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

IROZ

Closed
CLOSEDReinsurance records

Iron North

Window closed. a short list asked while it was live. You are reading history.

The protocol pitch was declined. What remains is software against an invoice. a short list people still asked.

Iron North — A permissioned netting engine for trading venues and brokers that are already licensed. It reduces what has to settle. It is not a new CCP, and it is not a collateral token.

Closed on this board. Any capital event was completed with the issuer’s own providers. RCA Pad took 0%.

Closed. The live conversation is over. The pack remains as archive.

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

completed

Window

Closed

Heat

0/99

Inbound / wk

0asks

Asking now

0live

Named pilots

0

Redacted on the public page

Live nodes

0

Treaty book

Counsel hours

0

Tel Aviv · closed private round

Sentences killed

0

Before listing

Claims live

0/9

Build

Our cut

0%

Of any proceeds

Plate Lattice · 1747

IROZ

The plate

Lattice. Edition 1747.

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

IROZ · Tel Aviv · Reinsurance records

Score

0

Desk diligence

Pilots

0

Named, redacted

Stage

completed

completed

HQ

Tel Aviv

Licensed venues

Sells

Carrier

Carrier seat

Markets

0

Tel Aviv

Years

0

Founded 2026

Surfaces

0

Treaty book

Complete

0

File readiness

The wedge

Carrier seat

Iron North is replacing the PDF slip, not the carrier.

Why the desk took it

A real job, not a ticker.

They named a coverholder, not a protocol.

Traction

3 named pilots (redacted).

Founded 2026, headquartered in Tel Aviv. 3 named pilots on file (identities redacted in public). 9 nodes or connected surfaces reported. Desk diligence score 76/100. Two licensed PSPs on a paid pilot — identities off the public file. No public APY, no public book, no ‘how to buy’ on any surface we could find.

Next 12 months

Counsel on whether the record is a regulated contract.

Guidewire is the system of record. This is the slip between markets. They win if they are cheaper than the internal build, not cheaper than a protocol.

The brief

How a serious reader should hold this.

Someone in Tel Aviv already renewed a slower vendor this year. Iron North is the conversation that happens before they do it again. Miss this cycle and you explain the next one.

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

US traffic was taken off the public surfaces in the first working session. Iron North 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 pilot

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

From the screen

A dual-control drill exists on paper. Production evidence is the next artefact, not a tweet.

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.

Open the diligence or watch it close. There is not a third option that still counts as early.

Window

Closed

Closed. History only — not a place to buy.

Sentences killed
6
Counsel hours on file
30
Asks / week
3
Our cut
0% of proceeds

I will take thirty minutes and decide budget. If that person is not me, we should not be listed.

Luca Costa, Chief executive

This company

Iron North

Not the incumbent brand. Iron North sells the job the brand will not staff.

In the same conversation

  • LCH / Eurex (incumbent CCPs)
  • Caldastone-style utilities
  • Not a DeFi clearinghouse

The bet

Why this company exists.

Iron North is replacing the PDF slip, not the carrier.

Iron North is replacing the PDF slip, not the carrier.

T+1 and capital rules make gross settlement expensive. Venues will buy netting as a service before they will buy a new licence.

Post-trade cost is a line on every broker P&L. A 10% cut in settlement fails is a CFO conversation.

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.

Tel Aviv 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. 01Members post positions they already hold
  2. 02The engine nets what the rulebook allows
  3. 03Only the residual hits the existing settlement rail
  4. 04Collateral as a token is an exclusion on this file
  5. 05Claim and premium events update the same slip the markets already signed
  6. 06Exceptions post back into the customer’s existing case system — no side spreadsheet.

In the same conversation as

  • LCH / Eurex (incumbent CCPs)
  • Caldastone-style utilities
  • Not a DeFi clearinghouse

If they raise

Where the money would actually go.

Not a token float. A budget against work. RCA Pad still takes 0% of proceeds.

  • Counsel & perimeter

    30%

    The remaining certifications and the second named market.

  • Certifications & adapters

    21%

    Dual-control drills, key ceremonies, and the person who owns them.

  • Control environment

    22%

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

  • Claims & campaign ops

    27%

    A counsel memo that can survive a later reader.

Operating week

What “in market” actually looks like.

  1. WedCounselPerimeter diffs. If the site drifted from the memo, the site moves — not the memo.
  2. SunOwnersWho can decide messaging and budget on a recorded line. If the answer is nobody, stop.
  3. SatDarkNo creators. No threads. Restricted geos stay dark.
  4. FriKill switchRehearse unpublish in 24 hours. If it takes a committee, it is not a switch.

