entity: Grain Pike Ltd
Path on file: Tel Aviv · closed private round
Posture: Private only
Pack: Build

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.

Tel Avivnamed
Mainland China retailrestricted
United Statesrestricted

Team

Who runs it.

Nia NgChief executive
Tomás ShahChief executive

Stack

Share register
Cap-table ops
Approval trail
Takedown SLA

Named with them

Clearline

Who can decide

Nia Ng (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.

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 Pike does not sell a token to the public on this pad	Posture lock	withdrawn
The product is cap-table ops sold to institutions	Architecture + customer type	withdrawn
Share register is the method — not a listed asset	Desk snapshot	withdrawn
Retail buyers are out of scope	Named markets lock	withdrawn
Any raise completes with the issuer’s counsel and providers — not on RCA Pad	Fixed-fee terms	withdrawn
Production date for the chain layer is not committed	Desk file	withdrawn
No public token is sold on this pad	Engagement terms + posture lock	withdrawn
Customers contemplated: Tel Aviv	Named markets on the file	withdrawn

On the record

Final registerArchiveAug
Close reportReportAug
Tombstone copyArchiveAug

Operating log

19 Aug 10:00
Close report. 0% of proceeds.
12 Aug 18:00
Grain Pike archived. Live claims withdrawn.
11 Aug 09:30
Final creator pass. Residual claims pulled.

Path to now

Open
File
Before any public sentence.
Close
Archive
We did not take a cut.

Not a subscription

This is not a sale page.

Window closed. Tombstone is theirs. Archive is ours. 0% of proceeds. 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.