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

IROU

In diligence

IN MOTIONVault infrastructure

Iron Mark

A named Tokyo buyer is on the record. You are still reading the public page.

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

Iron Mark — Accounting and proof layers for vaults that already hold assets for known clients. zk or otherwise, the point is a statement a counterparty can verify — not a public yield product.

In a 14-day diligence sprint (day 13). This is when the story, the customers and the legal path get written down — or the file stops.

Window a fewd. Waitlist a short list. 38 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.

Sprint day

0/14

Window

Closed

Heat

0/99

Inbound / wk

0asks

Asking now

0live

Named pilots

Redacted on the public page

Live nodes

zk testnet

Counsel hours

Not offering — locked

Sentences killed

Before listing

Claims live

1/8

Sprint

Our cut

Of any proceeds

Plate Horizon · 5037

IROU

The plate

Horizon. Edition 5037.

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

IROU · Tokyo · Vault infrastructure

Score

Desk diligence

Pilots

Named, redacted

Sprint

Day 13 of 14

Tokyo

Asset managers

Sells

Fund

Fund seat

Markets

Tokyo

Years

Founded 2025

Surfaces

zk testnet

Complete

File readiness

The wedge

Fund seat

Iron Mark sells the statement, not the vault. Anyone can launch a vault.

Why the desk took it

A real job, not a ticker.

No APY on any surface we could find.

Traction

2 named pilots (redacted).

Founded 2025, headquartered in Tokyo. 2 named pilots on file (identities redacted in public). 4 nodes or connected surfaces reported. Desk diligence score 83/100. Sprint day 13 of 14. 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 auditor-signed extract.

Fund admins already report. This is a proof they can attach. Bps on a job that already has a budget line. A public coin would not make the invoice larger.

The brief

How a serious reader should hold this.

The decline pile in Vault infrastructure is not a rumour. It is how this board stays readable. Iron Mark is what survived. That is the sell.

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

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

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

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 counsel

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.

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

a short list people did not join a waitlist for a ticker. They joined for a job.

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: 7
Counsel hours on file: 62
Asks / week: 38
Our cut: 0% of proceeds

The decline pile is a compliment. It means the screen still means something.
Owen Okafor, Chief executive

This company

Iron Mark

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

In the same conversation

Fund admins
Custodian reporting
Public ‘vault tokens’ (the thing this is not)

The bet

Why this company exists.

Iron Mark sells the statement, not the vault. Anyone can launch a vault.

Allocators asked for proof after 2022. Labs answered with demos. The first vault accounting that an auditor will sign is a business.

Middle-office spend at alternative managers is a budget that survived the last cycle.

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.

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

How it works

01Positions are accounted in a book the manager already runs
02A proof or extract is produced for a named counterparty
03Yield is not marketed to the public on this pad
04zk, if present, is a method — not a ticker
05A proof or extract is produced for a named counterparty only
06Kill of a public sentence is an hour, not a committee.

In the same conversation as

Fund admins
Custodian reporting
Public ‘vault tokens’ (the thing this is not)

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
29%
Dual-control drills, key ceremonies, and the person who owns them.
Counsel & perimeter
19%
The remaining certifications and the second named market.
Named operators
14%
Hiring the operator who already does this job at a licensed firm.
Control environment
38%
A counsel memo that can survive a later reader.

Operating week

What “in market” actually looks like.

FriKill switchRehearse unpublish in 24 hours. If it takes a committee, it is not a switch.
MonClaimsEvery public sentence checked against the register. Anything extra is unpublished.
SunOwnersWho can decide messaging and budget on a recorded line. If the answer is nobody, stop.
ThuCustomerNamed pilot (redacted) sees the same record the auditor saw.

The wedge

Why this one, not the other one.

They sell: Fund seat
Who pays: A transfer agent willing to consume a revoke in production.
Unit economics: Bps on a job that already has a budget line. A public coin would not make the invoice larger.
Moat on file: Auditor engagement letter — not a tweet.
Switching cost: Scheme maps, ISO, LMA language, registry adapters — eighteen months of unglamorous work.
Vs the comps: Fund admins already report. This is a proof they can attach.
Why we listed it: No APY on any surface we could find.

Next twelve months

What has to be true.

One auditor-signed extract.

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

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

Traction

What you can verify today.

Operating notes for zk testnet
No token contract listed as a public sale
Named founder; customer still a conversation
Tokyo 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.”

Product42
Customers62
Legal path62
Tech maturity48
Demand70
Market access44

Risks

What can kill it.

The one that actually kills it

Counsel is a slide

Unnamed counsel is how companies die in diligence. Not offering — locked has to be a memo you can file, not a slogan on the hero.

Yield product

If the landing page is APY, this is a different, usually unlicensed, business.

Proof theatre

A zk circuit of a fake book is still a fake book.

Custodian

Who holds the keys? If it is the startup, that is custody.

Audit

No auditor, no statement. Demo is not diligence.

Proof theatre

A zk circuit of a fake book is still a fake book. Iron Mark has to prove the real one.

Token relapse

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

Ask these next

01What does renewal look like if no round ever happens?
02What happens if a founder later wants a public token?
03Which geography is actually locked, and which is a hope?
04Which incumbent can copy this in a quarter, and what would they have to migrate?
05Has counsel written the perimeter in a memo you can file?
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 Mark Ltd
Path on file: Not offering — locked
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.

Tokyonamed
Mainland China retailrestricted

Team

Who runs it.

Owen OkaforChief executive
Elena MbekiChief technology

Stack

zk testnet
Vault infrastructure
Audit log
Disclosure templates

Named with them

Meridian Tax

Who can decide

The technical founder is on the record as Chief technology. 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 Mark 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 Mark does not sell a token to the public on this pad	Posture lock	live
The product is vault infrastructure sold to institutions	Architecture + customer type	live
zk testnet 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
Pilot identities redacted in public	No board minute	draft
No public token is sold on this pad	Engagement terms + posture lock	live
Customers contemplated: Tokyo	Named markets on the file	live

On the record

Day 0 lockKick-offSep
Claim inventoryPackSep
Audience matrix draftPackSep

Operating log

11 Sep 16:48
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.