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

IROB

In diligence

IN MOTIONDvP rails

Iron Ledger

Counsel is live. The waitlist is a short list. The public sale is not.

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

Iron Ledger — 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.

A year from now this will be an obvious company or a missed one. The window decides which.

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 DvP

Counsel hours

Not offering — locked

Sentences killed

Before listing

Claims live

2/9

Sprint

Our cut

Of any proceeds

Plate Ledger · 6764

IROB

The plate

Ledger. Edition 6764.

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

IROB · Liverpool · DvP rails

Score

Desk diligence

Pilots

Named, redacted

Sprint

Day 8 of 14

Liverpool

Banks

Sells

Bank

Bank connector

Markets

Liverpool

Years

Founded 2024

Surfaces

Permissioned DvP

Complete

File readiness

The wedge

Bank connector

The wedge is T+1 and 24/7 FX: overnight risk became visible.

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 2024, headquartered in Liverpool. 2 named pilots on file (identities redacted in public). 5 nodes or connected surfaces reported. Desk diligence score 80/100. Sprint day 8 of 14. A named Liverpool administrator who already signs the pack (redacted). They killed their own ‘token as fee’ sentence before we asked. Rare, and it scored.

Next 12 months

Still no coin as the settlement asset.

CLS is FX. Fnality is the club. This is a rail those clubs might use. Per-event pricing so a pilot can start without a transformation programme.

The brief

How a serious reader should hold this.

Most DvP rails 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.

Iron Ledger exists because the incumbent brand will not staff the unglamorous middle of DvP rails. The product is that middle. The token, if it ever exists, is not the product — and is not for sale here. The people in the queue already understood the difference.

US traffic was taken off the public surfaces in the first working session. Iron Ledger did not argue. Adult companies do not costume a US offering.

From the founder

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

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

From ops

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.

Attention is the scarce asset. 26 asks this week are already spending it.

Switching cost is the auditor conversation. Once it happens, you are late.

If you are a founder who wants a pack like this: apply. If you are a buyer: call them — not us.

Window

Closed

Closed. History only — not a place to buy.

Sentences killed: 8
Counsel hours on file: 50
Asks / week: 26
Our cut: 0% of proceeds

Do not put a participate button on our page. If you do, we leave.
Marcus Petrov, Chief executive

This company

Iron Ledger

A generalist vendor copies the slide. They cannot copy the named record.

In the same conversation

CLS
Fnality
RTGS upgrades
Not a public L1

The bet

Why this company exists.

The wedge is T+1 and 24/7 FX: overnight risk became visible.

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

The incumbent brand sells the relationship. Iron Ledger 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.

Liverpool 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

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
31%
Dual-control drills, key ceremonies, and the person who owns them.
Counsel & perimeter
26%
Keeping the public story from running ahead of the claims register.
Control environment
20%
A counsel memo that can survive a later reader.
Second market
23%
Adapter work against the incumbent register, admin, or custodian.

Operating week

What “in market” actually looks like.

SunOwnersWho can decide messaging and budget on a recorded line. If the answer is nobody, stop.
WedCounselPerimeter diffs. If the site drifted from the memo, the site moves — not the memo.
MonClaimsEvery public sentence checked against the register. Anything extra is unpublished.
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 named Liverpool administrator who already signs the pack (redacted).
Unit economics: Per-event pricing so a pilot can start without a transformation programme.
Moat on file: Legal opinion on finality in the governing law.
Switching cost: Once the record is the record, the incumbent copy has to migrate history. That is the year.
Vs the comps: CLS is FX. Fnality is the club. This is a rail those clubs might use.
Why we listed it: They did not pitch a token as the rail’s unit.

Next twelve months

What has to be true.

Still no coin as the settlement asset.

They killed their own ‘token as fee’ sentence before we asked. Rare, and it scored.

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

Traction

What you can verify today.

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

Product47
Customers62
Legal path62
Tech maturity51
Demand50
Market access68

Risks

What can kill it.

The one that actually kills it

The unit of account becomes a token

Seat plus event. If they attach a token as the unit of account, this company is a different company — and not one we will operate a campaign for.

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 Ledger is in the e-money / deposit perimeter. That is a different company.

Incumbent feature

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

Ask these next

01Who can unpublish a public sentence in 24 hours, by name?
02If RCA Pad disappeared tomorrow, could the customer still run the job?
03Where do keys, title, or NAV liability sit — and is that person licensed?
04What happens if a founder later wants a public token?
05Is the waitlist demand for a product, or a queue for a coin?
06Has counsel written the perimeter in a memo you can file?

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 Ledger 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.

Liverpoolnamed
United Kingdomnamed
EU retailrestricted
United Statesrestricted

Team

Who runs it.

Marcus PetrovChief executive
Marcus VossChief executive

Stack

Permissioned DvP
DvP rails
Approval trail
Disclosure templates

Named with them

Northbridge Counsel
Helix Audit
Clearline

Who can decide

Marcus Petrov came in named. The team is not a handle. Iron Ledger Ltd exists, founded 2024, headquartered in Liverpool. 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
Iron Ledger does not sell a token to the public on this pad	Posture lock	live
The product is dvp rails sold to institutions	Architecture + customer type	live
Permissioned DvP 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: Liverpool, United Kingdom	Named markets on the file	live

On the record

Day 0 lockKick-offSep
Claim inventoryPackSep
Audience matrix draftPackSep

Operating log

11 Sep 13:10
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

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.