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

HAZJ

In diligence

IN MOTIONVault infrastructure

Hazel Gate

Skip it and you read a PDF. Counterparties who matter will have already called.

Inbound this week: 34. That is demand for a job someone already pays for — not a book.

Hazel Gate — 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.

In a 14-day diligence sprint (day 11). This is when the story, the customers and the legal path get written down — or the file stops.

The named customer already picked. The waitlist is everyone who was late to that fact.

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

zk testnet

Counsel hours

Not offering — locked

Sentences killed

Before listing

Claims live

5/6

Sprint

Our cut

Of any proceeds

Plate Signal · 7923

HAZJ

The plate

Signal. Edition 7923.

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

HAZJ · Frankfurt · Vault infrastructure

Score

Desk diligence

Pilots

Named, redacted

Sprint

Day 11 of 14

Frankfurt

Asset managers

Sells

Per

Per statement

Markets

Germany

Years

Founded 2022

Surfaces

zk testnet

Complete

File readiness

The wedge

Per statement

Hazel Gate sells the statement, not the vault. Anyone can launch a vault.

Why the desk took it

A real job, not a ticker.

No APY on any surface we could find.

Traction

2 named pilots (redacted).

Founded 2022, headquartered in Frankfurt. 2 named pilots on file (identities redacted in public). 5 nodes or connected surfaces reported. Desk diligence score 83/100. Sprint day 11 of 14. A qualified custodian reconciling against this book. A redacted engagement letter landed in week one. That is why the desk took the meeting.

Next 12 months

Production book, not a demo circuit.

Custodian reporting is a PDF. This is a file a counterparty verifies. 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.

The first sentence Hannah Park would not let us publish was the exciting one. What remains is slower — and scarcer: Hazel Gate GmbH selling Vault infrastructure as software, from Frankfurt, to a buyer who already pays someone else to do this badly. That buyer is named. You are not, yet.

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 Frankfurt, 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 pilot

US persons are outside the audience. A form that asks “are you accredited?” without verification is not an exemption.

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 the founder

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

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: 7
Counsel hours on file: 67
Asks / week: 34
Our cut: 0% of proceeds

The waitlist is people who want the product. If they wanted a coin they would be on a different pad.
Hannah Park, Chief executive

This company

Hazel Gate

The protocol pitch is the thing this company has already refused.

In the same conversation

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

The bet

Why this company exists.

Hazel Gate sells the statement, not the vault. Anyone can launch a vault.

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 Gate is priced as software against an invoice that already exists.

Frankfurt 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

01Positions are accounted in a book the manager already runs
02A proof or extract is produced for a named counterparty
03Yield is not marketed to the public on this pad
04zk, if present, is a method — not a ticker
05A proof or extract is produced for a named counterparty only
06A named counterparty verifies; Hazel Gate does not attest to its own facts.

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.

Second market
40%
Adapter work against the incumbent register, admin, or custodian.
Counsel & perimeter
21%
Dual-control drills, key ceremonies, and the person who owns them.
Named operators
17%
The remaining certifications and the second named market.
Certifications & adapters
22%
A counsel memo that can survive a later reader.

Operating week

What “in market” actually looks like.

TueExceptionsOvernight breaks post back into the customer’s case system. No side book.
MonClaimsEvery public sentence checked against the register. Anything extra is unpublished.
WedCounselPerimeter diffs. If the site drifted from the memo, the site moves — not the memo.
SatDarkNo creators. No threads. Restricted geos stay dark.

The wedge

Why this one, not the other one.

They sell: Per statement
Who pays: A qualified custodian reconciling against this book.
Unit economics: Bps on a job that already has a budget line. A public coin would not make the invoice larger.
Moat on file: Auditor engagement letter — not a tweet.
Switching cost: Once the record is the record, the incumbent copy has to migrate history. That is the year.
Vs the comps: Custodian reporting is a PDF. This is a file a counterparty verifies.
Why we listed it: No APY on any surface we could find.

Next twelve months

What has to be true.

Production book, not a demo circuit.

A redacted engagement letter landed in week one. That is why the desk took the meeting.

If they raise, it is to hire the remaining certifications and the second market — not to float a coin.

Traction

What you can verify today.

Operating notes for zk testnet
No token contract listed as a public sale
Named founder; customer still a conversation
Frankfurt 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.”

Product44
Customers62
Legal path62
Tech maturity51
Demand62
Market access68

Risks

What can kill it.

The one that actually kills it

Counsel is a slide

Unnamed counsel is how companies die in diligence. Not offering — locked has to be a memo you can file, not a slogan on the hero.

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.

Proof theatre

A zk circuit of a fake book is still a fake book. Hazel Gate has to prove the real one.

Facts vs theatre

A proof of a fake book is still a fake book. Hazel Gate has to attach to the real one, in Frankfurt.

Ask these next

01What does renewal look like if no round ever happens?
02Has counsel written the perimeter in a memo you can file?
03Where do keys, title, or NAV liability sit — and is that person licensed?
04If RCA Pad disappeared tomorrow, could the customer still run the job?
05Who can unpublish a public sentence in 24 hours, by name?
06Which incumbent can copy this in a quarter, and what would they have to migrate?

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: Hazel Gate GmbH
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.

Germanynamed
EEA professionalnamed
Global publicrestricted
United Statesrestricted

Team

Who runs it.

Hannah ParkChief executive
Jonah RibeiroChief compliance

Stack

zk testnet
Vault infrastructure
Disclosure templates
Takedown SLA

Named with them

Clearline
Meridian Tax

Who can decide

Hannah Park (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.

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
Hazel Gate does not sell a token to the public on this pad	Posture lock	live
The product is vault infrastructure sold to institutions	Architecture + customer type	live
zk testnet 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
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: Germany, EEA professional	Named markets on the file	live

On the record

Day 0 lockKick-offSep
Claim inventoryPackSep
Audience matrix draftPackSep

Operating log

11 Sep 10:29
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

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