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

IROJ

In market

HOT WINDOWAttestations

Iron Kiln

The incumbent copy takes a year. The named customer is already writing.

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

Iron Kiln — 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.

Live campaign. 9,290 on the product waitlist — that is demand, not an allocation.

3 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.

Waitlist

Window

Closed

Heat

0/99

Inbound / wk

0asks

Asking now

0live

Named pilots

Redacted on the public page

Live nodes

W3C attestations

Counsel hours

United States professional · counsel-named

Sentences killed

Before listing

Claims live

6/8

Growth

Our cut

Of any proceeds

Plate Horizon · 4982

IROJ

The plate

Horizon. Edition 4982.

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

IROJ · Houston · Attestations

Score

Desk diligence

Pilots

Named, redacted

Waitlist

Product demand

Houston

Fund administrators

Sells

Per-onboarding

Per-onboarding event

Markets

United States professional

Years

Founded 2026

Surfaces

W3C attestations

Complete

File readiness

The wedge

Per-onboarding event

Iron Kiln sells a cost cut in onboarding, not an identity coin.

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 2026, headquartered in Houston. 5 named pilots on file (identities redacted in public). 9,290 on the waitlist, gated — product demand, not a book built. 10 nodes or connected surfaces reported. Desk diligence score 84/100. A qualified custodian reconciling against this book. A redacted engagement letter landed in week one. That is why the desk took the meeting.

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.

Most Attestations decks start with a market size. This one starts with a job: a person at a licensed firm, a record they cannot currently prove, and a calendar that does not wait for a proposed US rule. The calendar is the window. The window is the scarce thing.

What you can verify today is smaller than the slide. What you cannot verify is named as a question, not a promise. That is the difference between this company and a pad listing — and why the waitlist is not a coin queue.

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

From the founder

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

From counsel

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

From the pilot

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

The window

Miss this and you read the archive.

Miss a few days and you are explaining to your IC why you read it after it closed.

Budget exists on a line the board can see. That is why the window is this quarter.

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: 19
Asks / week: 1,161
Our cut: 0% of proceeds

US came off the site in the first session. We did not argue. We are not children.
Leila Diaz, Chief executive

This company

Iron Kiln

Twelve Attestations decks look the same. One of them has a Houston customer on the record.

In the same conversation

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

The bet

Why this company exists.

Iron Kiln sells a cost cut in onboarding, not an identity coin.

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

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

The live path is United States professional · counsel-named. Proposed Regulation Crypto Assets is not treated as a calendar slot. Build as if it never opens.

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
06Exceptions post back into the customer’s existing case system — no side spreadsheet.

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
35%
A counsel memo that can survive a later reader.
Counsel & perimeter
25%
Adapter work against the incumbent register, admin, or custodian.
Certifications & adapters
19%
Dual-control drills, key ceremonies, and the person who owns them.
Control environment
21%
Keeping the public story from running ahead of the claims register.

Operating week

What “in market” actually looks like.

ThuCustomerNamed pilot (redacted) sees the same record the auditor saw.
FriKill switchRehearse unpublish in 24 hours. If it takes a committee, it is not a switch.
WedCounselPerimeter diffs. If the site drifted from the memo, the site moves — not the memo.
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: A qualified custodian reconciling against this book.
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: Scheme maps, ISO, LMA language, registry adapters — eighteen months of unglamorous work.
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 redacted engagement letter landed in week one. That is why the desk took the meeting.

Growth money would extend the record to a second geography, still permissioned.

Traction

What you can verify today.

Operating notes for W3C attestations
No token contract listed as a public sale
Pilot letters on file, identities redacted
Houston 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.”

Product64
Customers96
Legal path84
Tech maturity76
Demand86
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 9,290.

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 Iron Kiln 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 Iron Kiln in a different perimeter. The file treats that as a hard stop.

Ask these next

01Which geography is actually locked, and which is a hope?
02Which incumbent can copy this in a quarter, and what would they have to migrate?
03What happens if a founder later wants a public token?
04Who is the first named paying customer — not a letter of intent?
05Who can unpublish a public sentence in 24 hours, by name?
06What does renewal look like if no round ever happens?

Structure

How money would actually move.

If this company raises, it raises with its own counsel and providers. The waitlist is a product list. It is not a round, a book, or an allocation on RCA Pad. We do not take a cut.

Entity: Iron Kiln Inc. · Delaware
Path on file: United States professional · counsel-named
Posture: No public sale
Pack: Growth

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.

United States professionalnamed
Global publicrestricted

Team

Who runs it.

Leila DiazChief executive
Claire ShahChief compliance

Stack

W3C attestations
Attestations
Approval trail
Takedown SLA

Named with them

Meridian Tax

Who can decide

Leila Diaz (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.

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.

Statement	Evidence	Status
Iron Kiln does not sell a token to the public on this pad	Posture lock	live
The product is attestations sold to institutions	Architecture + customer type	live
W3C attestations 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	No board minute	draft
No public token is sold on this pad	Engagement terms + posture lock	live
Customers contemplated: United States professional	Named markets on the file	live

On the record

Sprint packPackJun
Counsel lockPathJul
Claims register liveRegisterAug
Creator briefBriefSep

Operating log

11 Sep 09:35
Takedown SLA idle-tested.
08 Sep 11:40
A claim held for missing evidence.
04 Sep 08:22
Weekly report issued to the desk.
01 Sep 14:08
Creator set on disclosure. No buy language.

Path to now

Sprint
Pack accepted
Narrative, matrix, claims locked.
Path
Counsel names it
Or the file stays not-offering.
Live
Campaign
Waitlist and register. No purchase journey.

Not a subscription

This is not a sale page.

If this company raises, it raises with its own counsel and providers. The waitlist is a product list. It is not a round, a book, or an allocation on RCA Pad. We do not take a cut. 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.