The wedge
Warehouse seat
A warehouse that writes the event is worth more than a bank that only reads it.
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
HEAH
In market
IN MARKETTrade financeHeath Gate
If you read one Trade finance company this quarter, make it this one.
4,436 names asked to be first. None of them bought a token here. They asked for the product.
Heath Gate — A permissioned record of title, invoices, warehouse receipts or port documents for houses that already finance or move goods. The event is the product. The bill of lading does not get replaced by a meme.
Live campaign. 4,436 on the product waitlist — that is demand, not an allocation.
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.
Waitlist
0
Window
Closed
Heat
0/99
Inbound / wk
0asks
Asking now
0live
Named pilots
0
Redacted on the public page
Live nodes
0
Permissioned L2
Counsel hours
0
Brussels · counsel-named
Sentences killed
0
Before listing
Claims live
9/12
Build
Our cut
0%
Of any proceeds
Plate Orbit · 3208
HEAH
The plate
Orbit. Edition 3208.
A unique plate for Heath Gate. Geometry, orbit, and edition belong to this company — no other listing on the board shares it.
HEAH · Brussels · Trade finance
Score
0
Desk diligence
Pilots
0
Named, redacted
Waitlist
0
Product demand
HQ
Brussels
Trade-finance banks
Sells
Warehouse
Warehouse seat
Markets
0
Brussels
Years
0
Founded 2025
Surfaces
0
Permissioned L2
Complete
0
File readiness
Why the desk took it
A real job, not a ticker.
They brought a redacted bill, not a tokenised barrel.
Traction
3 named pilots (redacted).
Founded 2025, headquartered in Brussels. 3 named pilots on file (identities redacted in public). 4,436 on the waitlist, gated — product demand, not a book built. 23 nodes or connected surfaces reported. Desk diligence score 87/100. A treasurer at a bank that already settles — not a crypto-native desk. They killed their own ‘token as fee’ sentence before we asked. Rare, and it scored.
Next 12 months
Which law governs title — written, not assumed.
A commodity NFT is the thing this file will not be. Annual software against an ops cost the board can see. Switching cost is the record, not the brand.
The brief
How a serious reader should hold this.
The decline pile in Trade finance is not a rumour. It is how this board stays readable. Heath Gate is what survived. That is the sell.
Heath Gate exists because the incumbent brand will not staff the unglamorous middle of Trade finance. The product is that middle. The token, if it ever exists, is not the product — and is not for sale here. The people in the queue already understood the difference.
On a Tuesday in Brussels, an exception posts back into the customer’s existing case system. Nobody opens a side spreadsheet. That is the product: the night someone in ops does not stay late.
From the screen
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 Gate does not attest to its own facts.
From ops
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.
When the heat drops, the named customer is still named — they just stop taking new calls.
Switching cost is the auditor conversation. Once it happens, you are late.
If you are a founder who wants a pack like this: apply. If you are a buyer: call them — not us.
Window
Closed
Closed. History only — not a place to buy.
- Sentences killed
- 17
- Counsel hours on file
- 41
- Asks / week
- 555
- Our cut
- 0% of proceeds
The decline pile is a compliment. It means the screen still means something.
This company
Heath Gate
Twelve Trade finance decks look the same. One of them has a Brussels customer on the record.
In the same conversation
- Contour / we.trade (history)
- CargoX
- Bank trade portals
- Not a commodity NFT
The bet
Why this company exists.
A warehouse that writes the event is worth more than a bank that only reads it.
A warehouse that writes the event is worth more than a bank that only reads it.
Banks want to digitise without putting a commodity on a public chain. Warehouses will not be first movers. A permissioned title event they already recognise is the on-ramp.
Documentary trade is a trillion-scale flow. Software that shortens a hold by two days is a spread.
Versus the field
The incumbent brand sells the relationship. Heath Gate 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.
Brussels 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 document that already exists is hashed and evented
- 02Title changes when the parties that already can change it say so
- 03Financiers see the state they are underwriting
- 04No public listing of the cargo as an asset
- 05Title changes only when the parties that already can change it say so
- 06Exceptions post back into the customer’s existing case system — no side spreadsheet.
