VELMVellum Protocol8,420 waitlist KITEKite Ledger2,190 waitlist PLSDPalisade ID1,640 waitlist NRTLNorthlineDay 8 of 14 SABLSable RailDay 5 of 14 QULLQuill MarketsDay 11 of 14 CDWLCinder Well6,947 waitlist HRTNHartline8,787 waitlist OBSNObsidian Rail4,416 waitlist FENLFen Clearing1,060 waitlist LUMNLumen Books5,510 waitlist RDCTRedact ID6,485 waitlist HRBNHarbor NAV6,973 waitlist QLTDQuilt1,876 waitlist NMBMNimbus Match7,864 waitlist BRASBrass4,166 waitlist SLSTSolstice Credit9,342 waitlist WLTRWillow Transfer7,031 waitlist EMBREmber Registry2,487 waitlist NQAYNorth Quay2,013 waitlist KLNSKiln4,412 waitlist GLSHGlass HouseDay 8 of 14 IRNPIron PierDay 1 of 14 PLFRPale FireDay 3 of 14 VELMVellum Protocol8,420 waitlist KITEKite Ledger2,190 waitlist PLSDPalisade ID1,640 waitlist NRTLNorthlineDay 8 of 14 SABLSable RailDay 5 of 14 QULLQuill MarketsDay 11 of 14 CDWLCinder Well6,947 waitlist HRTNHartline8,787 waitlist OBSNObsidian Rail4,416 waitlist FENLFen Clearing1,060 waitlist LUMNLumen Books5,510 waitlist RDCTRedact ID6,485 waitlist HRBNHarbor NAV6,973 waitlist QLTDQuilt1,876 waitlist NMBMNimbus Match7,864 waitlist BRASBrass4,166 waitlist SLSTSolstice Credit9,342 waitlist WLTRWillow Transfer7,031 waitlist EMBREmber Registry2,487 waitlist NQAYNorth Quay2,013 waitlist KLNSKiln4,412 waitlist GLSHGlass HouseDay 8 of 14 IRNPIron PierDay 1 of 14 PLFRPale FireDay 3 of 14

HEAP

Closed

CLOSEDReinsurance records

Heath Holt

Window closed. 2,302 asked while it was live. You are reading history.

Heath Holt survived the screen. Most of Reinsurance records did not. That is not a slogan. It is the decline pile.

Heath Holt — A permissioned netting engine for trading venues and brokers that are already licensed. It reduces what has to settle. It is not a new CCP, and it is not a collateral token.

Closed on this board. Any capital event was completed with the issuer’s own providers. RCA Pad took 0%.

Closed. The live conversation is over. The pack remains as archive.

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

Window

Closed

Heat

0/99

Inbound / wk

0asks

Asking now

0live

Named pilots

Redacted on the public page

Live nodes

Treaty book

Counsel hours

Leeds · closed private round

Sentences killed

Before listing

Claims live

0/9

Build

Our cut

Of any proceeds

Plate Vault · 4649

HEAP

The plate

Vault. Edition 4649.

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

HEAP · Leeds · Reinsurance records

Score

Desk diligence

Pilots

Named, redacted

Waitlist

Product demand

Leeds

Licensed venues

Sells

Per

Per binder

Markets

Leeds

Years

Founded 2021

Surfaces

Treaty book

Complete

File readiness

The wedge

Per binder

Heath Holt is replacing the PDF slip, not the carrier.

Why the desk took it

A real job, not a ticker.

No policy-as-token in the revenue model.

Traction

4 named pilots (redacted).

Founded 2021, headquartered in Leeds. 4 named pilots on file (identities redacted in public). 2,302 on the waitlist, gated — product demand, not a book built. 11 nodes or connected surfaces reported. Desk diligence score 85/100. 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

One live binder a carrier will show their auditor.

An insurance DAO is not this file. Per-event pricing so a pilot can start without a transformation programme.

The brief

How a serious reader should hold this.

You can wait for a sticker. The named customer did not. They are writing into this record while the rest of the market argues about a comment period.

The bet is narrow. A named Leeds buyer already has budget for this invoice. Heath Holt 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.

US traffic was taken off the public surfaces in the first working session. Heath Holt did not argue. Adult companies do not costume a US offering.

From the founder

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 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 counsel

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

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.

Budget exists on a line the board can see. That is why the window is this quarter.

The scarce thing is not the company. It is the next 0 days of a live conversation.

Window

Closed

Closed. History only — not a place to buy.

Sentences killed: 7
Counsel hours on file: 65
Asks / week: 288
Our cut: 0% of proceeds

Kill the public sentence in an hour or do not list us. We can do the hour.
Lars Nair, Chief executive

This company

Heath Holt

Open-source looks free until the auditor asks who attests. Heath Holt has an answer.

In the same conversation

LCH / Eurex (incumbent CCPs)
Caldastone-style utilities
Not a DeFi clearinghouse

The bet

Why this company exists.

