The wedge
Per-onboarding event
The wedge is repeating KYC at every gate of the same allocator.
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
IKST
Screened
SCREENEDSelective disclosureInkstone
The incumbent copy takes a year. The named customer is already writing.
The first buyer already has a vendor. Inkstone is taking that invoice. The queue is a short list deep.
Inkstone — 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.
Screened, not yet in sprint. Treat every number as provisional. Calendar access is not automatic.
The named customer already picked. The waitlist is everyone who was late to that fact.
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
0days
Heat
0/99
Inbound / wk
0asks
Asking now
0live
Named pilots
0
Redacted on the public page
Live nodes
0
Attestation graph
Counsel hours
0
Not offering — locked
Sentences killed
0
Before listing
Claims live
0/4
Sprint
Our cut
0%
Of any proceeds
Plate Orbit · 8908
IKST
The plate
Orbit. Edition 8908.
A unique plate for Inkstone. Geometry, orbit, and edition belong to this company — no other listing on the board shares it.
IKST · Taipei · Selective disclosure
Score
0
Desk diligence
Pilots
0
None on file
Stage
upcoming
upcoming
HQ
Taipei
Fund administrators
Sells
Per-onboarding
Per-onboarding event
Markets
0
Taipei
Years
0
Founded 2021
Surfaces
0
Attestation graph
Complete
0
File readiness
Why the desk took it
Early — still a question.
No utility token in the revenue model. We checked.
Traction
No paying pilot on the public file.
Founded 2021, headquartered in Taipei. No named paying pilot on the file yet — that is the first question. 2 nodes or connected surfaces reported. Desk diligence score 69/100. Four origination desks posting into a closed tape. Counsel is named, even if the memo is still a draft. Unnamed counsel is how files die.
Next 12 months
Liability sentence in writing: who is wrong when a fact is wrong.
A ‘passport token’ is usually a security in costume. Annual software against an ops cost the board can see. Switching cost is the record, not the brand.
The brief
How a serious reader should hold this.
The decline pile in Selective disclosure is not a rumour. It is how this board stays readable. Inkstone is what survived. That is the sell.
If you leave this page without opening the claims table, you have read marketing. The scarce version of Inkstone is the version that survives counsel. It is on a clock.
A sentence went public and came down in under an hour. Eva Diaz treated the kill as an operating skill, not a PR event. Files that cannot do this do not stay listed.
From counsel
US persons are outside the audience. A form that asks “are you accredited?” without verification is not an exemption.
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.
From the screen
Fixed fee. Deposit to start. 0% of proceeds. Token-only pay is declined. Percentage of raise is declined.
The window
Miss this and you read the archive.
The decline pile in Selective disclosure is full of companies that looked the same on slide one. This one is listed.
Switching cost is the auditor conversation. Once it happens, you are late.
The scarce thing is not the company. It is the next 47 days of a live conversation.
Window remaining
0days
When this window closes, the campaign is archive.
- Sentences killed
- 10
- Counsel hours on file
- 4
- Asks / week
- 6
- Our cut
- 0% of proceeds
If RCA Pad ever asked for a cut of a raise, we would walk. That is in the first email.
This company
Inkstone
Open-source looks free until the auditor asks who attests. Inkstone has an answer.
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. Inkstone 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.
Taipei 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 attested by a party the recipient already trusts
- 02The holder discloses only the field requested
- 03The rest of the file stays dark
- 04Revocation is a first-class event
- 05The recipient never sees the rest of the file — selective disclosure is enforced, not promised
- 06A named counterparty verifies; Inkstone 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.
Control environment
35%
Dual-control drills, key ceremonies, and the person who owns them.
Named operators
24%
A counsel memo that can survive a later reader.
Certifications & adapters
19%
Hiring the operator who already does this job at a licensed firm.
Counsel & perimeter
22%
Keeping the public story from running ahead of the claims register.
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.
- SatDarkNo creators. No threads. Restricted geos stay dark.
- TueExceptionsOvernight breaks post back into the customer’s case system. No side book.
The wedge
Why this one, not the other one.
- They sell
- Per-onboarding event
- Who pays
- Four origination desks posting into a closed tape.
- Unit economics
- Annual software against an ops cost the board can see. Switching cost is the record, not the brand.
- Moat on file
- A transfer agent has agreed to consume the attestation in production.
- Switching cost
- Network effects only if a second named counterparty writes. One customer is a service firm.
- Vs the comps
- A ‘passport token’ is usually a security in costume.
- Why we listed it
- No utility token in the revenue model. We checked.
Next twelve months
What has to be true.
Liability sentence in writing: who is wrong when a fact is wrong.
Counsel is named, even if the memo is still a draft. Unnamed counsel is how files die.
They have not asked us to run a sale. That ask would close the file.
Traction
What you can verify today.
Founded 2021, headquartered in Taipei. No named paying pilot on the file yet — that is the first question. 2 nodes or connected surfaces reported. Desk diligence score 69/100. Four origination desks posting into a closed tape. Counsel is named, even if the memo is still a draft. Unnamed counsel is how files die.
- Architecture paper — no production customer on the public file
- No token contract listed as a public sale
- Pilot letters on file, identities redacted
- Taipei 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.”
- Product21
- Customers18
- Legal path62
- Tech maturity34
- Demand10
- 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 a short list.
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 Inkstone is the attester, this is a database with extra steps. The graph only matters if someone else signs.
Token relapse
A later round that wants a public token puts Inkstone in a different perimeter. The file treats that as a hard stop.
Ask these next
- 01Has counsel written the perimeter in a memo you can file?
- 02Which geography is actually locked, and which is a hope?
- 03Which incumbent can copy this in a quarter, and what would they have to migrate?
- 04Where do keys, title, or NAV liability sit — and is that person licensed?
- 05What happens if a founder later wants a public token?
- 06If RCA Pad disappeared tomorrow, could the customer still run the job?
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
- Inkstone 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.
- Taipeinamed
- Mainland China retailrestricted
- United Statesrestricted
Team
Who runs it.
- Eva DiazChief executive
Stack
- Attestation graph
- Selective disclosure
- Disclosure templates
- Audit log
Named with them
- Northbridge Counsel
Who can decide
Eva Diaz came in named. The team is not a handle. Inkstone Ltd exists, founded 2021, headquartered in Taipei. 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 |
|---|---|---|
| Inkstone does not sell a token to the public on this pad | Posture lock | live |
| The product is selective disclosure sold to institutions | Architecture + customer type | draft |
| Attestation graph 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 |
| Pilot identities redacted in public | Desk file | draft |
| No public token is sold on this pad | Engagement terms + posture lock | live |
| Customers contemplated: Taipei | Named markets on the file | draft |
On the record
- Application APP-4905ScreenSep
- Counsel questionPathSep
Operating log
04 Sep 15:00
Application scored. Inkstone is not a calendar slot.
10 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.