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

IROV

In diligence

IN MOTIONSettlement

Iron Field

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

Renewal — not the round — is the twelve-month test. The people in this queue already know that.

Iron Field — A permissioned DvP rail: cash against asset between banks, FMIs or funds that already have accounts with each other. It is the moment of exchange, not a new listed asset.

In a 14-day diligence sprint (day 8). This is when the story, the customers and the legal path get written down — or the file stops.

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.

Sprint day

0/14

Window

Closed

Heat

0/99

Inbound / wk

0asks

Asking now

0live

Named pilots

Redacted on the public page

Live nodes

Permissioned settlement

Counsel hours

Not offering — locked

Sentences killed

Before listing

Claims live

4/8

Sprint

Our cut

Of any proceeds

Plate Ledger · 5561

IROV

The plate

Ledger. Edition 5561.

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

IROV · Seoul · Settlement

Score

Desk diligence

Pilots

Named, redacted

Sprint

Day 8 of 14

Seoul

Banks

Sells

Bank

Bank connector

Markets

Seoul

Years

Founded 2021

Surfaces

Permissioned settlement

Complete

File readiness

The wedge

Bank connector

Iron Field sells a treasurer a night without fails.

Why the desk took it

A real job, not a ticker.

They did not pitch a token as the rail’s unit.

Traction

2 named pilots (redacted).

Founded 2021, headquartered in Seoul. 2 named pilots on file (identities redacted in public). 4 nodes or connected surfaces reported. Desk diligence score 75/100. Sprint day 8 of 14. A coverholder or carrier running one binder on this record. Architecture says keys / title / NAV liability sit with a named licensed party — not Iron Field.

Next 12 months

Two banks, live DvP, even a small notional.

RTGS upgrades are coming. Iron Field has to be a feature they buy, not a rival they block. 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.

Seoul is not a backdrop. It is the jurisdiction where a named customer can be sued, called, and asked a question on a recorded line. Iron Field chose it for that reason. Counterparties who still think this is a ‘global’ story are already late.

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

On a Tuesday in Seoul, an exception posts back into the customer’s existing case system. Nobody opens a side spreadsheet. That is the product: the night someone in ops does not stay late.

From the screen

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

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.

The window

Miss this and you read the archive.

Skip it and you read the archive. Counterparties who matter will have already asked.

Certification is in motion. After it lands, the price of the seat is not the question — access is.

The scarce thing is not the company. It is the next a few days of a live conversation.

Window

Closed

Closed. History only — not a place to buy.

Sentences killed: 6
Counsel hours on file: 26
Asks / week: 28
Our cut: 0% of proceeds

The auditor has seen the dual-record. Switching now is a new conversation. That is the lock.
Luca Mbeki, Chief executive

This company

Iron Field

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

In the same conversation

CLS
Fnality
RTGS upgrades
Not a public L1

The bet

Why this company exists.

Iron Field sells a treasurer a night without fails.

T+1, 24/7 FX and on-chain funds make overnight risk visible. Banks will connect a rail before they will issue a coin.

Wholesale settlement is a volume business. Even a sliver of fails avoided is a number a treasurer recognises.

Versus the field

A generalist vendor can copy the slide in a quarter. They cannot copy the named record, the scheme map, or the auditor conversation. That is the year they would have to buy.

The live path is Not offering — locked. Proposed Regulation Crypto Assets is not treated as a calendar slot. Build as if it never opens.

How it works

01Two permissioned parties lock an agreed obligation
02Asset and cash move together, or not at all
03Existing accounts are the source of funds
04No public chain sale of the rail’s token
05Retail and unnamed geographies are structurally off the form, not only in the footer.

In the same conversation as

CLS
Fnality
RTGS upgrades
Not a public L1

If they raise

Where the money would actually go.

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

Named operators
36%
Adapter work against the incumbent register, admin, or custodian.
Counsel & perimeter
26%
Dual-control drills, key ceremonies, and the person who owns them.
Certifications & adapters
14%
The remaining certifications and the second named market.
Second market
24%
Keeping the public story from running ahead of the claims register.

Operating week

What “in market” actually looks like.

