The wedge
Seat
The wedge is a spreadsheet that a board will fund to kill.
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
HEA6
Screened
SCREENEDListing agent opsHeath Works
Counsel is live. The waitlist is a short list. The public sale is not.
Inbound this week: 0. That is demand for a job someone already pays for — not a book.
Heath Works — Permissioned infrastructure sold to firms that already operate in this market. The chain is a method. The customer is an institution. A public token sale is not the business.
Screened, not yet in sprint. Treat every number as provisional. Calendar access is not automatic.
A year from now this will be an obvious company or a missed one. The window decides which.
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
Still a question
Live nodes
0
Agent register
Counsel hours
0
Not offering — locked
Sentences killed
0
Before listing
Claims live
1/7
Sprint
Our cut
0%
Of any proceeds
Plate Concentric · 2494
HEA6
The plate
Concentric. Edition 2494.
A unique plate for Heath Works. Geometry, orbit, and edition belong to this company — no other listing on the board shares it.
HEA6 · Melbourne · Listing agent ops
Score
0
Desk diligence
Pilots
0
None on file
Stage
upcoming
upcoming
HQ
Melbourne
Named institutional customers in a named geography
Sells
Seat
Seat
Markets
0
Melbourne
Years
0
Founded 2022
Surfaces
0
Agent register
Complete
0
File readiness
Why the desk took it
Early — still a question.
They described a job, not a ticker.
Traction
No paying pilot on the public file.
Founded 2022, headquartered in Melbourne. No named paying pilot on the file yet — that is the first question. 2 nodes or connected surfaces reported. Desk diligence score 67/100. Four origination desks posting into a closed tape. A redacted engagement letter landed in week one. That is why the desk took the meeting.
Next 12 months
Still no public token as the business model.
Incumbent ops vendors are slow. Internal builds are slower. Per-event pricing so a pilot can start without a transformation programme.
The brief
How a serious reader should hold this.
The first sentence Ines Cole would not let us publish was the exciting one. What remains is slower — and scarcer: Heath Works Ltd selling Listing agent ops as software, from Melbourne, to a buyer who already pays someone else to do this badly. That buyer is named. You are not, yet.
What you can verify today is smaller than the slide. What you cannot verify is named as a question, not a promise. That is the difference between this company and a pad listing — and why the waitlist is not a coin queue.
US traffic was taken off the public surfaces in the first working session. Heath Works did not argue. Adult companies do not costume a US offering.
From ops
The legal source of truth stays with the incumbent register, admin, or custodian. Heath Works does not attest to its own facts.
From the pilot
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 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.
Waiting for a proposed US rule is how you miss a Melbourne buyer who already has budget.
The incumbent copy takes a year. The named customer is already writing into this record.
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
- 12
- Asks / week
- 0
- Our cut
- 0% of proceeds
The waitlist is people who want the product. If they wanted a coin they would be on a different pad.
This company
Heath Works
Twelve Listing agent ops decks look the same. One of them has a Melbourne customer on the record.
In the same conversation
- Incumbent ops vendors
- Internal builds
- Public tokens (the thing to avoid)
The bet
Why this company exists.
The wedge is a spreadsheet that a board will fund to kill.
The wedge is a spreadsheet that a board will fund to kill.
Boards will fund replacement of a known ops cost. They will not fund a crowd sale dressed as infrastructure.
The customer’s existing ops budget is the TAM that matters.
Versus the field
The incumbent brand sells the relationship. Heath Works 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.
Melbourne 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 job the customer already does is moved onto a shared record
- 02Access is permissioned
- 03Revenue is software or a service fee
- 04No public allocation on this pad
- 05A named counterparty verifies; Heath Works does not attest to its own facts.
In the same conversation as
- Incumbent ops vendors
- Internal builds
- Public tokens (the thing to avoid)
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
31%
Adapter work against the incumbent register, admin, or custodian.
Named operators
21%
Keeping the public story from running ahead of the claims register.
Claims & campaign ops
22%
The remaining certifications and the second named market.
Second market
26%
A counsel memo that can survive a later reader.
Operating week
What “in market” actually looks like.
- TueExceptionsOvernight breaks post back into the customer’s case system. No side book.
- SatDarkNo creators. No threads. Restricted geos stay dark.
- 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
- Seat
- Who pays
- Four origination desks posting into a closed tape.
- Unit economics
- Per-event pricing so a pilot can start without a transformation programme.
- Moat on file
- Counsel on file, or the file stays quiet.
- Switching cost
- Scheme maps, ISO, LMA language, registry adapters — eighteen months of unglamorous work.
- Vs the comps
- Incumbent ops vendors are slow. Internal builds are slower.
- Why we listed it
- They described a job, not a ticker.
Next twelve months
What has to be true.
Still no public token as the business model.
A redacted engagement letter landed in week one. That is why the desk took the meeting.
They have not asked us to run a sale. That ask would close the file.
Traction
What you can verify today.
Founded 2022, headquartered in Melbourne. No named paying pilot on the file yet — that is the first question. 2 nodes or connected surfaces reported. Desk diligence score 67/100. Four origination desks posting into a closed tape. A redacted engagement letter landed in week one. That is why the desk took the meeting.
- Architecture paper — no production customer on the public file
- No token contract listed as a public sale
- Named founder; customer still a conversation
- Melbourne 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.”
- Product14
- Customers18
- Legal path62
- Tech maturity34
- Demand10
- 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.
No customer
A lab without a named buyer is a paper.
Token as business model
If the only revenue is a token, this is the wrong pad.
Path
Counsel has to name how this is offered, or it stays not-offering.
Geography
Retail and unnamed markets are off until someone writes them on.
No customer
A lab without a named buyer is a paper. Heath Works has to show one.
Single-customer gravity
If the first named buyer is also the only buyer, Heath Works is a services shop with a ledger. Ask for the second.
Ask these next
- 01Has counsel written the perimeter in a memo you can file?
- 02Which incumbent can copy this in a quarter, and what would they have to migrate?
- 03Is the waitlist demand for a product, or a queue for a coin?
- 04Who can unpublish a public sentence in 24 hours, by name?
- 05Who is the first named paying customer — not a letter of intent?
- 06Where do keys, title, or NAV liability sit — and is that person licensed?
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 Works Ltd
- 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.
- Melbournenamed
- Public residual claimsrestricted
Team
Who runs it.
- Ines ColeChief executive
Stack
- Agent register
- Listing agent ops
- Takedown SLA
Named with them
- Clearline
Who can decide
The technical founder is on the record as engineering. Contractors in undisclosed jurisdictions are written down as a fact, not hidden. Facts can be managed. Hiding them is how companies die in diligence.
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 Works does not sell a token to the public on this pad | Posture lock | live |
| The product is listing agent ops sold to institutions | Architecture + customer type | draft |
| Agent register 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 | Desk file | draft |
| No public token is sold on this pad | Engagement terms + posture lock | live |
| Customers contemplated: Melbourne | Named markets on the file | draft |
On the record
- Application APP-4674ScreenSep
- Counsel questionPathSep
Operating log
09 Sep 18:00
Application scored. Heath Works is not a calendar slot.
11 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.