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

HAZG

In market
IN MARKETPermissioned interop

Hazel Hold

Counsel is live. The waitlist is 3,832. The public sale is not.

Pilots are named and redacted. The waitlist is not. 3,832 people already asked.

Hazel Hold — Attestation packets and IBC-style messages between chains that are not public. Banks and funds that already live behind a firewall use this to talk to each other without opening a public bridge.

Live campaign. 3,832 on the product waitlist — that is demand, not an allocation.

Window a fewd. Waitlist 3,832. 105 asks this week. This is not a quiet listing.

Diligence, not a prospectus. RCA Pad does not allocate, take orders, or close funding. If this company raises, it raises with its own counsel.

Waitlist

0

Window

Closed

Heat

0/99

Inbound / wk

0asks

Asking now

0live

Named pilots

0

Redacted on the public page

Live nodes

0

Cosmos SDK · permissioned

Counsel hours

0

United Kingdom · counsel-named

Sentences killed

0

Before listing

Claims live

5/9

Build

Our cut

0%

Of any proceeds

Plate Lattice · 2246

HAZG

The plate

Lattice. Edition 2246.

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

HAZG · London · Permissioned interop

Score

0

Desk diligence

Pilots

0

Named, redacted

Waitlist

0

Product demand

HQ

London

Banks

Sells

Per

Per packet

Markets

0

United Kingdom

Years

0

Founded 2021

Surfaces

0

Cosmos SDK · permissioned

Complete

0

File readiness

The wedge

Per packet

Hazel Hold moves facts, not value. That is why it might get paid.

Why the desk took it

A real job, not a ticker.

Security review of the verifier is on file, even if draft.

Traction

3 named pilots (redacted).

Founded 2021, headquartered in London. 3 named pilots on file (identities redacted in public). 3,832 on the waitlist, gated — product demand, not a book built. 12 nodes or connected surfaces reported. Desk diligence score 92/100. A treasurer at a bank that already settles — not a crypto-native desk. A redacted engagement letter landed in week one. That is why the desk took the meeting.

Next 12 months

Two production counterparties.

Public IBC is a different threat model. Per-event pricing so a pilot can start without a transformation programme.

The brief

How a serious reader should hold this.

Most Permissioned interop decks start with a market size. This one starts with a job: a person at a licensed firm, a record they cannot currently prove, and a calendar that does not wait for a proposed US rule. The calendar is the window. The window is the scarce thing.

Hazel Hold exists because the incumbent brand will not staff the unglamorous middle of Permissioned interop. 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. Marcus Petrov treated the kill as an operating skill, not a PR event. Files that cannot do this do not stay listed.

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

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

From counsel

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

The window

Miss this and you read the archive.

Skip it and you read the archive. Counterparties who matter will have already asked.

Switching cost is the auditor conversation. Once it happens, you are late.

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
8
Counsel hours on file
81
Asks / week
479
Our cut
0% of proceeds

We did not come here to sell a token. We came here so a named customer could read a pack that survives counsel.

Marcus Petrov, Chief executive

This company

Hazel Hold

Open-source looks free until the auditor asks who attests. Hazel Hold has an answer.

In the same conversation

  • R3 Corda network maps
  • Hyperledger interop
  • Public IBC (different threat model)

The bet

Why this company exists.

Hazel Hold moves facts, not value. That is why it might get paid.

Hazel Hold moves facts, not value. That is why it might get paid.

Every permissioned chain is an island. The second chain a bank turns on creates the ticket. The third creates the vendor.

Every extra permissioned deployment is a new integration budget. This product is that budget.

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.

The live path is United Kingdom · counsel-named. Proposed Regulation Crypto Assets is not treated as a calendar slot. Build as if it never opens.

How it works

  1. 01A fact is packed as an attestation, not a free-floating asset
  2. 02The counterparty chain verifies the packet
  3. 03Assets do not ‘bridge’; messages do
  4. 04Public connectivity is off unless counsel names it
  5. 05The counterparty chain verifies the packet; assets do not ‘bridge’
  6. 06Kill of a public sentence is an hour, not a committee.

In the same conversation as

  • R3 Corda network maps
  • Hyperledger interop
  • Public IBC (different threat model)

If they raise

Where the money would actually go.

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

  • Control environment

    31%

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

  • Counsel & perimeter

    23%

    The remaining certifications and the second named market.

