The wedge
TA integration
Hazel Quay sells a cost cut in onboarding, not an identity coin.
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
HAZA
In diligence
IN MOTIONTransfer agencyHazel Quay
Heat 44. 22 asks this week. 0% of any raise comes here.
If this pad disappeared tomorrow, the customer could still run the job. That is why they are here.
Hazel Quay — An attestation graph: a fund or investor proves one fact (accredited, name, share-class) to a transfer agent or administrator without handing over the whole file. Selective disclosure is the product.
In a 14-day diligence sprint (day 6). This is when the story, the customers and the legal path get written down — or the file stops.
A year from now this will be an obvious company or a missed one. The window decides which.
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
0
Redacted on the public page
Live nodes
0
TA adapters
Counsel hours
0
Not offering — locked
Sentences killed
0
Before listing
Claims live
2/10
Sprint
Our cut
0%
Of any proceeds
Plate Orbit · 7050
HAZA
The plate
Orbit. Edition 7050.
A unique plate for Hazel Quay. Geometry, orbit, and edition belong to this company — no other listing on the board shares it.
HAZA · Johannesburg · Transfer agency
Score
0
Desk diligence
Pilots
0
Named, redacted
Sprint
0
Day 6 of 14
HQ
Johannesburg
Fund administrators
Sells
TA
TA integration
Markets
0
Johannesburg
Years
0
Founded 2026
Surfaces
0
TA adapters
Complete
0
File readiness
Why the desk took it
A real job, not a ticker.
US retail identity was taken off before we asked.
Traction
One named pilot (redacted).
Founded 2026, headquartered in Johannesburg. One named pilot on file (redacted in public). 4 nodes or connected surfaces reported. Desk diligence score 89/100. Sprint day 6 of 14. A named Johannesburg administrator who already signs the pack (redacted). No public APY, no public book, no ‘how to buy’ on any surface we could find.
Next 12 months
One TA consuming revoke in production.
Onfido is for people at the door. This is for funds already inside. 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.
Before the waitlist, before the window, there was a refusal. Hazel Quay would not let a public sale sit on this page. That is why a company in Transfer agency 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.
US traffic was taken off the public surfaces in the first working session. Hazel Quay did not argue. Adult companies do not costume a US offering.
From the screen
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
US persons are outside the audience. A form that asks “are you accredited?” without verification is not an exemption.
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.
The next Transfer agency company on this board will not have this waitlist, this HQ, or this counsel posture.
Restricted markets stay dark. Named markets are live. That discipline is the scarce thing.
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
- 5
- Counsel hours on file
- 94
- Asks / week
- 22
- Our cut
- 0% of proceeds
We would rather be archive-clean than live-loud. The waitlist showed up anyway.
This company
Hazel Quay
Open-source looks free until the auditor asks who attests. Hazel Quay has an answer.
In the same conversation
- Onfido / Jumio for people
- Fund-admin KYC teams
- W3C attestations
- Not a ‘passport token’
The bet
Why this company exists.
Hazel Quay sells a cost cut in onboarding, not an identity coin.
Hazel Quay sells a cost cut in onboarding, not an identity coin.
Transfer agents and AIFMs are being asked for faster onboarding without becoming identity companies. Attestations they can revoke are the compromise.
Fund onboarding cost is a known line item. A 20–40% cut in cycle time is a budget, not a vision deck.
Versus the field
L2 wrappers are cheaper. They are also a different perimeter — and declined here. Hazel Quay is priced as software against an invoice that already exists.
Johannesburg 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
- 01A fact is attested by a party the recipient already trusts
- 02The holder discloses only the field requested
- 03The rest of the file stays dark
- 04Revocation is a first-class event
- 05The recipient never sees the rest of the file — selective disclosure is enforced, not promised
- 06Retail and unnamed geographies are structurally off the form, not only in the footer.
In the same conversation as
- Onfido / Jumio for people
- Fund-admin KYC teams
- W3C attestations
- Not a ‘passport token’
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%
Keeping the public story from running ahead of the claims register.
