The wedge
Per million notional
Issuing a stablecoin to settle would put them in a different perimeter.
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
HEAV
Screened
SCREENEDWholesale FXHeath Field
Heat 43. 1 asks this week. 0% of any raise comes here.
The first buyer already has a vendor. Heath Field is taking that invoice. The queue is a short list deep.
Heath Field — A permissioned DvP rail: cash against asset between banks, FMIs or funds that already have accounts with each other. It is the moment of exchange, not a new listed asset.
Screened, not yet in sprint. Treat every number as provisional. Calendar access is not automatic.
The named customer already picked. The waitlist is everyone who was late to that fact.
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
Permissioned FX rail
Counsel hours
0
Not offering — locked
Sentences killed
0
Before listing
Claims live
0/5
Sprint
Our cut
0%
Of any proceeds
Plate Meridian · 2702
HEAV
The plate
Meridian. Edition 2702.
A unique plate for Heath Field. Geometry, orbit, and edition belong to this company — no other listing on the board shares it.
HEAV · New York · Wholesale FX
Score
0
Desk diligence
Pilots
0
None on file
Stage
upcoming
upcoming
HQ
New York
Banks
Sells
Per
Per million notional
Markets
0
New York
Years
0
Founded 2023
Surfaces
0
Permissioned FX rail
Complete
0
File readiness
Why the desk took it
Early — still a question.
They do not issue the settlement asset.
Traction
No paying pilot on the public file.
Founded 2023, headquartered in New York. No named paying pilot on the file yet — that is the first question. 3 nodes or connected surfaces reported. Desk diligence score 75/100. A treasurer at a bank that already settles — not a crypto-native desk. Counsel is named, even if the memo is still a draft. Unnamed counsel is how files die.
Next 12 months
Two banks quoting live.
360T and FXall are the screens. This is the after-hours rail. Seat plus event. If they ever attach a token as the unit of account, the file stops.
The brief
How a serious reader should hold this.
New York is not a backdrop. It is the jurisdiction where a named customer can be sued, called, and asked a question on a recorded line. Heath Field chose it for that reason. Counterparties who still think this is a ‘global’ story are already late.
If you leave this page without opening the claims table, you have read marketing. The scarce version of Heath Field is the version that survives counsel. It is on a clock.
A dual-control drill sits on paper. Keys, title, or NAV liability sit with a named licensed party — not Heath Field. The architecture says so. We have not watched the drill live. That is the next ask, not a slogan.
From the founder
We will not describe this as Reg CA-compliant, MiCA-stickered, or FCA-authorised. Issuers retain their own counsel in every relevant jurisdiction.
From the pilot
The legal source of truth stays with the incumbent register, admin, or custodian. Heath Field does not attest to its own facts.
From counsel
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.
The window
Miss this and you read the archive.
The next Wholesale FX company on this board will not have this waitlist, this HQ, or this counsel posture.
0% of proceeds. Fixed fee. The incentive is a clean campaign — not a raise.
If you are a founder who wants a pack like this: apply. If you are a buyer: call them — not us.
Window remaining
0days
When this window closes, the campaign is archive.
- Sentences killed
- 14
- Counsel hours on file
- 8
- Asks / week
- 1
- Our cut
- 0% of proceeds
I will take thirty minutes and decide budget. If that person is not me, we should not be listed.
This company
Heath Field
The protocol pitch is the thing this company has already refused.
In the same conversation
- CLS
- Fnality
- RTGS upgrades
- Not a public L1
The bet
Why this company exists.
Issuing a stablecoin to settle would put them in a different perimeter.
Issuing a stablecoin to settle would put them in a different perimeter.
T+1, 24/7 FX and on-chain funds make overnight risk visible. Banks will connect a rail before they will issue a coin.
Wholesale settlement is a volume business. Even a sliver of fails avoided is a number a treasurer recognises.
Versus the field
L2 wrappers are cheaper. They are also a different perimeter — and declined here. Heath Field is priced as software against an invoice that already exists.