  • Claims & campaign ops

    14%

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

  • Certifications & adapters

    32%

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

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. SunOwnersWho can decide messaging and budget on a recorded line. If the answer is nobody, stop.
  4. SatDarkNo creators. No threads. Restricted geos stay dark.

The wedge

Why this one, not the other one.

They sell
Per packet
Who pays
A treasurer at a bank that already settles — not a crypto-native desk.
Unit economics
Per-event pricing so a pilot can start without a transformation programme.
Moat on file
No public endpoint. The threat model holds.
Switching cost
Once the record is the record, the incumbent copy has to migrate history. That is the year.
Vs the comps
Public IBC is a different threat model.
Why we listed it
Security review of the verifier is on file, even if draft.

Next twelve months

What has to be true.

Two production counterparties.

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

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

Traction

What you can verify today.

Founded 2021, headquartered in London. 3 named pilots on file (identities redacted in public). 3,832 on the waitlist, gated — product demand, not a book built. 12 nodes or connected surfaces reported. Desk diligence score 92/100. A treasurer at a bank that already settles — not a crypto-native desk. A redacted engagement letter landed in week one. That is why the desk took the meeting.

  • Operating notes for Cosmos SDK · permissioned
  • No token contract listed as a public sale
  • Named founder; customer still a conversation
  • London 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.”

  • Product67
  • Customers96
  • Legal path84
  • Tech maturity82
  • Demand59
  • Market access68

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.

Bridge in costume

If value moves as a wrapped asset, this is a bridge. Bridges have a history.

Who verifies

A packet nobody independently checks is email.

Public leak

One public endpoint and the threat model is gone.

Standard war

If a bigger FMI publishes the same packet, this is a feature, not a company.

Bridge in costume

If value moves as a wrapped asset, Hazel Hold inherits every bridge post-mortem. Kill that design.

Single-customer gravity

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

Ask these next

  1. 01Has counsel written the perimeter in a memo you can file?
  2. 02What happens if a founder later wants a public token?
  3. 03Who can unpublish a public sentence in 24 hours, by name?
  4. 04Who is the first named paying customer — not a letter of intent?
  5. 05Where do keys, title, or NAV liability sit — and is that person licensed?
  6. 06What does renewal look like if no round ever happens?

Structure

How money would actually move.

If this company raises, it raises with its own counsel and providers. The waitlist is a product list. It is not a round, a book, or an allocation on RCA Pad. We do not take a cut.

Entity
Hazel Hold Ltd · England & Wales
Path on file
United Kingdom · counsel-named
Posture
No public sale
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.

  • United Kingdomnamed
  • EEA professionalnamed
  • United States retailrestricted
  • United Statesrestricted

Team

Who runs it.

  • Marcus PetrovChief executive
  • Zara RibeiroChief technology

Stack

  • Cosmos SDK · permissioned
  • Permissioned interop
  • Audit log
  • Approval trail

Named with them

  • Helix Audit
  • Clearline

Who can decide

Marcus Petrov came in named. The team is not a handle. Hazel Hold Ltd · England & Wales exists, founded 2021, headquartered in London. Anonymity would have been an automatic decline.

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.

StatementEvidenceStatus
Hazel Hold does not sell a token to the public on this padPosture locklive
The product is permissioned interop sold to institutionsArchitecture + customer typelive
Cosmos SDK · permissioned is the method — not a listed assetDesk snapshotlive
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 publicNo board minutedraft
No public token is sold on this padEngagement terms + posture locklive
Customers contemplated: United Kingdom, EEA professionalNamed markets on the filelive

On the record

  1. Sprint packPackJun
  2. Counsel lockPathJul
  3. Claims register liveRegisterAug
  4. Creator briefBriefSep

Operating log

  1. 11 Sep 09:26

    Takedown SLA idle-tested.

  2. 08 Sep 11:40

    A claim held for missing evidence.

  3. 04 Sep 08:22

    Weekly report issued to the desk.

  4. 01 Sep 14:08

    Creator set on disclosure. No buy language.

Path to now

  1. Sprint

    Pack accepted

    Narrative, matrix, claims locked.

  2. Path

    Counsel names it

    Or the file stays not-offering.

  3. Live

    Campaign

    Waitlist and register. No purchase journey.

Not a subscription

This is not a sale page.

If this company raises, it raises with its own counsel and providers. The waitlist is a product list. It is not a round, a book, or an allocation on RCA Pad. We do not take a cut. 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.