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

HAZY

In market
IN MARKETHealth-claims tape

Hazel Line

They killed 6 sentences to get listed. That is the product you are about to miss.

Counsel has a live path. The waitlist is 2,759. This pad still takes 0% of proceeds.

Hazel Line — A permissioned netting engine for trading venues and brokers that are already licensed. It reduces what has to settle. It is not a new CCP, and it is not a collateral token.

Live campaign. 2,759 on the product waitlist — that is demand, not an allocation.

Window a fewd. Waitlist 2,759. 85 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

Claims book

Counsel hours

0

Vilnius · counsel-named

Sentences killed

0

Before listing

Claims live

9/12

Build

Our cut

0%

Of any proceeds

Plate Meridian · 9595

HAZY

The plate

Meridian. Edition 9595.

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

HAZY · Vilnius · Health-claims tape

Score

0

Desk diligence

Pilots

0

Named, redacted

Waitlist

0

Product demand

HQ

Vilnius

Licensed venues

Sells

Venue

Venue licence add-on

Markets

0

Vilnius

Years

0

Founded 2024

Surfaces

0

Claims book

Complete

0

File readiness

The wedge

Venue licence add-on

Hazel Line is selling a 10% cut in fails, not a new licence.

Why the desk took it

A real job, not a ticker.

Collateral-as-token was an exclusion in the application. We kept it.

Traction

2 named pilots (redacted).

Founded 2024, headquartered in Vilnius. 2 named pilots on file (identities redacted in public). 2,759 on the waitlist, gated — product demand, not a book built. 10 nodes or connected surfaces reported. Desk diligence score 86/100. A transfer agent willing to consume a revoke in production. A dual-control drill exists on paper. We have not watched it live yet — that is the next ask.

Next 12 months

Legal memo: are we a CCP? One page, named firm.

A DeFi clearinghouse is a different, usually unlicensed, business. Per-event pricing so a pilot can start without a transformation programme.

The brief

How a serious reader should hold this.

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

If you leave this page without opening the claims table, you have read marketing. The scarce version of Hazel Line is the version that survives counsel. It is on a clock.

On a Tuesday in Vilnius, 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 counsel

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

From the founder

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

From ops

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.

When the heat drops, the named customer is still named — they just stop taking new calls.

The incumbent copy takes a year. The named customer is already writing into this record.

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
6
Counsel hours on file
35
Asks / week
345
Our cut
0% of proceeds

Renewal is the round. If nobody renews, there is no company. A token would not fix that.

Noam Shah, Chief executive

This company

Hazel Line

The copycats will arrive after certification. That is why the window is now.

In the same conversation

  • LCH / Eurex (incumbent CCPs)
  • Caldastone-style utilities
  • Not a DeFi clearinghouse

The bet

Why this company exists.

Hazel Line is selling a 10% cut in fails, not a new licence.

Hazel Line is selling a 10% cut in fails, not a new licence.

T+1 and capital rules make gross settlement expensive. Venues will buy netting as a service before they will buy a new licence.

Post-trade cost is a line on every broker P&L. A 10% cut in settlement fails is a CFO conversation.

Versus the field

L2 wrappers are cheaper. They are also a different perimeter — and declined here. Hazel Line is priced as software against an invoice that already exists.

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

How it works

  1. 01Members post positions they already hold
  2. 02The engine nets what the rulebook allows
  3. 03Only the residual hits the existing settlement rail
  4. 04Collateral as a token is an exclusion on this file
  5. 05Only the residual hits the existing settlement rail — gross never leaves the venue
  6. 06Exceptions post back into the customer’s existing case system — no side spreadsheet.

In the same conversation as

  • LCH / Eurex (incumbent CCPs)
  • Caldastone-style utilities
  • Not a DeFi clearinghouse

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

    33%

    The remaining certifications and the second named market.

