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

IROQ

Screened
SCREENEDEnergy certificates

Iron Holt

a short list already asked. The window is a few days. After that, archive.

a short list names asked to be first. None of them bought a token here. They asked for the product.

Iron Holt — A ledger of energy certificates (GOs, RECs) for producers and offtakers who already sit in a national registry. It moves the event faster. It does not invent a green token for Twitter.

Screened, not yet in sprint. Treat every number as provisional. Calendar access is not automatic.

12 live counterparties in the thread. The public page is the overflow.

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

Certificate ledger

Counsel hours

0

Undetermined — not a path

Sentences killed

0

Before listing

Claims live

1/5

Sprint

Our cut

0%

Of any proceeds

Plate Concentric · 5012

IROQ

The plate

Concentric. Edition 5012.

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

IROQ · Sydney · Energy certificates

Score

0

Desk diligence

Pilots

0

None on file

Stage

upcoming

upcoming

HQ

Sydney

Producers

Sells

Offtaker

Offtaker portal

Markets

0

Australia

Years

0

Founded 2026

Surfaces

0

Certificate ledger

Complete

0

File readiness

The wedge

Offtaker portal

A national registry as counterpart is the whole company.

Why the desk took it

Early — still a question.

No public token representing a tonne. We searched.

Traction

No paying pilot on the public file.

Founded 2026, headquartered in Sydney. No named paying pilot on the file yet — that is the first question. 3 nodes or connected surfaces reported. Desk diligence score 76/100. A transfer agent willing to consume a revoke in production. A dual-control drill exists on paper. We have not watched it live yet — that is the next ask.

Next 12 months

One retirement an offtaker will show their auditor.

Xpansiv is a market. This is the event under a registry. 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 Energy certificates is not a rumour. It is how this board stays readable. Iron Holt is what survived. That is the sell.

The bet is narrow. A named Sydney buyer already has budget for this invoice. Iron Holt wins if it is cheaper than the internal build and cleaner than the protocol pitch. It loses if a founder later wants a public book. The window is the time you have to decide which it is.

The auditor of a redacted pilot has seen a dual-record. Switching away now means a new auditor conversation. That is the switching cost — not the logo.

From the screen

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

From ops

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

From counsel

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

The window

Miss this and you read the archive.

If the window closes you still have the pack — as history. Not as a live conversation.

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

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
15
Counsel hours on file
8
Asks / week
0
Our cut
0% of proceeds

The auditor has seen the dual-record. Switching now is a new conversation. That is the lock.

Yara Nair, Chief executive

This company

Iron Holt

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

In the same conversation

  • National GO registries
  • Xpansiv
  • Not a public carbon coin

The bet

Why this company exists.

A national registry as counterpart is the whole company.

A national registry as counterpart is the whole company.

Corporate offtakers are being asked to prove what they bought. Registries lag. A dual record that the registry still owns is sellable.

GO and REC markets are measured in tens of billions. Ops software is a thin slice with high switching costs.

Versus the field

The incumbent brand sells the relationship. Iron Holt 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.

Sydney 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 certificate that exists in a registry is evented here
  2. 02Delivery and retirement are visible to the offtaker
  3. 03The registry remains the legal source
  4. 04No public ‘carbon token’ sale on this pad
  5. 05Delivery and retirement are visible to the offtaker; the registry remains source
  6. 06A named counterparty verifies; Iron Holt does not attest to its own facts.

In the same conversation as

  • National GO registries
  • Xpansiv
  • Not a public carbon coin

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

    28%

    Adapter work against the incumbent register, admin, or custodian.

  • Second market

    18%

    A counsel memo that can survive a later reader.

  • Control environment

    15%

    The remaining certifications and the second named market.

  • Claims & campaign ops

    39%

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

Operating week

What “in market” actually looks like.

  1. SunOwnersWho can decide messaging and budget on a recorded line. If the answer is nobody, stop.
  2. SatDarkNo creators. No threads. Restricted geos stay dark.
  3. MonClaimsEvery public sentence checked against the register. Anything extra is unpublished.
  4. WedCounselPerimeter diffs. If the site drifted from the memo, the site moves — not the memo.

The wedge

Why this one, not the other one.

They sell
Offtaker portal
Who pays
A transfer agent willing to consume a revoke in production.
Unit economics
Annual software against an ops cost the board can see. Switching cost is the record, not the brand.
Moat on file
An offtaker has retired a certificate via this event.
Switching cost
Once the record is the record, the incumbent copy has to migrate history. That is the year.
Vs the comps
Xpansiv is a market. This is the event under a registry.
Why we listed it
No public token representing a tonne. We searched.

Next twelve months

What has to be true.

One retirement an offtaker will show their auditor.

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

If they raise, it is to hire the remaining certifications and the second market — not to float a coin.

Traction

What you can verify today.

Founded 2026, headquartered in Sydney. No named paying pilot on the file yet — that is the first question. 3 nodes or connected surfaces reported. Desk diligence score 76/100. A transfer agent willing to consume a revoke in production. A dual-control drill exists on paper. We have not watched it live yet — that is the next ask.

  • Architecture paper — no production customer on the public file
  • No token contract listed as a public sale
  • Pilot letters on file, identities redacted
  • Sydney 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 path24
  • Tech maturity37
  • Demand10
  • Market access44

Risks

What can kill it.

The one that actually kills it

The founder wants a public book

The moment Iron Holt 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.

Double count

If the registry and this ledger can both be sold, the product is a liability.

Green token

A freely traded climate token is usually a commodity or a security. This pad will not sell it.

Registry cooperation

Without the registry, this is a shadow certificate.

Policy

GO rules move. The product has to move with them, not ahead of them.

Double count

If the registry and this ledger can both be sold, Iron Holt is a liability. Dual-record or nothing.

Incumbent feature

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

Ask these next

  1. 01Is the waitlist demand for a product, or a queue for a coin?
  2. 02Where do keys, title, or NAV liability sit — and is that person licensed?
  3. 03Who is the first named paying customer — not a letter of intent?
  4. 04What does renewal look like if no round ever happens?
  5. 05Who can unpublish a public sentence in 24 hours, by name?
  6. 06Which incumbent can copy this in a quarter, and what would they have to migrate?

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
Iron Holt Pty Ltd
Path on file
Undetermined — not a path
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.

  • Australianamed
  • United States retailrestricted

Team

Who runs it.

  • Yara NairChief executive
  • Siobhán MoreauChief compliance

Stack

  • Certificate ledger
  • Energy certificates
  • Disclosure templates
  • Takedown SLA

Named with them

  • Helix Audit

Who can decide

The technical founder is on the record as Chief compliance. 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.

StatementEvidenceStatus
Iron Holt does not sell a token to the public on this padPosture locklive
The product is energy certificates sold to institutionsArchitecture + customer typedraft
Certificate ledger is the method — not a listed assetPaper onlydraft
Retail buyers are out of scopeNamed markets locklive
Any raise completes with the issuer’s counsel and providers — not on RCA PadFixed-fee termslive
Production date for the chain layer is not committedNo board minutedraft
No public token is sold on this padEngagement terms + posture locklive
Customers contemplated: AustraliaNamed markets on the filedraft

On the record

  1. Application APP-4791ScreenSep
  2. Counsel questionPathSep

Operating log

  1. 08 Sep 14:00

    Application scored. Iron Holt is not a calendar slot.

  2. 10 Sep 10:12

    Counsel question sent. Name a path or lock not-offering.

Path to now

  1. Now

    Screen

    Calendar is never automatic.

  2. 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.

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.