The wedge

Why this one, not the other one.

They sell
Carrier seat
Who pays
Two licensed PSPs on a paid pilot — identities off the public file.
Unit economics
They win if they are cheaper than the internal build, not cheaper than a protocol.
Moat on file
A coverholder has written a live binder on this record.
Switching cost
Permissioned connectivity is the moat. Public endpoints would erase it.
Vs the comps
Guidewire is the system of record. This is the slip between markets.
Why we listed it
They named a coverholder, not a protocol.

Next twelve months

What has to be true.

Counsel on whether the record is a regulated contract.

No public APY, no public book, no ‘how to buy’ on any surface we could find.

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

Traction

What you can verify today.

Founded 2026, headquartered in Tel Aviv. 3 named pilots on file (identities redacted in public). 9 nodes or connected surfaces reported. Desk diligence score 76/100. Two licensed PSPs on a paid pilot — identities off the public file. No public APY, no public book, no ‘how to buy’ on any surface we could find.

  • Operating notes for Treaty book
  • No token contract listed as a public sale
  • Pilot letters on file, identities redacted
  • Tel Aviv is the operating centre
  • The waitlist, if any, is a product list — not a book
  • Raise, if any, closed with issuer providers

Readiness

Six things a serious buyer asks. 100 is “ready to take to counsel and a customer.”

  • Product95
  • Customers84
  • Legal path84
  • Tech maturity55
  • Demand10
  • Market access44

Risks

What can kill it.

The one that actually kills it

The founder wants a public book

The moment Iron North 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.

CCP perimeter

If a regulator reads this as clearing, the licence problem is existential.

Collateral token

That ask has been refused on files like this. It should stay refused.

Member default

Who eats the loss? If the answer is ‘the protocol’, there is no protocol that can.

Incumbent freeze-out

CCPs can copy the netting logic faster than a startup can collect members.

Not a carrier

If Iron North looks like it is taking risk, it needs a licence. The file says it does not. Keep it that way.

Incumbent feature

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

Ask these next

  1. 01Who is the first named paying customer — not a letter of intent?
  2. 02Has counsel written the perimeter in a memo you can file?
  3. 03Which geography is actually locked, and which is a hope?
  4. 04Is the waitlist demand for a product, or a queue for a coin?
  5. 05Which incumbent can copy this in a quarter, and what would they have to migrate?
  6. 06What does renewal look like if no round ever happens?

Structure

How money would actually move.

Window closed. Tombstone is theirs. Archive is ours. 0% of proceeds.

Entity
Iron North Ltd
Path on file
Tel Aviv · closed private round
Posture
Private only
Pack
Build

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.

  • Tel Avivnamed
  • EU retailrestricted

Team

Who runs it.

  • Luca CostaChief executive
  • Elena DiazMarkets

Stack

  • Treaty book
  • Reinsurance records
  • Approval trail
  • Disclosure templates

Named with them

  • Clearline
  • Meridian Tax

Who can decide

Luca Costa (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.

If the first customer renews, the adapter work pays for itself. If they do not, Iron North is a services firm with a slide. The twelve-month test is renewal, not waitlist.

Claims with evidence

Statements with evidence.

StatementEvidenceStatus
Iron North does not sell a token to the public on this padPosture lockwithdrawn
The product is reinsurance records sold to institutionsArchitecture + customer typewithdrawn
Treaty book is the method — not a listed assetDesk snapshotwithdrawn
Retail buyers are out of scopeNamed markets lockwithdrawn
Any raise completes with the issuer’s counsel and providers — not on RCA PadFixed-fee termswithdrawn
Production date for the chain layer is not committedNo board minutewithdrawn
No public token is sold on this padEngagement terms + posture lockwithdrawn
Customers contemplated: Tel AvivNamed markets on the filewithdrawn

On the record

  1. Final registerArchiveAug
  2. Close reportReportAug
  3. Tombstone copyArchiveAug

Operating log

  1. 19 Aug 10:00

    Close report. 0% of proceeds.

  2. 12 Aug 18:00

    Iron North archived. Live claims withdrawn.

  3. 11 Aug 09:30

    Final creator pass. Residual claims pulled.

Path to now

  1. Open

    File

    Before any public sentence.

  2. Close

    Archive

    We did not take a cut.

Not a subscription

This is not a sale page.

Window closed. Tombstone is theirs. Archive is ours. 0% of proceeds. 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

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