  • Control environment

    20%

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

  • Certifications & adapters

    18%

    Keeping the public story from running ahead of the claims register.

  • Claims & campaign ops

    29%

    A counsel memo that can survive a later reader.

Operating week

What “in market” actually looks like.

  1. FriKill switchRehearse unpublish in 24 hours. If it takes a committee, it is not a switch.
  2. SunOwnersWho can decide messaging and budget on a recorded line. If the answer is nobody, stop.
  3. WedCounselPerimeter diffs. If the site drifted from the memo, the site moves — not the memo.
  4. ThuCustomerNamed pilot (redacted) sees the same record the auditor saw.

The wedge

Why this one, not the other one.

They sell
Venue licence add-on
Who pays
A transfer agent willing to consume a revoke in production.
Unit economics
Per-event pricing so a pilot can start without a transformation programme.
Moat on file
Named venue LOIs — redacted, but they exist.
Switching cost
Network effects only if a second named counterparty writes. One customer is a service firm.
Vs the comps
A DeFi clearinghouse is a different, usually unlicensed, business.
Why we listed it
Collateral-as-token was an exclusion in the application. We kept it.

Next twelve months

What has to be true.

Legal memo: are we a CCP? One page, named firm.

A dual-control drill exists on paper. We have not watched it live yet — that is the next ask.

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.

Founded 2024, headquartered in Vilnius. 2 named pilots on file (identities redacted in public). 2,759 on the waitlist, gated — product demand, not a book built. 10 nodes or connected surfaces reported. Desk diligence score 86/100. A transfer agent willing to consume a revoke in production. A dual-control drill exists on paper. We have not watched it live yet — that is the next ask.

  • Operating notes for Claims book
  • No token contract listed as a public sale
  • Pilot letters on file, identities redacted
  • Vilnius 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.”

  • Product64
  • Customers78
  • Legal path84
  • Tech maturity76
  • Demand54
  • Market access44

Risks

What can kill it.

The one that actually kills it

Counsel is a slide

Unnamed counsel is how companies die in diligence. Vilnius · counsel-named has to be a memo you can file, not a slogan on the hero.

CCP perimeter

If a regulator reads this as clearing, the licence problem is existential.

Collateral token

That ask has been refused on files like this. It should stay refused.

Member default

Who eats the loss? If the answer is ‘the protocol’, there is no protocol that can.

Incumbent freeze-out

CCPs can copy the netting logic faster than a startup can collect members.

CCP copy

The incumbent can ship the same netting as a feature. Hazel Line has to be cheaper or faster before that happens.

Token relapse

A later round that wants a public token puts Hazel Line in a different perimeter. The file treats that as a hard stop.

Ask these next

  1. 01Which incumbent can copy this in a quarter, and what would they have to migrate?
  2. 02Is the waitlist demand for a product, or a queue for a coin?
  3. 03What does renewal look like if no round ever happens?
  4. 04Who can unpublish a public sentence in 24 hours, by name?
  5. 05Has counsel written the perimeter in a memo you can file?
  6. 06If RCA Pad disappeared tomorrow, could the customer still run the job?

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 Line Ltd
Path on file
Vilnius · 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.

  • Vilniusnamed
  • United States retailrestricted
  • United Statesrestricted

Team

Who runs it.

  • Noam ShahChief executive
  • Nia OkaforFinance

Stack

  • Claims book
  • Health-claims tape
  • Audit log
  • Disclosure templates

Named with them

  • Northbridge Counsel
  • Helix Audit
  • Clearline

Who can decide

Noam Shah came in named. The team is not a handle. Hazel Line Ltd exists, founded 2024, headquartered in Vilnius. 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 Line does not sell a token to the public on this padPosture locklive
The product is health-claims tape sold to institutionsArchitecture + customer typelive
Claims book 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 publicDesk filedraft
No public token is sold on this padEngagement terms + posture locklive
Customers contemplated: VilniusNamed 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 09:11

    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

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