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

HOLM

Closed
CLOSEDAttestations

Holm

Window closed. 3,397 asked while it was live. You are reading history.

A dual-control drill is on paper. A named licensed party holds the liability. That is rarer than a waitlist.

Holm — An attestation graph: a fund or investor proves one fact (accredited, name, share-class) to a transfer agent or administrator without handing over the whole file. Selective disclosure is the product.

Closed on this board. Any capital event was completed with the issuer’s own providers. RCA Pad took 0%.

Closed. The live conversation is over. The pack remains as archive.

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

0

Window

Closed

Heat

0/99

Inbound / wk

0asks

Asking now

0live

Named pilots

0

Redacted on the public page

Live nodes

0

W3C attestations

Counsel hours

0

Malmö · closed private round

Sentences killed

0

Before listing

Claims live

0/14

Sprint

Our cut

0%

Of any proceeds

Plate Horizon · 8297

HOLM

The plate

Horizon. Edition 8297.

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

HOLM · Malmö · Attestations

Score

0

Desk diligence

Pilots

0

Named, redacted

Waitlist

0

Product demand

HQ

Malmö

Fund administrators

Sells

TA

TA integration

Markets

0

Malmö

Years

0

Founded 2024

Surfaces

0

W3C attestations

Complete

0

File readiness

The wedge

TA integration

The wedge is repeating KYC at every gate of the same allocator.

Why the desk took it

A real job, not a ticker.

US retail identity was taken off before we asked.

Traction

5 named pilots (redacted).

Founded 2024, headquartered in Malmö. 5 named pilots on file (identities redacted in public). 3,397 on the waitlist, gated — product demand, not a book built. 15 nodes or connected surfaces reported. Desk diligence score 83/100. An AIFM whose auditor has seen the dual-record. A dual-control drill exists on paper. We have not watched it live yet — that is the next ask.

Next 12 months

Liability sentence in writing: who is wrong when a fact is wrong.

A ‘passport token’ is usually a security in costume. They sell a fee the customer already pays a slower vendor for. TAM is that invoice, not a token float.

The brief

How a serious reader should hold this.

You can wait for a sticker. The named customer did not. They are writing into this record while the rest of the market argues about a comment period.

Holm exists because the incumbent brand will not staff the unglamorous middle of Attestations. The product is that middle. The token, if it ever exists, is not the product — and is not for sale here. The people in the queue already understood the difference.

US traffic was taken off the public surfaces in the first working session. Holm did not argue. Adult companies do not costume a US offering.

From the screen

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

From the pilot

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

From ops

The legal source of truth stays with the incumbent register, admin, or custodian. Holm does not attest to its own facts.

The window

Miss this and you read the archive.

You can read twelve thinner companies. Or this one, once, while the window is open.

Counsel hours on file: enough that a later reader can tell this was not improvised.

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
10
Counsel hours on file
58
Asks / week
425
Our cut
0% of proceeds

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

Kofi Cole, Chief executive

This company

Holm

The protocol pitch is the thing this company has already refused.

In the same conversation

  • Onfido / Jumio for people
  • Fund-admin KYC teams
  • W3C attestations
  • Not a ‘passport token’

The bet

Why this company exists.

The wedge is repeating KYC at every gate of the same allocator.

The wedge is repeating KYC at every gate of the same allocator.

Transfer agents and AIFMs are being asked for faster onboarding without becoming identity companies. Attestations they can revoke are the compromise.

Fund onboarding cost is a known line item. A 20–40% cut in cycle time is a budget, not a vision deck.

Versus the field

The incumbent brand sells the relationship. Holm 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.

Malmö 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

  1. 01A fact is attested by a party the recipient already trusts
  2. 02The holder discloses only the field requested
  3. 03The rest of the file stays dark
  4. 04Revocation is a first-class event
  5. 05The recipient never sees the rest of the file — selective disclosure is enforced, not promised
  6. 06A named counterparty verifies; Holm does not attest to its own facts.

In the same conversation as

  • Onfido / Jumio for people
  • Fund-admin KYC teams
  • W3C attestations
  • Not a ‘passport token’

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

    33%

    A counsel memo that can survive a later reader.

  • Control environment

    26%

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

  • Named operators

    17%

    The remaining certifications and the second named market.

  • Second market

    24%

    Dual-control drills, key ceremonies, and the person who owns them.

Operating week

What “in market” actually looks like.

