RCA Pad
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

HAZV

Screened
SCREENEDQualified custody ops

Hazel Field

Budget exists on a board line. This is this quarter, not ‘when the rule opens’.

Marcus Ng will not run a public sale on this pad. The listing exists because of that sentence.

Hazel Field — Accounting and proof layers for vaults that already hold assets for known clients. zk or otherwise, the point is a statement a counterparty can verify — not a public yield product.

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

Redacted on the public page

Live nodes

0

Custody accounting

Counsel hours

0

Not offering — locked

Sentences killed

0

Before listing

Claims live

0/6

Sprint

Our cut

0%

Of any proceeds

Plate Meridian · 4413

HAZV

The plate

Meridian. Edition 4413.

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

HAZV · Copenhagen · Qualified custody ops

Score

0

Desk diligence

Pilots

0

None on file

Stage

upcoming

upcoming

HQ

Copenhagen

Asset managers

Sells

Bps

Bps on assets accounted

Markets

0

Copenhagen

Years

0

Founded 2021

Surfaces

0

Custody accounting

Complete

0

File readiness

The wedge

Bps on assets accounted

Hazel Field sells the middle office of custody, not the keys.

Why the desk took it

Early — still a question.

Keys are not at Hazel Field. Architecture says so.

Traction

No paying pilot on the public file.

Founded 2021, headquartered in Copenhagen. No named paying pilot on the file yet — that is the first question. Desk diligence score 57/100. An AIFM whose auditor has seen the dual-record. No public APY, no public book, no ‘how to buy’ on any surface we could find.

Next 12 months

Corporate actions running without a side ticket pile.

Fund admin custody reporting is a PDF. This is the recon. They win if they are cheaper than the internal build, not cheaper than a protocol.

The brief

How a serious reader should hold this.

Before the waitlist, before the window, there was a refusal. Hazel Field would not let a public sale sit on this page. That is why a company in Qualified custody ops is listed here at all — and why the people who wanted a coin left, and the people who wanted the product stayed.

What you can verify today is smaller than the slide. What you cannot verify is named as a question, not a promise. That is the difference between this company and a pad listing — and why the waitlist is not a coin queue.

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 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 the screen

The legal source of truth stays with the incumbent register, admin, or custodian. Hazel Field does not attest to its own facts.

From the founder

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.

Attention is the scarce asset. 2 asks this week are already spending it.

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

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
3
Counsel hours on file
10
Asks / week
2
Our cut
0% of proceeds

If RCA Pad ever asked for a cut of a raise, we would walk. That is in the first email.

Marcus Ng, Chief executive

This company

Hazel Field

A generalist vendor copies the slide. They cannot copy the named record.

In the same conversation

  • Fund admins
  • Custodian reporting
  • Public ‘vault tokens’ (the thing this is not)

The bet

Why this company exists.

Hazel Field sells the middle office of custody, not the keys.

Hazel Field sells the middle office of custody, not the keys.

Allocators asked for proof after 2022. Labs answered with demos. The first vault accounting that an auditor will sign is a business.

Middle-office spend at alternative managers is a budget that survived the last cycle.

Versus the field

L2 wrappers are cheaper. They are also a different perimeter — and declined here. Hazel Field 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

  1. 01Positions are accounted in a book the manager already runs
  2. 02A proof or extract is produced for a named counterparty
  3. 03Yield is not marketed to the public on this pad
  4. 04zk, if present, is a method — not a ticker
  5. 05Positions are accounted; the licensed custodian still holds
  6. 06Retail and unnamed geographies are structurally off the form, not only in the footer.

In the same conversation as

  • Fund admins
  • Custodian reporting
  • Public ‘vault tokens’ (the thing this is not)

If they raise

Where the money would actually go.

Not a token float. A budget against work. RCA Pad still takes 0% of proceeds.

  • Counsel & perimeter

    40%

    Adapter work against the incumbent register, admin, or custodian.

  • Certifications & adapters

    21%

    Hiring the operator who already does this job at a licensed firm.

  • Second market

    20%

    The remaining certifications and the second named market.

