The wedge
Share-class seat
Shadow books do not survive an audit. This only ships if the admin signs.
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
GRAA
Screened
SCREENEDFund interestsGrain Quay
Claire Ellison will not run a sale here. That is why serious people are in the queue.
a short list names asked to be first. None of them bought a token here. They asked for the product.
Grain Quay — 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.
Screened, not yet in sprint. Treat every number as provisional. Calendar access is not automatic.
Closed stamp is coming. a few days is the number. There is not a second number.
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
Still a question
Live nodes
0
Permissioned fund admin
Counsel hours
0
Not offering — locked
Sentences killed
0
Before listing
Claims live
1/5
Sprint
Our cut
0%
Of any proceeds
Plate Concentric · 4395
GRAA
The plate
Concentric. Edition 4395.
A unique plate for Grain Quay. Geometry, orbit, and edition belong to this company — no other listing on the board shares it.
GRAA · Montreal · Fund interests
Score
0
Desk diligence
Pilots
0
None on file
Stage
upcoming
upcoming
HQ
Montreal
Fund administrators
Sells
Share-class
Share-class seat
Markets
0
Montreal
Years
0
Founded 2023
Surfaces
0
Permissioned fund admin
Complete
0
File readiness
Why the desk took it
Early — still a question.
Unit-as-token was refused in notes. We will not reverse that.
Traction
No paying pilot on the public file.
Founded 2023, headquartered in Montreal. 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 coverholder or carrier running one binder on this record. Counsel is named, even if the memo is still a draft. Unnamed counsel is how files die.
Next 12 months
Counsel on the unit — security or not — in writing.
Citi TA will not be replaced. It might consume this. 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.
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.
Grain Quay exists because the incumbent brand will not staff the unglamorous middle of Fund interests. The product is that middle. The token, if it ever exists, is not the product — and is not for sale here. The people in the queue already understood the difference.
A sentence went public and came down in under an hour. Claire Ellison treated the kill as an operating skill, not a PR event. Files that cannot do this do not stay listed.
From the founder
US persons are outside the audience. A form that asks “are you accredited?” without verification is not an exemption.
From the pilot
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
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.
Miss a few days and you are explaining to your IC why you read it after it closed.
Counsel hours on file: enough that a later reader can tell this was not improvised.
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
- 13
- Counsel hours on file
- 8
- Asks / week
- 1
- Our cut
- 0% of proceeds
I will take thirty minutes and decide budget. If that person is not me, we should not be listed.
This company
Grain Quay
Open-source looks free until the auditor asks who attests. Grain Quay has an answer.
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.
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
L2 wrappers are cheaper. They are also a different perimeter — and declined here. Grain Quay is priced as software against an invoice that already exists.
Named: Montreal. Off-limits: EU retail, United States. A US person hearing an offering communication is a US problem even if the company sits in Montreal. 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
37%
Hiring the operator who already does this job at a licensed firm.
Second market
18%
Dual-control drills, key ceremonies, and the person who owns them.
Control environment
18%
The remaining certifications and the second named market.
Claims & campaign ops
27%
Adapter work against the incumbent register, admin, or custodian.
Operating week
What “in market” actually looks like.
- ThuCustomerNamed pilot (redacted) sees the same record the auditor saw.
- 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.
- TueExceptionsOvernight breaks post back into the customer’s case system. No side book.
The wedge
Why this one, not the other one.
- They sell
- Share-class seat
- Who pays
- A coverholder or carrier running one binder on this record.
- Unit economics
- Bps on a job that already has a budget line. A public coin would not make the invoice larger.
- Moat on file
- A live NAV event in a real fund, not a demo clock.
- Switching cost
- The customer’s auditor has seen this book. Switching means a new auditor conversation.
- Vs the comps
- Citi TA will not be replaced. It might consume this.
- Why we listed it
- Unit-as-token was refused in notes. We will not reverse that.
Next twelve months
What has to be true.
Counsel on the unit — security or not — in writing.
Counsel is named, even if the memo is still a draft. Unnamed counsel is how files die.
Growth money would extend the record to a second geography, still permissioned.
Traction
What you can verify today.
Founded 2023, headquartered in Montreal. 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 coverholder or carrier running one binder on this record. Counsel is named, even if the memo is still a draft. Unnamed counsel is how files die.
- Architecture paper — no production customer on the public file
- No token contract listed as a public sale
- Pilot letters on file, identities redacted
- Montreal 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.”
- Product16
- Customers18
- Legal path62
- Tech maturity37
- Demand10
- Market access44
Risks
What can kill it.
The one that actually kills it
The unit of account becomes a token
Seat plus event. If they attach a token as the unit of account, this company is a different company — and not one we will operate a campaign for.
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 Quay is a copy of a spreadsheet. Copies do not survive the audit.
Facts vs theatre
A proof of a fake book is still a fake book. Grain Quay has to attach to the real one, in Montreal.
Ask these next
- 01Is the waitlist demand for a product, or a queue for a coin?
- 02What happens if a founder later wants a public token?
- 03Who is the first named paying customer — not a letter of intent?
- 04If RCA Pad disappeared tomorrow, could the customer still run the job?
- 05Where do keys, title, or NAV liability sit — and is that person licensed?
- 06Which geography is actually locked, and which is a hope?
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 Quay 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.
- Montrealnamed
- EU retailrestricted
- United Statesrestricted
Team
Who runs it.
- Claire EllisonChief executive
Stack
- Permissioned fund admin
- Fund interests
- Disclosure templates
Named with them
- Helix Audit
Who can decide
The technical founder is on the record as engineering. Contractors in undisclosed jurisdictions are written down as a fact, not hidden. Facts can be managed. Hiding them is how companies die in diligence.
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 Quay does not sell a token to the public on this pad | Posture lock | live |
| The product is fund interests sold to institutions | Architecture + customer type | draft |
| Permissioned fund admin 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 | No board minute | draft |
| No public token is sold on this pad | Engagement terms + posture lock | live |
| Customers contemplated: Montreal | Named markets on the file | draft |
On the record
- Application APP-4113ScreenSep
- Counsel questionPathSep
Operating log
04 Sep 17:00
Application scored. Grain Quay 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.
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.