  1. ThuCustomerNamed pilot (redacted) sees the same record the auditor saw.
  2. SunOwnersWho can decide messaging and budget on a recorded line. If the answer is nobody, stop.
  3. MonClaimsEvery public sentence checked against the register. Anything extra is unpublished.
  4. SatDarkNo creators. No threads. Restricted geos stay dark.

The wedge

Why this one, not the other one.

They sell
TA integration
Who pays
An AIFM whose auditor has seen the dual-record.
Unit economics
They sell a fee the customer already pays a slower vendor for. TAM is that invoice, not a token float.
Moat on file
Revoke has been tested against a live register.
Switching cost
Permissioned connectivity is the moat. Public endpoints would erase it.
Vs the comps
A ‘passport token’ is usually a security in costume.
Why we listed it
US retail identity was taken off before we asked.

Next twelve months

What has to be true.

Liability sentence in writing: who is wrong when a fact is wrong.

A dual-control drill exists on paper. We have not watched it live yet — that is the next ask.

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 Malmö. 5 named pilots on file (identities redacted in public). 3,397 on the waitlist, gated — product demand, not a book built. 15 nodes or connected surfaces reported. Desk diligence score 83/100. An AIFM whose auditor has seen the dual-record. A dual-control drill exists on paper. We have not watched it live yet — that is the next ask.

  • Operating notes for W3C attestations
  • No token contract listed as a public sale
  • Named founder; customer still a conversation
  • Malmö is the operating centre
  • The waitlist, if any, is a product list — not a book
  • Raise, if any, closed with issuer providers

Readiness

Six things a serious buyer asks. 100 is “ready to take to counsel and a customer.”

  • Product95
  • Customers96
  • Legal path84
  • Tech maturity73
  • Demand57
  • Market access44

Risks

What can kill it.

The one that actually kills it

The founder wants a public book

The moment Holm asks this pad to allocate, sell, or complete funding, the listing ends. That is not a moral project. It is how a services firm stays a services firm.

Who attests

If the attester is the company itself, this is a database with extra steps.

Portability theatre

A graph nobody else reads is a PDF with a hash.

US

US retail identity products are a different statute. Many of these files keep the US off.

Utility token

Paying for attestations in a native token is usually a securities problem in costume.

Self-attestation

If Holm is the attester, this is a database with extra steps. The graph only matters if someone else signs.

Single-customer gravity

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

Ask these next

  1. 01What happens if a founder later wants a public token?
  2. 02Is the waitlist demand for a product, or a queue for a coin?
  3. 03Has counsel written the perimeter in a memo you can file?
  4. 04Which geography is actually locked, and which is a hope?
  5. 05Which incumbent can copy this in a quarter, and what would they have to migrate?
  6. 06If RCA Pad disappeared tomorrow, could the customer still run the job?

Structure

How money would actually move.

Window closed. Tombstone is theirs. Archive is ours. 0% of proceeds.

Entity
Holm Ltd
Path on file
Malmö · closed private round
Posture
Window closed
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.

  • Malmönamed
  • EU retailrestricted
  • United Statesrestricted

Team

Who runs it.

  • Kofi ColeChief executive
  • Kofi NgChief compliance

Stack

  • W3C attestations
  • Attestations
  • Approval trail

Named with them

  • Northbridge Counsel
  • Helix Audit

Who can decide

Kofi Cole (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.

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.

StatementEvidenceStatus
Holm does not sell a token to the public on this padPosture lockwithdrawn
The product is attestations sold to institutionsArchitecture + customer typewithdrawn
W3C attestations is the method — not a listed assetDesk snapshotwithdrawn
Retail buyers are out of scopeNamed markets lockwithdrawn
Any raise completes with the issuer’s counsel and providers — not on RCA PadFixed-fee termswithdrawn
Production date for the chain layer is not committedNo board minutewithdrawn
No public token is sold on this padEngagement terms + posture lockwithdrawn
Customers contemplated: MalmöNamed markets on the filewithdrawn

On the record

  1. Final registerArchiveAug
  2. Close reportReportAug
  3. Tombstone copyArchiveAug

Operating log

  1. 19 Aug 10:00

    Close report. 0% of proceeds.

  2. 12 Aug 18:00

    Holm archived. Live claims withdrawn.

  3. 11 Aug 09:30

    Final creator pass. Residual claims pulled.

Path to now

  1. Open

    File

    Before any public sentence.

  2. Close

    Archive

    We did not take a cut.

Not a subscription

This is not a sale page.

Window closed. Tombstone is theirs. Archive is ours. 0% of proceeds. 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

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