  • Control environment

    19%

    Dual-control drills, key ceremonies, and the person who owns them.

Operating week

What “in market” actually looks like.

  1. MonClaimsEvery public sentence checked against the register. Anything extra is unpublished.
  2. ThuCustomerNamed pilot (redacted) sees the same record the auditor saw.
  3. FriKill switchRehearse unpublish in 24 hours. If it takes a committee, it is not a switch.
  4. TueExceptionsOvernight breaks post back into the customer’s case system. No side book.

The wedge

Why this one, not the other one.

They sell
Bps on assets accounted
Who pays
An AIFM whose auditor has seen the dual-record.
Unit economics
They win if they are cheaper than the internal build, not cheaper than a protocol.
Moat on file
SOC report language already in a draft.
Switching cost
Permissioned connectivity is the moat. Public endpoints would erase it.
Vs the comps
Fund admin custody reporting is a PDF. This is the recon.
Why we listed it
Keys are not at Hazel Field. Architecture says so.

Next twelve months

What has to be true.

Corporate actions running without a side ticket pile.

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

They have not asked us to run a sale. That ask would close the file.

Traction

What you can verify today.

Founded 2021, headquartered in Copenhagen. No named paying pilot on the file yet — that is the first question. Desk diligence score 57/100. An AIFM whose auditor has seen the dual-record. No public APY, no public book, no ‘how to buy’ on any surface we could find.

  • Architecture paper — no production customer on the public file
  • No token contract listed as a public sale
  • Named founder; customer still a conversation
  • Copenhagen 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.”

  • Product17
  • Customers18
  • Legal path62
  • Tech maturity28
  • 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.

Yield product

If the landing page is APY, this is a different, usually unlicensed, business.

Proof theatre

A zk circuit of a fake book is still a fake book.

Custodian

Who holds the keys? If it is the startup, that is custody.

Audit

No auditor, no statement. Demo is not diligence.

Accidental custody

One key on a Hazel Field box and the licence problem is immediate. The architecture has to make that impossible.

Incumbent feature

The administrator, CCP, scheme or custodian can ship this as a checkbox. Hazel Field has to be cheaper or faster before that happens.

Ask these next

  1. 01Which geography is actually locked, and which is a hope?
  2. 02Is the waitlist demand for a product, or a queue for a coin?
  3. 03If RCA Pad disappeared tomorrow, could the customer still run the job?
  4. 04Who is the first named paying customer — not a letter of intent?
  5. 05Which incumbent can copy this in a quarter, and what would they have to migrate?
  6. 06What happens if a founder later wants a public token?

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
Hazel Field Ltd
Path on file
Not offering — locked
Posture
Private only
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.

  • Copenhagennamed
  • Mainland China retailrestricted

Team

Who runs it.

  • Marcus NgChief executive

Stack

  • Custody accounting
  • Qualified custody ops
  • Disclosure templates
  • Approval trail

Named with them

  • Helix Audit

Who can decide

Marcus Ng came in named. The team is not a handle. Hazel Field Ltd exists, founded 2021, headquartered in Copenhagen. Anonymity would have been an automatic decline.

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.

StatementEvidenceStatus
Hazel Field does not sell a token to the public on this padPosture locklive
The product is qualified custody ops sold to institutionsArchitecture + customer typedraft
Custody accounting is the method — not a listed assetPaper onlydraft
Retail buyers are out of scopeNamed markets locklive
Any raise completes with the issuer’s counsel and providers — not on RCA PadFixed-fee termslive
Pilot identities redacted in publicDesk filedraft
No public token is sold on this padEngagement terms + posture locklive
Customers contemplated: CopenhagenNamed markets on the filedraft

On the record

  1. Application APP-4788ScreenSep
  2. Counsel questionPathSep

Operating log

  1. 07 Sep 14:00

    Application scored. Hazel Field is not a calendar slot.

  2. 10 Sep 10:12

    Counsel question sent. Name a path or lock not-offering.

Path to now

  1. Now

    Screen

    Calendar is never automatic.

  2. 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.

Launch your own How an RCAICO works

Other companies

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