Heath Holt is replacing the PDF slip, not the carrier.

T+1 and capital rules make gross settlement expensive. Venues will buy netting as a service before they will buy a new licence.

Post-trade cost is a line on every broker P&L. A 10% cut in settlement fails is a CFO conversation.

Versus the field

The incumbent brand sells the relationship. Heath Holt 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.

The live path is Leeds · closed private round. Proposed Regulation Crypto Assets is not treated as a calendar slot. Build as if it never opens.

How it works

01Members post positions they already hold
02The engine nets what the rulebook allows
03Only the residual hits the existing settlement rail
04Collateral as a token is an exclusion on this file
05Claim and premium events update the same slip the markets already signed
06Retail and unnamed geographies are structurally off the form, not only in the footer.

In the same conversation as

LCH / Eurex (incumbent CCPs)
Caldastone-style utilities
Not a DeFi clearinghouse

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
33%
Keeping the public story from running ahead of the claims register.
Counsel & perimeter
22%
Adapter work against the incumbent register, admin, or custodian.
Second market
14%
A counsel memo that can survive a later reader.
Certifications & adapters
31%
Hiring the operator who already does this job at a licensed firm.

Operating week

What “in market” actually looks like.

FriKill switchRehearse unpublish in 24 hours. If it takes a committee, it is not a switch.
TueExceptionsOvernight breaks post back into the customer’s case system. No side book.
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: Per binder
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: Lloyd’s-adjacent process knowledge — not a generic ledger.
Switching cost: Permissioned connectivity is the moat. Public endpoints would erase it.
Vs the comps: An insurance DAO is not this file.
Why we listed it: No policy-as-token in the revenue model.

Next twelve months

What has to be true.

One live binder a carrier will show their auditor.

No public APY, no public book, no ‘how to buy’ on any surface we could find.

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.

Operating notes for Treaty book
No token contract listed as a public sale
Pilot letters on file, identities redacted
Leeds is the operating centre
The waitlist, if any, is a product list — not a book
Raise, if any, closed with issuer providers

Readiness

Six things a serious buyer asks. 100 is “ready to take to counsel and a customer.”

Product95
Customers96
Legal path84
Tech maturity61
Demand52
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. Leeds · closed private round has to be a memo you can file, not a slogan on the hero.

CCP perimeter

If a regulator reads this as clearing, the licence problem is existential.

Collateral token

That ask has been refused on files like this. It should stay refused.

Member default

Who eats the loss? If the answer is ‘the protocol’, there is no protocol that can.

Incumbent freeze-out

CCPs can copy the netting logic faster than a startup can collect members.

Not a carrier

If Heath Holt looks like it is taking risk, it needs a licence. The file says it does not. Keep it that way.

Single-customer gravity

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

Ask these next

01What does renewal look like if no round ever happens?
02Who is the first named paying customer — not a letter of intent?
03Which geography is actually locked, and which is a hope?
04If RCA Pad disappeared tomorrow, could the customer still run the job?
05Has counsel written the perimeter in a memo you can file?
06Where do keys, title, or NAV liability sit — and is that person licensed?

Structure

How money would actually move.

Window closed. Tombstone is theirs. Archive is ours. 0% of proceeds.

Entity: Heath Holt Ltd
Path on file: Leeds · closed private round
Posture: Private only
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.

Leedsnamed
EU retailrestricted
United Statesrestricted

Team

Who runs it.

Lars NairChief executive
Ibrahim ColeHead of product

Stack

Treaty book
Reinsurance records
Audit log
Approval trail

Named with them

Clearline
Meridian Tax

Who can decide

Lars Nair came in named. The team is not a handle. Heath Holt Ltd exists, founded 2021, headquartered in Leeds. Anonymity would have been an automatic decline.

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 Holt does not sell a token to the public on this pad	Posture lock	withdrawn
The product is reinsurance records sold to institutions	Architecture + customer type	withdrawn
Treaty book is the method — not a listed asset	Desk snapshot	withdrawn
Retail buyers are out of scope	Named markets lock	withdrawn
Any raise completes with the issuer’s counsel and providers — not on RCA Pad	Fixed-fee terms	withdrawn
Pilot identities redacted in public	No board minute	withdrawn
No public token is sold on this pad	Engagement terms + posture lock	withdrawn
Customers contemplated: Leeds	Named markets on the file	withdrawn

On the record

Final registerArchiveAug
Close reportReportAug
Tombstone copyArchiveAug

Operating log

19 Aug 10:00
Close report. 0% of proceeds.
12 Aug 18:00
Heath Holt archived. Live claims withdrawn.
11 Aug 09:30
Final creator pass. Residual claims pulled.

Path to now

Open
File
Before any public sentence.
Close
Archive
We did not take a cut.

Not a subscription

This is not a sale page.

Window closed. Tombstone is theirs. Archive is ours. 0% of proceeds. 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

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.