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

HEAG

In market

HOT WINDOWPermissioned interop

Heath Yard

Yara Ng will not run a sale here. That is why serious people are in the queue.

They killed 10 public sentences before we listed them. Thin files do not get that far.

Heath Yard — Attestation packets and IBC-style messages between chains that are not public. Banks and funds that already live behind a firewall use this to talk to each other without opening a public bridge.

Live campaign. 7,119 on the product waitlist — that is demand, not an allocation.

Archive is free. Live access is timed. Heath Yard is timed.

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

Cosmos SDK · permissioned

Counsel hours

Vienna · counsel-named

Sentences killed

Before listing

Claims live

10/12

Build

Our cut

Of any proceeds

Plate Vault · 7119

HEAG

The plate

Vault. Edition 7119.

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

HEAG · Vienna · Permissioned interop

Score

Desk diligence

Pilots

Named, redacted

Waitlist

Product demand

Vienna

Banks

Sells

Annual

Annual FMI connector

Markets

Vienna

Years

Founded 2022

Surfaces

Cosmos SDK · permissioned

Complete

File readiness

The wedge

Annual FMI connector

Public bridges are where the money went missing. This file is allergic to them.

Why the desk took it

A real job, not a ticker.

Security review of the verifier is on file, even if draft.

Traction

4 named pilots (redacted).

Founded 2022, headquartered in Vienna. 4 named pilots on file (identities redacted in public). 7,119 on the waitlist, gated — product demand, not a book built. 15 nodes or connected surfaces reported. Desk diligence score 92/100. A named Vienna administrator who already signs the pack (redacted). Counsel is named, even if the memo is still a draft. Unnamed counsel is how files die.

Next 12 months

A verifier a third party has actually run.

A wrapped asset inside the packet makes this a bridge. It must not. Per-event pricing so a pilot can start without a transformation programme.

The brief

How a serious reader should hold this.

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

If you leave this page without opening the claims table, you have read marketing. The scarce version of Heath Yard is the version that survives counsel. It is on a clock.

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

From the screen

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

From counsel

We will not describe this as Reg CA-compliant, MiCA-stickered, or FCA-authorised. Issuers retain their own counsel in every relevant jurisdiction.

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.

The comment period is not a path. This company is priced as if that is already true.

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

Window

Closed

Closed. History only — not a place to buy.

Sentences killed: 10
Counsel hours on file: 82
Asks / week: 890
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.
Yara Ng, Chief executive

This company

Heath Yard

Services firms hide in ‘platform’ language. Heath Yard sells a seat plus an event. Named.

In the same conversation

R3 Corda network maps
Hyperledger interop
Public IBC (different threat model)

The bet

Why this company exists.

Public bridges are where the money went missing. This file is allergic to them.

Every permissioned chain is an island. The second chain a bank turns on creates the ticket. The third creates the vendor.

Every extra permissioned deployment is a new integration budget. This product is that budget.

Versus the field

The incumbent brand sells the relationship. Heath Yard 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.

Vienna 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 fact is packed as an attestation, not a free-floating asset
02The counterparty chain verifies the packet
03Assets do not ‘bridge’; messages do
04Public connectivity is off unless counsel names it
05The counterparty chain verifies the packet; assets do not ‘bridge’
06Retail and unnamed geographies are structurally off the form, not only in the footer.

In the same conversation as

R3 Corda network maps
Hyperledger interop
Public IBC (different threat model)

If they raise

Where the money would actually go.

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

Second market
37%
Adapter work against the incumbent register, admin, or custodian.
Control environment
22%
Keeping the public story from running ahead of the claims register.
Claims & campaign ops
17%
The remaining certifications and the second named market.
Named operators
24%
Hiring the operator who already does this job at a licensed firm.

Operating week

What “in market” actually looks like.

TueExceptionsOvernight breaks post back into the customer’s case system. No side book.
SunOwnersWho can decide messaging and budget on a recorded line. If the answer is nobody, stop.
ThuCustomerNamed pilot (redacted) sees the same record the auditor saw.
SatDarkNo creators. No threads. Restricted geos stay dark.

The wedge

Why this one, not the other one.

They sell: Annual FMI connector
Who pays: A named Vienna administrator who already signs the pack (redacted).
Unit economics: Per-event pricing so a pilot can start without a transformation programme.
Moat on file: No public endpoint. The threat model holds.
Switching cost: Network effects only if a second named counterparty writes. One customer is a service firm.
Vs the comps: A wrapped asset inside the packet makes this a bridge. It must not.
Why we listed it: Security review of the verifier is on file, even if draft.

Next twelve months

What has to be true.

A verifier a third party has actually run.

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

Capital would fund the adapter work and a named counsel memo, not a public sale.

Traction

What you can verify today.

Operating notes for Cosmos SDK · permissioned
No token contract listed as a public sale
Pilot letters on file, identities redacted
Vienna 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.”

Product70
Customers96
Legal path84
Tech maturity91
Demand76
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.

Bridge in costume

If value moves as a wrapped asset, this is a bridge. Bridges have a history.

Who verifies

A packet nobody independently checks is email.

Public leak

One public endpoint and the threat model is gone.

Standard war

If a bigger FMI publishes the same packet, this is a feature, not a company.

Bridge in costume

If value moves as a wrapped asset, Heath Yard inherits every bridge post-mortem. Kill that design.

Incumbent feature

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

Ask these next

01If RCA Pad disappeared tomorrow, could the customer still run the job?
02Which geography is actually locked, and which is a hope?
03Where do keys, title, or NAV liability sit — and is that person licensed?
04What does renewal look like if no round ever happens?
05What happens if a founder later wants a public token?
06Which incumbent can copy this in a quarter, and what would they have to migrate?

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 Yard Ltd
Path on file: Vienna · counsel-named
Posture: No public sale
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.

Viennanamed
Public residual claimsrestricted

Team

Who runs it.

Yara NgChief executive
Oskar OkaforChief technology

Stack

Cosmos SDK · permissioned
Permissioned interop
Approval trail
Audit log

Named with them

Northbridge Counsel
Helix Audit
Clearline

Who can decide

The technical founder is on the record as Chief technology. 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 Yard does not sell a token to the public on this pad	Posture lock	live
The product is permissioned interop sold to institutions	Architecture + customer type	live
Cosmos SDK · permissioned 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
Pilot identities redacted in public	No board minute	draft
No public token is sold on this pad	Engagement terms + posture lock	live
Customers contemplated: Vienna	Named markets on the file	live

On the record

Sprint packPackJun
Counsel lockPathJul
Claims register liveRegisterAug
Creator briefBriefSep

Operating log

11 Sep 09:23
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.