The wedge
Per settled obligation
The wedge is T+1 and 24/7 FX: overnight risk became visible.
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
HEAX
Screened
SCREENEDCorporate treasuryHeath House
a short list already asked. The window is a few days. After that, archive.
Inbound this week: 8. That is demand for a job someone already pays for — not a book.
Heath House — 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.
They unpublish in an hour. They will not wait for your committee to finish reading.
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
Closed
Heat
0/99
Inbound / wk
0asks
Asking now
0live
Named pilots
0
Redacted on the public page
Live nodes
0
Treasury ledger
Counsel hours
0
Not offering — locked
Sentences killed
0
Before listing
Claims live
0/6
Sprint
Our cut
0%
Of any proceeds
Plate Vault · 7739
HEAX
The plate
Vault. Edition 7739.
A unique plate for Heath House. Geometry, orbit, and edition belong to this company — no other listing on the board shares it.
HEAX · Chicago · Corporate treasury
Score
0
Desk diligence
Pilots
0
Named, redacted
Stage
upcoming
upcoming
HQ
Chicago
Banks
Sells
Per
Per settled obligation
Markets
0
United States professional
Years
0
Founded 2024
Surfaces
0
Treasury ledger
Complete
0
File readiness
Why the desk took it
Early — still a question.
No settlement asset issued by Heath House. We checked the architecture.
Traction
One named pilot (redacted).
Founded 2024, headquartered in Chicago. One named pilot on file (redacted in public). 3 nodes or connected surfaces reported. Desk diligence score 72/100. An AIFM whose auditor has seen the dual-record. Counsel is named, even if the memo is still a draft. Unnamed counsel is how files die.
Next 12 months
Finality opinion from a named firm.
CLS is FX. Fnality is the club. This is a rail those clubs might use. 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.
Chicago 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 House 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 House is the version that survives counsel. It is on a clock.
A sentence went public and came down in under an hour. Yara Novak treated the kill as an operating skill, not a PR event. Files that cannot do this do not stay listed.
From the pilot
US persons are outside the audience. A form that asks “are you accredited?” without verification is not an exemption.
From the screen
The legal source of truth stays with the incumbent register, admin, or custodian. Heath House does not attest to its own facts.
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.
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.
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
- 12
- Counsel hours on file
- 9
- Asks / week
- 8
- Our cut
- 0% of proceeds
Do not put a participate button on our page. If you do, we leave.
This company
Heath House
The copycats will arrive after certification. That is why the window is now.
In the same conversation
- CLS
- Fnality
- RTGS upgrades
- Not a public L1
The bet
Why this company exists.
The wedge is T+1 and 24/7 FX: overnight risk became visible.
The wedge is T+1 and 24/7 FX: overnight risk became visible.
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 House is priced as software against an invoice that already exists.
The live path is Not offering — locked. Proposed Regulation Crypto Assets is not treated as a calendar slot. Build as if it never opens.
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
- 05Kill of a public sentence is an hour, not a committee.
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.
Named operators
28%
Dual-control drills, key ceremonies, and the person who owns them.
Second market
20%
Adapter work against the incumbent register, admin, or custodian.
Control environment
18%
Hiring the operator who already does this job at a licensed firm.
Certifications & adapters
34%
A counsel memo that can survive a later reader.
Operating week
What “in market” actually looks like.
- 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.
- SatDarkNo creators. No threads. Restricted geos stay dark.
- 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
- Per settled obligation
- Who pays
- An AIFM whose auditor has seen the dual-record.
- Unit economics
- Bps on a job that already has a budget line. A public coin would not make the invoice larger.
- Moat on file
- Legal opinion on finality in the governing law.
- Switching cost
- Scheme maps, ISO, LMA language, registry adapters — eighteen months of unglamorous work.
- Vs the comps
- CLS is FX. Fnality is the club. This is a rail those clubs might use.
- Why we listed it
- No settlement asset issued by Heath House. We checked the architecture.
Next twelve months
What has to be true.
Finality opinion from a named firm.
Counsel is named, even if the memo is still a draft. Unnamed counsel is how files die.
They have not asked us to run a sale. That ask would close the file.
Traction
What you can verify today.
Founded 2024, headquartered in Chicago. One named pilot on file (redacted in public). 3 nodes or connected surfaces reported. Desk diligence score 72/100. An AIFM whose auditor has seen the dual-record. 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
- Chicago 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.”
- Product24
- Customers40
- 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.
Money issuance
If the rail issues a settlement asset, Heath House is in the e-money / deposit perimeter. That is a different company.
Single-customer gravity
If the first named buyer is also the only buyer, Heath House is a services shop with a ledger. Ask for the second.
Ask these next
- 01Who can unpublish a public sentence in 24 hours, by name?
- 02Has counsel written the perimeter in a memo you can file?
- 03Which geography is actually locked, and which is a hope?
- 04What does renewal look like if no round ever happens?
- 05What happens if a founder later wants a public token?
- 06If RCA Pad disappeared tomorrow, could the customer still run the job?
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 House LLC
- 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.
- United States professionalnamed
- EU retailrestricted
Team
Who runs it.
- Yara NovakChief executive
- Yara NgChief technology
Stack
- Treasury ledger
- Corporate treasury
- Audit log
Named with them
- Helix Audit
Who can decide
Yara Novak (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 House does not sell a token to the public on this pad | Posture lock | live |
| The product is corporate treasury sold to institutions | Architecture + customer type | draft |
| Treasury ledger 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: United States professional | Named markets on the file | draft |
On the record
- Application APP-4941ScreenSep
- Counsel questionPathSep
Operating log
05 Sep 11:00
Application scored. Heath House 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.