Certifications & adapters
28%
Hiring the operator who already does this job at a licensed firm.
Claims & campaign ops
15%
Dual-control drills, key ceremonies, and the person who owns them.
Second market
26%
Adapter work against the incumbent register, admin, or custodian.
Operating week
What “in market” actually looks like.
- SatDarkNo creators. No threads. Restricted geos stay dark.
- WedCounselPerimeter diffs. If the site drifted from the memo, the site moves — not the memo.
- TueExceptionsOvernight breaks post back into the customer’s case system. No side book.
- FriKill switchRehearse unpublish in 24 hours. If it takes a committee, it is not a switch.
The wedge
Why this one, not the other one.
- They sell
- TA integration
- Who pays
- A named Johannesburg administrator who already signs the pack (redacted).
- Unit economics
- Bps on a job that already has a budget line. A public coin would not make the invoice larger.
- Moat on file
- The attester is a party the recipient already trusts — not Hazel Quay.
- Switching cost
- Scheme maps, ISO, LMA language, registry adapters — eighteen months of unglamorous work.
- Vs the comps
- Onfido is for people at the door. This is for funds already inside.
- Why we listed it
- US retail identity was taken off before we asked.
Next twelve months
What has to be true.
One TA consuming revoke in production.
No public APY, no public book, no ‘how to buy’ on any surface we could find.
A round, if any, sits with their providers. This pad does not take the order.
Traction
What you can verify today.
Founded 2026, headquartered in Johannesburg. One named pilot on file (redacted in public). 4 nodes or connected surfaces reported. Desk diligence score 89/100. Sprint day 6 of 14. A named Johannesburg administrator who already signs the pack (redacted). No public APY, no public book, no ‘how to buy’ on any surface we could find.
- Operating notes for TA adapters
- No token contract listed as a public sale
- Pilot letters on file, identities redacted
- Johannesburg 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.”
- Product36
- Customers40
- Legal path62
- Tech maturity48
- Demand42
- Market access44
Risks
What can kill it.
The one that actually kills it
A second geography without a lock
Extending the record into a market that is still restricted is how a clean Johannesburg story becomes a fact pattern. The restricted list exists for a reason: Public residual claims, United States.
Who attests
If the attester is the company itself, this is a database with extra steps.
Portability theatre
A graph nobody else reads is a PDF with a hash.
US
US retail identity products are a different statute. Many of these files keep the US off.
Utility token
Paying for attestations in a native token is usually a securities problem in costume.
Self-attestation
If Hazel Quay is the attester, this is a database with extra steps. The graph only matters if someone else signs.
Incumbent feature
The administrator, CCP, scheme or custodian can ship this as a checkbox. Hazel Quay has to be cheaper or faster before that happens.
Ask these next
- 01What happens if a founder later wants a public token?
- 02Who can unpublish a public sentence in 24 hours, by name?
- 03Which geography is actually locked, and which is a hope?
- 04What does renewal look like if no round ever happens?
- 05Is the waitlist demand for a product, or a queue for a coin?
- 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 Quay 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.
- Johannesburgnamed
- Public residual claimsrestricted
- United Statesrestricted
Team
Who runs it.
- Hiro CostaChief executive
- Eva VogelChief executive
Stack
- TA adapters
- Transfer agency
- Audit log
- Disclosure templates
Named with them
- Helix Audit
- Clearline
- Meridian Tax
Who can decide
Hiro Costa (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 Quay does not sell a token to the public on this pad | Posture lock | live |
| The product is transfer agency sold to institutions | Architecture + customer type | live |
| TA adapters 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 |
| Pilot identities redacted in public | No board minute | draft |
| No public token is sold on this pad | Engagement terms + posture lock | live |
| Customers contemplated: Johannesburg | Named markets on the file | live |
On the record
- Day 0 lockKick-offSep
- Claim inventoryPackSep
- Audience matrix draftPackSep
Operating log
11 Sep 11:36
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.
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.