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

IROX

Screened

SCREENEDCredit covenants

Iron House

Window a fewd · waitlist a short list · our cut 0%. Do the maths.

A named Mumbai customer is already on the record. The public still thinks this is a deck.

Iron House — A system of record for private-credit funds and desks: tapes, RFQs, or covenants that update when a borrower files. The buyers already have a book. This is plumbing, not a venue that matches strangers.

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

Window a fewd. Waitlist a short list. 10 asks this week. This is not a quiet listing.

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

Redacted on the public page

Live nodes

EVM · proof of concept

Counsel hours

Undetermined — not a path

Sentences killed

Before listing

Claims live

0/6

Sprint

Our cut

Of any proceeds

Plate Signal · 8367

IROX

The plate

Signal. Edition 8367.

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

IROX · Mumbai · Credit covenants

Score

Desk diligence

Pilots

Named, redacted

Stage

upcoming

Mumbai

Private-credit funds

Sells

Desk

Desk seat

Markets

Mumbai

Years

Founded 2022

Surfaces

EVM · proof of concept

Complete

File readiness

The wedge

Desk seat

The wedge is the shared drive: marks, covenants and RFQs still live in email.

Why the desk took it

Early — still a question.

They asked us to kill ‘marketplace’ in every sentence. We did.

Traction

One named pilot (redacted).

Founded 2022, headquartered in Mumbai. One named pilot on file (redacted in public). 2 nodes or connected surfaces reported. Desk diligence score 66/100. A coverholder or carrier running one binder on this record. A dual-control drill exists on paper. We have not watched it live yet — that is the next ask.

Next 12 months

One administrator consuming marks daily.

A DeFi lending pool is the opposite company. 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 Credit covenants is not a rumour. It is how this board stays readable. Iron House is what survived. That is the sell.

Read this as an operating company, not a round. Counsel has a posture: Undetermined — not a path. Restricted markets stay dark. RCA Pad takes 0% if they ever raise. That combination is why inbound did not need a ticker.

A sentence went public and came down in under an hour. Nia Ng treated the kill as an operating skill, not a PR event. Files that cannot do this do not stay listed.

From the pilot

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

From the screen

US persons are outside the audience. A form that asks “are you accredited?” without verification is not an exemption.

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.

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.

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

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

Window

Closed

Closed. History only — not a place to buy.

Sentences killed: 9
Counsel hours on file: 11
Asks / week: 10
Our cut: 0% of proceeds

Kill the public sentence in an hour or do not list us. We can do the hour.
Nia Ng, Chief executive

This company

Iron House

Twelve Credit covenants decks look the same. One of them has a Mumbai customer on the record.

In the same conversation

eFront
Allvue
Closed RFQ wires
Not an on-chain lending pool

The bet

Why this company exists.

The wedge is the shared drive: marks, covenants and RFQs still live in email.

Allocators want daily marks and covenant visibility. Banks want to originate without building a chain team. The first honest tape that does not pretend to be an exchange will be paid for as software.

Private credit AUM is measured in trillions. The software take-rate is small. The switching cost, once a tape is the record, is not.

Versus the field

L2 wrappers are cheaper. They are also a different perimeter — and declined here. Iron House is priced as software against an invoice that already exists.

Named: Mumbai. Off-limits: EU retail. A US person hearing an offering communication is a US problem even if the company sits in Mumbai. Blocking an IP and taking a US Telegram admin is not a block.

How it works

01A loan or covenant event is written once
02Permissioned counterparties see what they are allowed to see
03Marks and RFQs stay inside named desks
04No public order book, no retail
05Default and amendment events are first-class, not a PDF in a side channel
06Kill of a public sentence is an hour, not a committee.

In the same conversation as

eFront
Allvue
Closed RFQ wires
Not an on-chain lending pool

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
36%
Adapter work against the incumbent register, admin, or custodian.
Control environment
19%
The remaining certifications and the second named market.
Named operators
17%
Dual-control drills, key ceremonies, and the person who owns them.
Counsel & perimeter
28%
Keeping the public story from running ahead of the claims register.

Operating week

What “in market” actually looks like.

WedCounselPerimeter diffs. If the site drifted from the memo, the site moves — not the memo.
FriKill switchRehearse unpublish in 24 hours. If it takes a committee, it is not a switch.
ThuCustomerNamed pilot (redacted) sees the same record the auditor saw.
TueExceptionsOvernight breaks post back into the customer’s case system. No side book.

The wedge

Why this one, not the other one.

They sell: Desk seat
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: Four origination desks already post into a closed tape.
Switching cost: The customer’s auditor has seen this book. Switching means a new auditor conversation.
Vs the comps: A DeFi lending pool is the opposite company.
Why we listed it: They asked us to kill ‘marketplace’ in every sentence. We did.

Next twelve months

What has to be true.

One administrator consuming marks daily.

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

A round, if any, sits with their providers. This pad does not take the order.

Traction

What you can verify today.

Architecture paper — no production customer on the public file
No token contract listed as a public sale
Pilot letters on file, identities redacted
Mumbai 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.”

Product26
Customers40
Legal path24
Tech maturity34
Demand10
Market access44

Risks

What can kill it.

The one that actually kills it

The founder wants a public book

The moment Iron House 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.

Marketplace slip

The moment this looks like a public book, it is a venue. This pad will not list that.

Data rights

Who owns the tape when a fund leaves? If that is unsigned, the enterprise value is a conversation.

Credit cycle

A default cluster will test whether the product is a record or a reputation.

Retail

Retail is prohibited. Any ‘access token’ story is a different company.

Data rights on exit

If a fund leaves and the tape stays, who owns the history? Unsigned, the enterprise value is a conversation.

Token relapse

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

Ask these next

01What happens if a founder later wants a public token?
02Is the waitlist demand for a product, or a queue for a coin?
03What does renewal look like if no round ever happens?
04Which geography is actually locked, and which is a hope?
05Who is the first named paying customer — not a letter of intent?
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: Iron House 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.

Mumbainamed
EU retailrestricted

Team

Who runs it.

Nia NgChief executive

Stack

EVM · proof of concept
Credit covenants
Approval trail

Named with them

Helix Audit

Who can decide

The technical founder is on the record as engineering. 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 House 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 House does not sell a token to the public on this pad	Posture lock	live
The product is credit covenants sold to institutions	Architecture + customer type	draft
EVM · proof of concept 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
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: Mumbai	Named markets on the file	draft

On the record

Application APP-4499ScreenSep
Counsel questionPathSep

Operating log

05 Sep 18:00
Application scored. Iron House is not a calendar slot.
11 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.

Launch your own How an RCAICO works

Other companies

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