The wedge
Fund seat
Hazel Stack sells the statement, not the vault. Anyone can launch a vault.
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
HAZ4
Screened
SCREENEDPrime brokerage opsHazel Stack
Certification is in motion. After it lands, access is the scarce thing — not price.
Marcus Cho will not run a public sale on this pad. The listing exists because of that sentence.
Hazel Stack — 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.
Most Prime brokerage ops applications this quarter were declined. You are looking at one that was not.
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
0days
Heat
0/99
Inbound / wk
0asks
Asking now
0live
Named pilots
0
Redacted on the public page
Live nodes
0
Prime adapters
Counsel hours
0
Not offering — locked
Sentences killed
0
Before listing
Claims live
0/5
Sprint
Our cut
0%
Of any proceeds
Plate Ledger · 7707
HAZ4
The plate
Ledger. Edition 7707.
A unique plate for Hazel Stack. Geometry, orbit, and edition belong to this company — no other listing on the board shares it.
HAZ4 · Luxembourg · Prime brokerage ops
Score
0
Desk diligence
Pilots
0
Named, redacted
Stage
upcoming
upcoming
HQ
Luxembourg
Asset managers
Sells
Fund
Fund seat
Markets
0
Luxembourg
Years
0
Founded 2025
Surfaces
0
Prime adapters
Complete
0
File readiness
Why the desk took it
Early — still a question.
No APY on any surface we could find.
Traction
One named pilot (redacted).
Founded 2025, headquartered in Luxembourg. One named pilot on file (redacted in public). Desk diligence score 60/100. A qualified custodian reconciling against this book. No public APY, no public book, no ‘how to buy’ on any surface we could find.
Next 12 months
Still no yield marketed to the public.
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.
In Luxembourg, the person who signs the monthly pack already has a vendor. Hazel Stack is not asking them to believe in a token. It is asking them to move one job — the one that currently lives in a spreadsheet, a fax, or a person who is about to retire — onto a record that can be shown to counsel. The queue to read that record is already not empty.
The bet is narrow. A named Luxembourg buyer already has budget for this invoice. Hazel Stack wins if it is cheaper than the internal build and cleaner than the protocol pitch. It loses if a founder later wants a public book. The window is the time you have to decide which it is.
A sentence went public and came down in under an hour. Marcus Cho treated the kill as an operating skill, not a PR event. Files that cannot do this do not stay listed.
From counsel
US persons are outside the audience. A form that asks “are you accredited?” without verification is not an exemption.
From the pilot
The legal source of truth stays with the incumbent register, admin, or custodian. Hazel Stack 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.
Waiting for a proposed US rule is how you miss a Luxembourg buyer who already has budget.
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 remaining
0days
When this window closes, the campaign is archive.
- Sentences killed
- 5
- Counsel hours on file
- 8
- Asks / week
- 7
- Our cut
- 0% of proceeds
The decline pile is a compliment. It means the screen still means something.
This company
Hazel Stack
Open-source looks free until the auditor asks who attests. Hazel Stack has an answer.
In the same conversation
- Fund admins
- Custodian reporting
- Public ‘vault tokens’ (the thing this is not)
The bet
Why this company exists.
Hazel Stack sells the statement, not the vault. Anyone can launch a vault.
Hazel Stack 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
The incumbent brand sells the relationship. Hazel Stack sells the job the brand will not staff. A protocol pitch is the thing this company has already refused. Open-source looks free until the auditor asks who attests.
Luxembourg 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
- 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.
Named operators
39%
Dual-control drills, key ceremonies, and the person who owns them.
Certifications & adapters
21%
A counsel memo that can survive a later reader.
Control environment
22%
Hiring the operator who already does this job at a licensed firm.
Second market
18%
The remaining certifications and the second named market.
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.
- MonClaimsEvery public sentence checked against the register. Anything extra is unpublished.
- ThuCustomerNamed pilot (redacted) sees the same record the auditor saw.
The wedge
Why this one, not the other one.
- They sell
- Fund seat
- 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.
Still no yield marketed to the public.
No public APY, no public book, no ‘how to buy’ on any surface we could find.
Growth money would extend the record to a second geography, still permissioned.
Traction
What you can verify today.
Founded 2025, headquartered in Luxembourg. One named pilot on file (redacted in public). Desk diligence score 60/100. A qualified custodian reconciling against this book. 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
- Luxembourg 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.”
- Product23
- Customers40
- Legal path62
- Tech maturity28
- Demand10
- Market access68
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.
Proof theatre
A zk circuit of a fake book is still a fake book. Hazel Stack has to prove the real one.
Token relapse
A later round that wants a public token puts Hazel Stack in a different perimeter. The file treats that as a hard stop.
Ask these next
- 01If RCA Pad disappeared tomorrow, could the customer still run the job?
- 02Is the waitlist demand for a product, or a queue for a coin?
- 03Who can unpublish a public sentence in 24 hours, by name?
- 04Which geography is actually locked, and which is a hope?
- 05Where do keys, title, or NAV liability sit — and is that person licensed?
- 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 Stack S.à r.l.
- 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.
- Luxembourgnamed
- EEA professionalnamed
- Public residual claimsrestricted
- United Statesrestricted
Team
Who runs it.
- Marcus ChoChief executive
Stack
- Prime adapters
- Prime brokerage ops
- Disclosure templates
- Audit log
Named with them
- Meridian Tax
Who can decide
Marcus Cho came in named. The team is not a handle. Hazel Stack S.à r.l. exists, founded 2025, headquartered in Luxembourg. 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.
| Statement | Evidence | Status |
|---|---|---|
| Hazel Stack does not sell a token to the public on this pad | Posture lock | live |
| The product is prime brokerage ops sold to institutions | Architecture + customer type | draft |
| Prime adapters is the method — not a listed asset | Paper only | draft |
| 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: Luxembourg, EEA professional | Named markets on the file | draft |
On the record
- Application APP-4374ScreenSep
- Counsel questionPathSep
Operating log
05 Sep 13:00
Application scored. Hazel Stack is not a calendar slot.
10 Sep 10:12
Counsel question sent. Name a path or lock not-offering.
Path to now
Now
Screen
Calendar is never automatic.
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.
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.