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

HEAT

In market
HOT WINDOWAttestations

Heath Forge

Most of Attestations died in the screen. Heath Forge did not.

Renewal — not the round — is the twelve-month test. The people in this queue already know that.

Heath Forge — 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.

Live campaign. 7,994 on the product waitlist — that is demand, not an allocation.

Most Attestations 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.

Waitlist

0

Window

Closed

Heat

0/99

Inbound / wk

0asks

Asking now

0live

Named pilots

0

Redacted on the public page

Live nodes

0

W3C attestations

Counsel hours

0

Sweden · counsel-named

Sentences killed

0

Before listing

Claims live

6/11

Growth

Our cut

0%

Of any proceeds

Plate Signal · 2461

HEAT

The plate

Signal. Edition 2461.

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

HEAT · Stockholm · Attestations

Score

0

Desk diligence

Pilots

0

Named, redacted

Waitlist

0

Product demand

HQ

Stockholm

Fund administrators

Sells

Fund

Fund seat

Markets

0

Sweden

Years

0

Founded 2024

Surfaces

0

W3C attestations

Complete

0

File readiness

The wedge

Fund seat

Heath Forge sells a cost cut in onboarding, not an identity coin.

Why the desk took it

A real job, not a ticker.

US retail identity was taken off before we asked.

Traction

5 named pilots (redacted).

Founded 2024, headquartered in Stockholm. 5 named pilots on file (identities redacted in public). 7,994 on the waitlist, gated — product demand, not a book built. 11 nodes or connected surfaces reported. Desk diligence score 92/100. A named Stockholm administrator who already signs the pack (redacted). A dual-control drill exists on paper. We have not watched it live yet — that is the next ask.

Next 12 months

Three funds onboarding on the graph, not a demo.

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.

The decline pile in Attestations is not a rumour. It is how this board stays readable. Heath Forge is what survived. That is the sell.

The bet is narrow. A named Stockholm buyer already has budget for this invoice. Heath Forge 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 dual-control drill sits on paper. Keys, title, or NAV liability sit with a named licensed party — not Heath Forge. The architecture says so. We have not watched the drill live. That is the next ask, not a slogan.

From ops

The legal source of truth stays with the incumbent register, admin, or custodian. Heath Forge does not attest to its own facts.

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 screen

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 Stockholm buyer who already has budget.

Switching cost is the auditor conversation. Once it happens, you are late.

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
7
Counsel hours on file
79
Asks / week
999
Our cut
0% of proceeds

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

Hiro Nair, Chief executive

This company

Heath Forge

A L2 wrapper is cheaper. It is also a different perimeter — and declined here.

In the same conversation

  • Onfido / Jumio for people
  • Fund-admin KYC teams
  • W3C attestations
  • Not a ‘passport token’

The bet

Why this company exists.

Heath Forge sells a cost cut in onboarding, not an identity coin.

Heath Forge 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

A generalist vendor can copy the slide in a quarter. They cannot copy the named record, the scheme map, or the auditor conversation. That is the year they would have to buy.

The live path is Sweden · counsel-named. Proposed Regulation Crypto Assets is not treated as a calendar slot. Build as if it never opens.

How it works

  1. 01A fact is attested by a party the recipient already trusts
  2. 02The holder discloses only the field requested
  3. 03The rest of the file stays dark
  4. 04Revocation is a first-class event
  5. 05The recipient never sees the rest of the file — selective disclosure is enforced, not promised
  6. 06Exceptions post back into the customer’s existing case system — no side spreadsheet.

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.

  • Second market

    30%

    Dual-control drills, key ceremonies, and the person who owns them.

  • Counsel & perimeter

    27%

    A counsel memo that can survive a later reader.

  • Claims & campaign ops

    22%

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

  • Control environment

    21%

    Hiring the operator who already does this job at a licensed firm.

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. ThuCustomerNamed pilot (redacted) sees the same record the auditor saw.
  3. MonClaimsEvery public sentence checked against the register. Anything extra is unpublished.
  4. WedCounselPerimeter diffs. If the site drifted from the memo, the site moves — not the memo.

The wedge

Why this one, not the other one.

They sell
Fund seat
Who pays
A named Stockholm 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 Heath Forge.
Switching cost
Permissioned connectivity is the moat. Public endpoints would erase it.
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.

Three funds onboarding on the graph, not a demo.

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 Stockholm. 5 named pilots on file (identities redacted in public). 7,994 on the waitlist, gated — product demand, not a book built. 11 nodes or connected surfaces reported. Desk diligence score 92/100. A named Stockholm administrator who already signs the pack (redacted). A dual-control drill exists on paper. We have not watched it live yet — that is the next ask.

  • Operating notes for W3C attestations
  • No token contract listed as a public sale
  • Named founder; customer still a conversation
  • Stockholm 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.”

  • Product65
  • Customers96
  • Legal path84
  • Tech maturity79
  • Demand80
  • 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 7,994.

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 Heath Forge is the attester, this is a database with extra steps. The graph only matters if someone else signs.

Single-customer gravity

If the first named buyer is also the only buyer, Heath Forge is a services shop with a ledger. Ask for the second.

Ask these next

  1. 01Which geography is actually locked, and which is a hope?
  2. 02Which incumbent can copy this in a quarter, and what would they have to migrate?
  3. 03What happens if a founder later wants a public token?
  4. 04Who is the first named paying customer — not a letter of intent?
  5. 05Where do keys, title, or NAV liability sit — and is that person licensed?
  6. 06Is the waitlist demand for a product, or a queue for a coin?

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
Heath Forge AB
Path on file
Sweden · counsel-named
Posture
Private only
Pack
Growth

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.

  • Swedennamed
  • EEA professionalnamed
  • EU retailrestricted

Team

Who runs it.

  • Hiro NairChief executive
  • Siobhán ParkMarkets

Stack

  • W3C attestations
  • Attestations
  • Takedown SLA

Named with them

  • Northbridge Counsel
  • Helix Audit

Who can decide

Hiro Nair (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.

If the first customer renews, the adapter work pays for itself. If they do not, Heath Forge is a services firm with a slide. The twelve-month test is renewal, not waitlist.

Claims with evidence

Statements with evidence.

StatementEvidenceStatus
Heath Forge does not sell a token to the public on this padPosture locklive
The product is attestations sold to institutionsArchitecture + customer typelive
W3C attestations 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
Production date for the chain layer is not committedNo board minutedraft
No public token is sold on this padEngagement terms + posture locklive
Customers contemplated: Sweden, EEA professionalNamed 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 09:23

    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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