SunOwnersWho can decide messaging and budget on a recorded line. If the answer is nobody, stop.
TueExceptionsOvernight breaks post back into the customer’s case system. No side book.
WedCounselPerimeter diffs. If the site drifted from the memo, the site moves — not the memo.
ThuCustomerNamed pilot (redacted) sees the same record the auditor saw.

The wedge

Why this one, not the other one.

They sell: Bank connector
Who pays: A coverholder or carrier running one binder on this record.
Unit economics: Annual software against an ops cost the board can see. Switching cost is the record, not the brand.
Moat on file: Two named banks in a live DvP, even if small.
Switching cost: The customer’s auditor has seen this book. Switching means a new auditor conversation.
Vs the comps: RTGS upgrades are coming. Iron Field has to be a feature they buy, not a rival they block.
Why we listed it: They did not pitch a token as the rail’s unit.

Next twelve months

What has to be true.

Two banks, live DvP, even a small notional.

Architecture says keys / title / NAV liability sit with a named licensed party — not Iron Field.

They have not asked us to run a sale. That ask would close the file.

Traction

What you can verify today.

Operating notes for Permissioned settlement
No token contract listed as a public sale
Pilot letters on file, identities redacted
Seoul 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.”

Product39
Customers62
Legal path62
Tech maturity48
Demand50
Market access44

Risks

What can kill it.

The one that actually kills it

A second geography without a lock

Extending the record into a market that is still restricted is how a clean Seoul story becomes a fact pattern. The restricted list exists for a reason: Global public, United States.

Money issuance

If the rail issues a settlement asset, it is in the e-money / deposit perimeter.

Legal finality

Atomic in software is not final in court. Ask which law says it is.

Incumbent RTGS

Central banks are not asleep. A feature can become a standard.

Public token

Listing the rail’s unit is a sale. This pad does not run that sale.

Money issuance

If the rail issues a settlement asset, Iron Field is in the e-money / deposit perimeter. That is a different company.

Token relapse

A later round that wants a public token puts Iron Field in a different perimeter. The file treats that as a hard stop.

Ask these next

01Where do keys, title, or NAV liability sit — and is that person licensed?
02Which geography is actually locked, and which is a hope?
03Who is the first named paying customer — not a letter of intent?
04Who can unpublish a public sentence in 24 hours, by name?
05What does renewal look like if no round ever happens?
06Is the waitlist demand for a product, or a queue for a coin?

Structure

How money would actually move.

Sprint is diligence, not a raise. A pack at the end is a file the company can take to its own lawyers and investors. RCA Pad does not complete funding.

Entity: Iron Field Ltd
Path on file: Not offering — locked
Posture: Private only
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.

Seoulnamed
Global publicrestricted
United Statesrestricted

Team

Who runs it.

Luca MbekiChief executive
Hannah ReillyMarkets

Stack

Permissioned settlement
Settlement
Disclosure templates
Audit log

Named with them

Clearline

Who can decide

The technical founder is on the record as Markets. Contractors in undisclosed jurisdictions are written down as a fact, not hidden. Facts can be managed. Hiding them is how companies die in diligence.

If the first customer renews, the adapter work pays for itself. If they do not, Iron Field is a services firm with a slide. The twelve-month test is renewal, not waitlist.

Claims with evidence

Statements with evidence.

Statement	Evidence	Status
Iron Field does not sell a token to the public on this pad	Posture lock	live
The product is settlement sold to institutions	Architecture + customer type	live
Permissioned settlement 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	Desk file	draft
No public token is sold on this pad	Engagement terms + posture lock	live
Customers contemplated: Seoul	Named markets on the file	live

On the record

Day 0 lockKick-offSep
Claim inventoryPackSep
Audience matrix draftPackSep

Operating log

11 Sep 12:49
Workshop. Funnel has no purchase step.
08 Sep 09:00
Kick-off. Exclusions recorded.
09 Sep 16:20
A claim killed for missing evidence.

Path to now

D0
Kick-off
Geographies, owners, SLA, exclusions.
D14
Read-out
Accept the pack or stop.

Not a subscription

This is not a sale page.

Sprint is diligence, not a raise. A pack at the end is a file the company can take to its own lawyers and investors. RCA Pad does not complete funding. 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

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