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

IROA

In market

HOT WINDOWFund NAV

Iron Quay

Skip it and you read a PDF. Counterparties who matter will have already called.

If this pad disappeared tomorrow, the customer could still run the job. That is why they are here.

Iron Quay — An operational layer for funds: NAV events, share-class records, books an AIFM can defend. The administrator remains the administrator. This is co-sourced infrastructure, not a tokenised fund on a public board.

Live campaign. 8,513 on the product waitlist — that is demand, not an allocation.

8 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

Fund-admin adapters

Counsel hours

Leeds · counsel-named

Sentences killed

Before listing

Claims live

10/11

Growth

Our cut

Of any proceeds

Plate Signal · 7220

IROA

The plate

Signal. Edition 7220.

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

IROA · Leeds · Fund NAV

Score

Desk diligence

Pilots

Named, redacted

Waitlist

Product demand

Leeds

Fund administrators

Sells

Per

Per NAV event

Markets

Leeds

Years

Founded 2021

Surfaces

Fund-admin adapters

Complete

File readiness

The wedge

Per NAV event

The wedge is staffing: administrators cannot hire the close they promised allocators.

Why the desk took it

A real job, not a ticker.

NAV liability sentence exists. Who is wrong when the number is wrong.

Traction

5 named pilots (redacted).

Founded 2021, headquartered in Leeds. 5 named pilots on file (identities redacted in public). 8,513 on the waitlist, gated — product demand, not a book built. 14 nodes or connected surfaces reported. Desk diligence score 86/100. An AIFM whose auditor has seen the dual-record. No public APY, no public book, no ‘how to buy’ on any surface we could find.

Next 12 months

No public ‘buy the token’ language anywhere they touch.

Citi TA will not be replaced. It might consume this. They sell a fee the customer already pays a slower vendor for. TAM is that invoice, not a token float.

The brief

How a serious reader should hold this.

The decline pile in Fund NAV is not a rumour. It is how this board stays readable. Iron Quay 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 Quay is the version that survives counsel. It is on a clock.

A dual-control drill sits on paper. Keys, title, or NAV liability sit with a named licensed party — not Iron Quay. The architecture says so. We have not watched the drill live. That is the next ask, not a slogan.

From the founder

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

From counsel

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

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.

Attention is the scarce asset. 196 asks this week are already spending it.

A supervisor is already forcing a perimeter. Houses that pick software over a coin will buy this now.

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: 9
Counsel hours on file: 38
Asks / week: 1,064
Our cut: 0% of proceeds

We did not come here to sell a token. We came here so a named customer could read a pack that survives counsel.
Luca Berg, Chief executive

This company

Iron Quay

Services firms hide in ‘platform’ language. Iron Quay sells a seat plus an event. Named.

In the same conversation

SS&C
Apex
Citi TA
Not a public tokenised fund

The bet

Why this company exists.

The wedge is staffing: administrators cannot hire the close they promised allocators.

Allocators want faster marks. Administrators cannot staff that with people. A dual-record (their books + this event) is how they sleep.

Fund administration is a fee business measured in basis points of AUM. A faster close is retained business.

Versus the field

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

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

How it works

01Administrator remains source of truth
02Events (NAV, subscription, share-class) are signed and timestamped
03Investors and auditors query what they are allowed to see
04The fund unit is not listed here as a token you can buy
05Investors and auditors query only what they are allowed to see
06Exceptions post back into the customer’s existing case system — no side spreadsheet.

In the same conversation as

SS&C
Apex
Citi TA
Not a public tokenised fund

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
40%
The remaining certifications and the second named market.
Control environment
28%
A counsel memo that can survive a later reader.
Counsel & perimeter
20%
Adapter work against the incumbent register, admin, or custodian.
Named operators
12%
Keeping the public story from running ahead of the claims register.

Operating week

What “in market” actually looks like.

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.
SatDarkNo creators. No threads. Restricted geos stay dark.

The wedge

Why this one, not the other one.

They sell: Per NAV event
Who pays: An AIFM whose auditor has seen the dual-record.
Unit economics: They sell a fee the customer already pays a slower vendor for. TAM is that invoice, not a token float.
Moat on file: Named administrator on the engagement letter.
Switching cost: Permissioned connectivity is the moat. Public endpoints would erase it.
Vs the comps: Citi TA will not be replaced. It might consume this.
Why we listed it: NAV liability sentence exists. Who is wrong when the number is wrong.

Next twelve months

What has to be true.

No public ‘buy the token’ language anywhere they touch.

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

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

Traction

What you can verify today.

Operating notes for Fund-admin adapters
No token contract listed as a public sale
Pilot letters on file, identities redacted
Leeds 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.”

Product70
Customers96
Legal path84
Tech maturity88
Demand83
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 8,513.

Unit token

A share-class token sold to the public is a securities offering. This pad will not run that as a sale.

Admin of record

If the admin has not signed, this is a shadow book. Shadow books do not survive an audit.

NAV liability

Who is wrong when the number is wrong? That sentence has to exist.

Distribution

Using this layer as a public subscription journey is a different file — and usually the wrong house.

Shadow book

If the administrator has not signed, Iron Quay is a copy of a spreadsheet. Copies do not survive the audit.

Single-customer gravity

If the first named buyer is also the only buyer, Iron Quay is a services shop with a ledger. Ask for the second.

Ask these next

01Who is the first named paying customer — not a letter of intent?
02Is the waitlist demand for a product, or a queue for a coin?
03What does renewal look like if no round ever happens?
04Who can unpublish a public sentence in 24 hours, by name?
05What happens if a founder later wants a public token?
06Where do keys, title, or NAV liability sit — and is that person licensed?

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 Quay Ltd
Path on file: Leeds · 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.

Leedsnamed
Global publicrestricted

Team

Who runs it.

Luca BergChief executive
Aisha MbekiMarkets

Stack

Fund-admin adapters
Fund NAV
Disclosure templates
Audit log

Named with them

Northbridge Counsel
Helix Audit

Who can decide

Luca Berg (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.

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 Quay does not sell a token to the public on this pad	Posture lock	live
The product is fund nav sold to institutions	Architecture + customer type	live
Fund-admin adapters 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: Leeds	Named markets on the file	live

On the record

Sprint packPackJun
Counsel lockPathJul
Claims register liveRegisterAug
Creator briefBriefSep

Operating log

11 Sep 09:23
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.