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

HEAJ

In diligence
IN MOTIONVault infrastructure

Heath Kiln

a short list already asked. The window is a few days. After that, archive.

Inbound this week: 35. That is demand for a job someone already pays for — not a book.

Heath Kiln — Accounting and proof layers for vaults that already hold assets for known clients. zk or otherwise, the point is a statement a counterparty can verify — not a public yield product.

In a 14-day diligence sprint (day 11). This is when the story, the customers and the legal path get written down — or the file stops.

If you needed a reason to open diligence tonight: a short list other people already did.

Diligence, not a prospectus. RCA Pad does not allocate, take orders, or close funding. If this company raises, it raises with its own counsel.

Sprint day

0/14

Window

Closed

Heat

0/99

Inbound / wk

0asks

Asking now

0live

Named pilots

0

Redacted on the public page

Live nodes

0

zk testnet

Counsel hours

0

Not offering — locked

Sentences killed

0

Before listing

Claims live

1/7

Sprint

Our cut

0%

Of any proceeds

Plate Signal · 1274

HEAJ

The plate

Signal. Edition 1274.

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

HEAJ · Luxembourg · Vault infrastructure

Score

0

Desk diligence

Pilots

0

Named, redacted

Sprint

0

Day 11 of 14

HQ

Luxembourg

Asset managers

Sells

Per

Per statement

Markets

0

Luxembourg

Years

0

Founded 2022

Surfaces

0

zk testnet

Complete

0

File readiness

The wedge

Per statement

The wedge is 2022: allocators asked for proof and got demos.

Why the desk took it

A real job, not a ticker.

No APY on any surface we could find.

Traction

2 named pilots (redacted).

Founded 2022, headquartered in Luxembourg. 2 named pilots on file (identities redacted in public). 6 nodes or connected surfaces reported. Desk diligence score 77/100. Sprint day 11 of 14. 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

One auditor-signed extract.

Fund admins already report. This is a proof they can attach. Per-event pricing so a pilot can start without a transformation programme.

The brief

How a serious reader should hold this.

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

The bet is narrow. A named Luxembourg buyer already has budget for this invoice. Heath Kiln 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.

The auditor of a redacted pilot has seen a dual-record. Switching away now means a new auditor conversation. That is the switching cost — not the logo.

From the pilot

Fixed fee. Deposit to start. 0% of proceeds. Token-only pay is declined. Percentage of raise is declined.

From ops

US persons are outside the audience. A form that asks “are you accredited?” without verification is not an exemption.

From counsel

A dual-control drill exists on paper. Production evidence is the next artefact, not a tweet.

The window

Miss this and you read the archive.

Skip it and you read the archive. Counterparties who matter will have already asked.

Certification is in motion. After it lands, the price of the seat is not the question — access is.

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
9
Counsel hours on file
35
Asks / week
35
Our cut
0% of proceeds

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

Nadia Berg, Chief executive

This company

Heath Kiln

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

In the same conversation

  • Fund admins
  • Custodian reporting
  • Public ‘vault tokens’ (the thing this is not)

The bet

Why this company exists.

The wedge is 2022: allocators asked for proof and got demos.

The wedge is 2022: allocators asked for proof and got demos.

Allocators asked for proof after 2022. Labs answered with demos. The first vault accounting that an auditor will sign is a business.

Middle-office spend at alternative managers is a budget that survived the last cycle.

Versus the field

The incumbent brand sells the relationship. Heath Kiln 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 Not offering — locked. Proposed Regulation Crypto Assets is not treated as a calendar slot. Build as if it never opens.

How it works

  1. 01Positions are accounted in a book the manager already runs
  2. 02A proof or extract is produced for a named counterparty
  3. 03Yield is not marketed to the public on this pad
  4. 04zk, if present, is a method — not a ticker
  5. 05A proof or extract is produced for a named counterparty only
  6. 06The legal source of truth stays with the incumbent register, admin, or custodian.

In the same conversation as

  • Fund admins
  • Custodian reporting
  • Public ‘vault tokens’ (the thing this is not)

If they raise

Where the money would actually go.

Not a token float. A budget against work. RCA Pad still takes 0% of proceeds.

