The wedge
Desk seat
The wedge is the shared drive: marks, covenants and RFQs still live in email.
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
HAZ6
Screened
SCREENEDISDA opsHazel Works
They killed 11 sentences to get listed. That is the product you are about to miss.
a short list names asked to be first. None of them bought a token here. They asked for the product.
Hazel Works — A system of record for private-credit funds and desks: tapes, RFQs, or covenants that update when a borrower files. The buyers already have a book. This is plumbing, not a venue that matches strangers.
Screened, not yet in sprint. Treat every number as provisional. Calendar access is not automatic.
Archive is free. Live access is timed. Hazel Works is timed.
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
Still a question
Live nodes
0
Confirmations book
Counsel hours
0
Not offering — locked
Sentences killed
0
Before listing
Claims live
0/4
Sprint
Our cut
0%
Of any proceeds
Plate Orbit · 3552
HAZ6
The plate
Orbit. Edition 3552.
A unique plate for Hazel Works. Geometry, orbit, and edition belong to this company — no other listing on the board shares it.
HAZ6 · Zurich · ISDA ops
Score
0
Desk diligence
Pilots
0
None on file
Stage
upcoming
upcoming
HQ
Zurich
Private-credit funds
Sells
Desk
Desk seat
Markets
0
Switzerland
Years
0
Founded 2021
Surfaces
0
Confirmations book
Complete
0
File readiness
Why the desk took it
Early — still a question.
They asked us to kill ‘marketplace’ in every sentence. We did.
Traction
No paying pilot on the public file.
Founded 2021, headquartered in Zurich. No named paying pilot on the file yet — that is the first question. 2 nodes or connected surfaces reported. Desk diligence score 71/100. A warehouse or port that has written a live event. No public APY, no public book, no ‘how to buy’ on any surface we could find.
Next 12 months
Ten live facilities or this is still a lab.
A DeFi lending pool is the opposite company. 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 Works would not let a public sale sit on this page. That is why a company in ISDA ops 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 Works is the version that survives counsel. It is on a clock.
US traffic was taken off the public surfaces in the first working session. Hazel Works did not argue. Adult companies do not costume a US offering.
From the screen
A dual-control drill exists on paper. Production evidence is the next artefact, not a tweet.
From ops
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 pilot
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.
If the window closes you still have the pack — as history. Not as a live conversation.
Counsel hours on file: enough that a later reader can tell this was not improvised.
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
- 11
- Counsel hours on file
- 6
- Asks / week
- 5
- Our cut
- 0% of proceeds
If RCA Pad ever asked for a cut of a raise, we would walk. That is in the first email.
This company
Hazel Works
The protocol pitch is the thing this company has already refused.
In the same conversation
- eFront
- Allvue
- Closed RFQ wires
- Not an on-chain lending pool
The bet
Why this company exists.
The wedge is the shared drive: marks, covenants and RFQs still live in email.
The wedge is the shared drive: marks, covenants and RFQs still live in email.
Allocators want daily marks and covenant visibility. Banks want to originate without building a chain team. The first honest tape that does not pretend to be an exchange will be paid for as software.
Private credit AUM is measured in trillions. The software take-rate is small. The switching cost, once a tape is the record, is not.
Versus the field
L2 wrappers are cheaper. They are also a different perimeter — and declined here. Hazel Works is priced as software against an invoice that already exists.
Zurich 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 loan or covenant event is written once
- 02Permissioned counterparties see what they are allowed to see
- 03Marks and RFQs stay inside named desks
- 04No public order book, no retail
- 05Default and amendment events are first-class, not a PDF in a side channel
- 06The legal source of truth stays with the incumbent register, admin, or custodian.
In the same conversation as
- eFront
- Allvue
- Closed RFQ wires
- Not an on-chain lending pool
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
33%
Hiring the operator who already does this job at a licensed firm.
Named operators
18%
Keeping the public story from running ahead of the claims register.
Certifications & adapters
15%
A counsel memo that can survive a later reader.
Second market
34%
The remaining certifications and the second named market.
Operating week
What “in market” actually looks like.
- 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.
- FriKill switchRehearse unpublish in 24 hours. If it takes a committee, it is not a switch.
- ThuCustomerNamed pilot (redacted) sees the same record the auditor saw.
The wedge
Why this one, not the other one.
- They sell
- Desk seat
- Who pays
- A warehouse or port that has written a live event.
- Unit economics
- Per-event pricing so a pilot can start without a transformation programme.
- Moat on file
- Administrator of record has signed a dual-control letter.
- Switching cost
- Scheme maps, ISO, LMA language, registry adapters — eighteen months of unglamorous work.
- Vs the comps
- A DeFi lending pool is the opposite company.
- Why we listed it
- They asked us to kill ‘marketplace’ in every sentence. We did.
Next twelve months
What has to be true.
Ten live facilities or this is still a lab.
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 2021, headquartered in Zurich. No named paying pilot on the file yet — that is the first question. 2 nodes or connected surfaces reported. Desk diligence score 71/100. A warehouse or port that has written a live event. 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
- Pilot letters on file, identities redacted
- Zurich 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.”
- Product20
- Customers18
- Legal path62
- Tech maturity34
- 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.
Marketplace slip
The moment this looks like a public book, it is a venue. This pad will not list that.
Data rights
Who owns the tape when a fund leaves? If that is unsigned, the enterprise value is a conversation.
Credit cycle
A default cluster will test whether the product is a record or a reputation.
Retail
Retail is prohibited. Any ‘access token’ story is a different company.
Data rights on exit
If a fund leaves and the tape stays, who owns the history? Unsigned, the enterprise value is a conversation.
Single-customer gravity
If the first named buyer is also the only buyer, Hazel Works is a services shop with a ledger. Ask for the second.
Ask these next
- 01What happens if a founder later wants a public token?
- 02What does renewal look like if no round ever happens?
- 03Where do keys, title, or NAV liability sit — and is that person licensed?
- 04Is the waitlist demand for a product, or a queue for a coin?
- 05Who can unpublish a public sentence in 24 hours, by name?
- 06Which geography is actually locked, and which is a hope?
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 Works AG
- 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.
- Switzerlandnamed
- EEA professionalnamed
- United States retailrestricted
- United Statesrestricted
Team
Who runs it.
- Devon EllisonChief executive
Stack
- Confirmations book
- ISDA ops
- Takedown SLA
- Approval trail
Named with them
- Northbridge Counsel
Who can decide
The technical founder is on the record as engineering. Contractors in undisclosed jurisdictions are written down as a fact, not hidden. Facts can be managed. Hiding them is how companies die in diligence.
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 Works does not sell a token to the public on this pad | Posture lock | live |
| The product is isda ops sold to institutions | Architecture + customer type | draft |
| Confirmations book 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: Switzerland, EEA professional | Named markets on the file | draft |
On the record
- Application APP-4910ScreenSep
- Counsel questionPathSep
Operating log
08 Sep 18:00
Application scored. Hazel Works 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.