In the same conversation as
- Contour / we.trade (history)
- CargoX
- Bank trade portals
- Not a commodity NFT
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
34%
Dual-control drills, key ceremonies, and the person who owns them.
Claims & campaign ops
18%
A counsel memo that can survive a later reader.
Counsel & perimeter
18%
The remaining certifications and the second named market.
Second market
30%
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.
- 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.
- TueExceptionsOvernight breaks post back into the customer’s case system. No side book.
The wedge
Why this one, not the other one.
- They sell
- Warehouse seat
- Who pays
- A treasurer at a bank that already settles — not a crypto-native desk.
- Unit economics
- Annual software against an ops cost the board can see. Switching cost is the record, not the brand.
- Moat on file
- A named warehouse or port has written a live event.
- Switching cost
- The customer’s auditor has seen this book. Switching means a new auditor conversation.
- Vs the comps
- A commodity NFT is the thing this file will not be.
- Why we listed it
- They brought a redacted bill, not a tokenised barrel.
Next twelve months
What has to be true.
Which law governs title — written, not assumed.
They killed their own ‘token as fee’ sentence before we asked. Rare, and it scored.
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 2025, headquartered in Brussels. 3 named pilots on file (identities redacted in public). 4,436 on the waitlist, gated — product demand, not a book built. 23 nodes or connected surfaces reported. Desk diligence score 87/100. A treasurer at a bank that already settles — not a crypto-native desk. They killed their own ‘token as fee’ sentence before we asked. Rare, and it scored.
- Operating notes for Permissioned L2
- No token contract listed as a public sale
- Pilot letters on file, identities redacted
- Brussels 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.”
- Product81
- Customers96
- Legal path84
- Tech maturity94
- Demand62
- Market access44
Risks
What can kill it.
The one that actually kills it
The unit of account becomes a token
Seat plus event. If they attach a token as the unit of account, this company is a different company — and not one we will operate a campaign for.
Legal title
If the court still wants the paper, the chain is a copy. Ask which jurisdiction has said otherwise.
Warehouse adoption
One bank is not a network. The warehouse has to write the event.
Public token
Tokenising the cargo for a crowd is a different, usually worse, company.
Fraud
Digitising a fake bill faster is not progress. Dual-control is the feature.
Paper still wins in court
If the court wants the original, the chain is a copy. Ask which jurisdiction has said otherwise.
Path silence
If counsel will not name a path and not-offering is not locked, heated waitlist copy is an accidental offering.
Ask these next
- 01Is the waitlist demand for a product, or a queue for a coin?
- 02What happens if a founder later wants a public token?
- 03Has counsel written the perimeter in a memo you can file?
- 04Who is the first named paying customer — not a letter of intent?
- 05What does renewal look like if no round ever happens?
- 06Which geography is actually locked, and which is a hope?
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 Gate Ltd
- Path on file
- Brussels · counsel-named
- Posture
- No public sale
- Pack
- Build
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.
- Brusselsnamed
- EU retailrestricted
Team
Who runs it.
- Ines CostaChief executive
Stack
- Permissioned L2
- Trade finance
- Disclosure templates
Named with them
- Helix Audit
- Meridian Tax
Who can decide
Ines 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.
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 |
|---|---|---|
| Heath Gate does not sell a token to the public on this pad | Posture lock | live |
| The product is trade finance sold to institutions | Architecture + customer type | live |
| Permissioned L2 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 |
| Production date for the chain layer is not committed | Desk file | draft |
| No public token is sold on this pad | Engagement terms + posture lock | live |
| Customers contemplated: Brussels | Named markets on the file | live |
On the record
- Sprint packPackJun
- Counsel lockPathJul
- Claims register liveRegisterAug
- Creator briefBriefSep
Operating log
11 Sep 09:11
Takedown SLA idle-tested.
08 Sep 11:40
A claim held for missing evidence.
04 Sep 08:22
Weekly report issued to the desk.
01 Sep 14:08
Creator set on disclosure. No buy language.
Path to now
Sprint
Pack accepted
Narrative, matrix, claims locked.
Path
Counsel names it
Or the file stays not-offering.
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.
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.