  • Claims & campaign ops

    28%

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

  • Control environment

    20%

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

  • Certifications & adapters

    14%

    A counsel memo that can survive a later reader.

  • Counsel & perimeter

    38%

    The remaining certifications and the second named market.

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

The wedge

Why this one, not the other one.

They sell
Per statement
Who pays
An AIFM whose auditor has seen the dual-record.
Unit economics
Per-event pricing so a pilot can start without a transformation programme.
Moat on file
Named custodian. Keys are not at the startup.
Switching cost
Scheme maps, ISO, LMA language, registry adapters — eighteen months of unglamorous work.
Vs the comps
Fund admins already report. This is a proof they can attach.
Why we listed it
No APY on any surface we could find.

Next twelve months

What has to be true.

One auditor-signed extract.

Counsel is named, even if the memo is still a draft. Unnamed counsel is how files die.

Growth money would extend the record to a second geography, still permissioned.

Traction

What you can verify today.

Founded 2022, headquartered in Luxembourg. 2 named pilots on file (identities redacted in public). 6 nodes or connected surfaces reported. Desk diligence score 77/100. Sprint day 11 of 14. 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.

  • Operating notes for zk testnet
  • No token contract listed as a public sale
  • Pilot letters on file, identities redacted
  • Luxembourg 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.”

  • Product51
  • Customers62
  • Legal path62
  • Tech maturity54
  • Demand62
  • Market access68

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.

Yield product

If the landing page is APY, this is a different, usually unlicensed, business.

Proof theatre

A zk circuit of a fake book is still a fake book.

Custodian

Who holds the keys? If it is the startup, that is custody.

Audit

No auditor, no statement. Demo is not diligence.

Proof theatre

A zk circuit of a fake book is still a fake book. Heath Kiln has to prove the real one.

Incumbent feature

The administrator, CCP, scheme or custodian can ship this as a checkbox. Heath Kiln has to be cheaper or faster before that happens.

Ask these next

  1. 01Who is the first named paying customer — not a letter of intent?
  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 can unpublish a public sentence in 24 hours, by name?
  5. 05If RCA Pad disappeared tomorrow, could the customer still run the job?
  6. 06Has counsel written the perimeter in a memo you can file?

Structure

How money would actually move.

Sprint is diligence, not a raise. A pack at the end is a file the company can take to its own lawyers and investors. RCA Pad does not complete funding.

Entity
Heath Kiln S.à r.l.
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.

  • Luxembourgnamed
  • EEA professionalnamed
  • Global publicrestricted
  • United Statesrestricted

Team

Who runs it.

  • Nadia BergChief executive
  • Ibrahim ColeMarkets

Stack

  • zk testnet
  • Vault infrastructure
  • Approval trail
  • Takedown SLA

Named with them

  • Helix Audit
  • Meridian Tax

Who can decide

Nadia Berg came in named. The team is not a handle. Heath Kiln S.à r.l. exists, founded 2022, headquartered in Luxembourg. Anonymity would have been an automatic decline.

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

Claims with evidence

Statements with evidence.

StatementEvidenceStatus
Heath Kiln does not sell a token to the public on this padPosture locklive
The product is vault infrastructure sold to institutionsArchitecture + customer typelive
zk testnet 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 committedDesk filedraft
No public token is sold on this padEngagement terms + posture locklive
Customers contemplated: Luxembourg, EEA professionalNamed markets on the filelive

On the record

  1. Day 0 lockKick-offSep
  2. Claim inventoryPackSep
  3. Audience matrix draftPackSep

Operating log

  1. 11 Sep 16:19

    Workshop. Funnel has no purchase step.

  2. 08 Sep 09:00

    Kick-off. Exclusions recorded.

  3. 09 Sep 16:20

    A claim killed for missing evidence.

Path to now

  1. D0

    Kick-off

    Geographies, owners, SLA, exclusions.

  2. D14

    Read-out

    Accept the pack or stop.

Not a subscription

This is not a sale page.

Sprint is diligence, not a raise. A pack at the end is a file the company can take to its own lawyers and investors. RCA Pad does not complete funding. 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.