Named: New York. Off-limits: United States retail, United States. A US person hearing an offering communication is a US problem even if the company sits in New York. Blocking an IP and taking a US Telegram admin is not a block.
How it works
- 01Two permissioned parties lock an agreed obligation
- 02Asset and cash move together, or not at all
- 03Existing accounts are the source of funds
- 04No public chain sale of the rail’s token
- 05Matches stay inside named desks; cash still settles where it already settles
- 06Retail and unnamed geographies are structurally off the form, not only in the footer.
In the same conversation as
- CLS
- Fnality
- RTGS upgrades
- Not a public L1
If they raise
Where the money would actually go.
Not a token float. A budget against work. RCA Pad still takes 0% of proceeds.
Certifications & adapters
31%
Keeping the public story from running ahead of the claims register.
Second market
24%
A counsel memo that can survive a later reader.
Control environment
15%
Hiring the operator who already does this job at a licensed firm.
Counsel & perimeter
30%
The remaining certifications and the second named market.
Operating week
What “in market” actually looks like.
- ThuCustomerNamed pilot (redacted) sees the same record the auditor saw.
- TueExceptionsOvernight breaks post back into the customer’s case system. No side book.
- SunOwnersWho can decide messaging and budget on a recorded line. If the answer is nobody, stop.
- 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
- Per million notional
- Who pays
- A treasurer at a bank that already settles — not a crypto-native desk.
- Unit economics
- Seat plus event. If they ever attach a token as the unit of account, the file stops.
- Moat on file
- CLS or local RTGS remains the final cash.
- Switching cost
- Once the record is the record, the incumbent copy has to migrate history. That is the year.
- Vs the comps
- 360T and FXall are the screens. This is the after-hours rail.
- Why we listed it
- They do not issue the settlement asset.
Next twelve months
What has to be true.
Two banks quoting live.
Counsel is named, even if the memo is still a draft. Unnamed counsel is how files die.
A round, if any, sits with their providers. This pad does not take the order.
Traction
What you can verify today.
Founded 2023, headquartered in New York. No named paying pilot on the file yet — that is the first question. 3 nodes or connected surfaces reported. Desk diligence score 75/100. A treasurer at a bank that already settles — not a crypto-native desk. Counsel is named, even if the memo is still a draft. Unnamed counsel is how files die.
- Architecture paper — no production customer on the public file
- No token contract listed as a public sale
- Pilot letters on file, identities redacted
- New York 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.”
- Product16
- Customers18
- Legal path62
- Tech maturity37
- Demand10
- 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. Not offering — locked has to be a memo you can file, not a slogan on the hero.
Money issuance
If the rail issues a settlement asset, it is in the e-money / deposit perimeter.
Legal finality
Atomic in software is not final in court. Ask which law says it is.
Incumbent RTGS
Central banks are not asleep. A feature can become a standard.
Public token
Listing the rail’s unit is a sale. This pad does not run that sale.
Issuing the cash
If Heath Field issues a stablecoin to make this atomic, the company becomes an e-money problem.
Token relapse
A later round that wants a public token puts Heath Field in a different perimeter. The file treats that as a hard stop.
Ask these next
- 01Which incumbent can copy this in a quarter, and what would they have to migrate?
- 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?
- 05What does renewal look like if no round ever happens?
- 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
- Heath Field Ltd
- 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.
- New Yorknamed
- United States retailrestricted
- United Statesrestricted
Team
Who runs it.
- Hannah PetrovChief executive
- Mei DiazChief executive
Stack
- Permissioned FX rail
- Wholesale FX
- Disclosure templates
- Approval trail
Named with them
- Helix Audit
Who can decide
Hannah Petrov (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 |
|---|---|---|
| Heath Field does not sell a token to the public on this pad | Posture lock | live |
| The product is wholesale fx sold to institutions | Architecture + customer type | draft |
| Permissioned FX rail 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: New York | Named markets on the file | draft |
On the record
- Application APP-4420ScreenSep
- Counsel questionPathSep
Operating log
03 Sep 13:00
Application scored. Heath Field 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.