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

HEAZ

In market

IN MARKETHealth-claims tape

Heath North

1,668 already asked. The window is a few days. After that, archive.

Claire Mbeki will not run a public sale on this pad. The listing exists because of that sentence.

Heath North — 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.

Live campaign. 1,668 on the product waitlist — that is demand, not an allocation.

Closed stamp is coming. a few days is the number. There is not a second number.

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

Claims book

Counsel hours

Austin · counsel-named

Sentences killed

Before listing

Claims live

6/11

Build

Our cut

Of any proceeds

Plate Meridian · 3198

HEAZ

The plate

Meridian. Edition 3198.

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

HEAZ · Austin · Health-claims tape

Score

Desk diligence

Pilots

Named, redacted

Waitlist

Product demand

Austin

Licensed venues

Sells

Member

Member seat

Markets

Austin

Years

Founded 2021

Surfaces

Claims book

Complete

File readiness

The wedge

Member seat

They will not tokenise margin. That sentence is why they are on this board.

Why the desk took it

A real job, not a ticker.

Collateral-as-token was an exclusion in the application. We kept it.

Traction

2 named pilots (redacted).

Founded 2021, headquartered in Austin. 2 named pilots on file (identities redacted in public). 1,668 on the waitlist, gated — product demand, not a book built. 21 nodes or connected surfaces reported. Desk diligence score 84/100. A qualified custodian reconciling against this book. A redacted engagement letter landed in week one. That is why the desk took the meeting.

Next 12 months

A default drill with a number, not a narrative.

LCH is the CCP. This is netting in front of the CCP. They win if they are cheaper than the internal build, not cheaper than a protocol.

The brief

How a serious reader should hold this.

Someone in Austin already renewed a slower vendor this year. Heath North is the conversation that happens before they do it again. Miss this cycle and you explain the next one.

Read this as an operating company, not a round. Counsel has a posture: Austin · counsel-named. Restricted markets stay dark. RCA Pad takes 0% if they ever raise. That combination is why inbound did not need a ticker.

A dual-control drill sits on paper. Keys, title, or NAV liability sit with a named licensed party — not Heath North. The architecture says so. We have not watched the drill live. That is the next ask, not a slogan.

From counsel

The legal source of truth stays with the incumbent register, admin, or custodian. Heath North 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.

From the pilot

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

The window

Miss this and you read the archive.

Attention is the scarce asset. 64 asks this week are already spending it.

1,668 people did not join a waitlist for a ticker. They joined for a job.

Read it once, properly, while the number is still green. Then decide.

Window

Closed

Closed. History only — not a place to buy.

Sentences killed: 16
Counsel hours on file: 18
Asks / week: 209
Our cut: 0% of proceeds

We did not come here to sell a token. We came here so a named customer could read a pack that survives counsel.
Claire Mbeki, Chief executive

This company

Heath North

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

In the same conversation

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

The bet

Why this company exists.

They will not tokenise margin. That sentence is why they are on this board.

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 North 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 Austin · counsel-named. 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
05Only the residual hits the existing settlement rail — gross never leaves the venue
06Kill of a public sentence is an hour, not a committee.

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.

Certifications & adapters
28%
Dual-control drills, key ceremonies, and the person who owns them.
Claims & campaign ops
21%
Hiring the operator who already does this job at a licensed firm.
Counsel & perimeter
20%
The remaining certifications and the second named market.
Named operators
31%
A counsel memo that can survive a later reader.

Operating week

What “in market” actually looks like.

MonClaimsEvery public sentence checked against the register. Anything extra is unpublished.
ThuCustomerNamed pilot (redacted) sees the same record the auditor saw.
SunOwnersWho can decide messaging and budget on a recorded line. If the answer is nobody, stop.
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: Member seat
Who pays: A qualified custodian reconciling against this book.
Unit economics: They win if they are cheaper than the internal build, not cheaper than a protocol.
Moat on file: Named venue LOIs — redacted, but they exist.
Switching cost: Permissioned connectivity is the moat. Public endpoints would erase it.
Vs the comps: LCH is the CCP. This is netting in front of the CCP.
Why we listed it: Collateral-as-token was an exclusion in the application. We kept it.

Next twelve months

What has to be true.

A default drill with a number, not a narrative.

A redacted engagement letter landed in week one. That is why the desk took the meeting.

A round, if any, sits with their providers. This pad does not take the order.

Traction

What you can verify today.

Operating notes for Claims book
No token contract listed as a public sale
Pilot letters on file, identities redacted
Austin 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.”

Product80
Customers78
Legal path84
Tech maturity94
Demand48
Market access44

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 1,668.

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.

CCP copy

The incumbent can ship the same netting as a feature. Heath North has to be cheaper or faster before that happens.

Single-customer gravity

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

Ask these next

01Who is the first named paying customer — not a letter of intent?
02What does renewal look like if no round ever happens?
03If RCA Pad disappeared tomorrow, could the customer still run the job?
04Which incumbent can copy this in a quarter, and what would they have to migrate?
05What happens if a founder later wants a public token?
06Who can unpublish a public sentence in 24 hours, by name?

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 North Ltd
Path on file: Austin · counsel-named
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.

Austinnamed
Mainland China retailrestricted

Team

Who runs it.

Claire MbekiChief executive
Marcus ParkChief technology

Stack

Claims book
Health-claims tape
Audit log
Takedown SLA

Who can decide

Claire Mbeki came in named. The team is not a handle. Heath North Ltd exists, founded 2021, headquartered in Austin. Anonymity would have been an automatic decline.

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 North does not sell a token to the public on this pad	Posture lock	live
The product is health-claims tape sold to institutions	Architecture + customer type	live
Claims book 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	No board minute	draft
No public token is sold on this pad	Engagement terms + posture lock	live
Customers contemplated: Austin	Named markets on the file	live

On the record

Sprint packPackJun
Counsel lockPathJul
Claims register liveRegisterAug
Creator briefBriefSep

Operating log

11 Sep 09:21
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.

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.