The wedge
Per-onboarding event
Iron Rail sells a cost cut in onboarding, not an identity coin.
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
IROE
Screened
SCREENEDSelective disclosureIron Rail
Certification is in motion. After it lands, access is the scarce thing — not price.
Closed files are history. Live files have a clock. Iron Rail has 11 days.
Iron Rail — 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.
Screened, not yet in sprint. Treat every number as provisional. Calendar access is not automatic.
Archive is free. Live access is timed. Iron Rail is timed.
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
upcoming
Window
0days
Heat
0/99
Inbound / wk
0asks
Asking now
0live
Named pilots
0
Redacted on the public page
Live nodes
0
Attestation graph
Counsel hours
0
Not offering — locked
Sentences killed
0
Before listing
Claims live
0/4
Sprint
Our cut
0%
Of any proceeds
Plate Orbit · 1406
IROE
The plate
Orbit. Edition 1406.
A unique plate for Iron Rail. Geometry, orbit, and edition belong to this company — no other listing on the board shares it.
IROE · Dublin · Selective disclosure
Score
0
Desk diligence
Pilots
0
None on file
Stage
upcoming
upcoming
HQ
Dublin
Fund administrators
Sells
Per-onboarding
Per-onboarding event
Markets
0
Ireland
Years
0
Founded 2022
Surfaces
0
Attestation graph
Complete
0
File readiness
Why the desk took it
Early — still a question.
US retail identity was taken off before we asked.
Traction
No paying pilot on the public file.
Founded 2022, headquartered in Dublin. No named paying pilot on the file yet — that is the first question. Desk diligence score 60/100. A qualified custodian reconciling against this book. Architecture says keys / title / NAV liability sit with a named licensed party — not Iron Rail.
Next 12 months
One TA consuming revoke in production.
Jumio does not speak share-class. They win if they are cheaper than the internal build, not cheaper than a protocol.
The brief
How a serious reader should hold this.
The decline pile in Selective disclosure is not a rumour. It is how this board stays readable. Iron Rail is what survived. That is the sell.
Iron Rail exists because the incumbent brand will not staff the unglamorous middle of Selective disclosure. 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.
On a Tuesday in Dublin, an exception posts back into the customer’s existing case system. Nobody opens a side spreadsheet. That is the product: the night someone in ops does not stay late.
From the pilot
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
We will not describe this as Reg CA-compliant, MiCA-stickered, or FCA-authorised. Issuers retain their own counsel in every relevant jurisdiction.
From counsel
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.
If the window closes you still have the pack — as history. Not as a live conversation.
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 remaining
0days
When this window closes, the campaign is archive.
- Sentences killed
- 5
- Counsel hours on file
- 5
- Asks / week
- 5
- Our cut
- 0% of proceeds
The waitlist is people who want the product. If they wanted a coin they would be on a different pad.
This company
Iron Rail
The protocol pitch is the thing this company has already refused.
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 Rail sells a cost cut in onboarding, not an identity coin.
Iron Rail 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 Rail is priced as software against an invoice that already exists.
The live path is Not offering — locked. 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
- 06The legal source of truth stays with the incumbent register, admin, or custodian.
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.
Control environment
38%
Dual-control drills, key ceremonies, and the person who owns them.
Certifications & adapters
28%
Keeping the public story from running ahead of the claims register.
Counsel & perimeter
15%
Hiring the operator who already does this job at a licensed firm.
Named operators
19%
Adapter work against the incumbent register, admin, or custodian.
Operating week
What “in market” actually looks like.
- TueExceptionsOvernight breaks post back into the customer’s case system. No side book.
- 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.
- 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
- Per-onboarding event
- Who pays
- A qualified custodian reconciling against this book.
- Unit economics
- They win if they are cheaper than the internal build, not cheaper than a protocol.
- 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
- Jumio does not speak share-class.
- Why we listed it
- US retail identity was taken off before we asked.
Next twelve months
What has to be true.
One TA consuming revoke in production.
Architecture says keys / title / NAV liability sit with a named licensed party — not Iron Rail.
They have not asked us to run a sale. That ask would close the file.
Traction
What you can verify today.
Founded 2022, headquartered in Dublin. No named paying pilot on the file yet — that is the first question. Desk diligence score 60/100. A qualified custodian reconciling against this book. Architecture says keys / title / NAV liability sit with a named licensed party — not Iron Rail.
- Architecture paper — no production customer on the public file
- No token contract listed as a public sale
- Named founder; customer still a conversation
- Dublin 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.”
- Product20
- Customers18
- Legal path62
- Tech maturity28
- Demand10
- Market access90
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.
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 Rail is the attester, this is a database with extra steps. The graph only matters if someone else signs.
Incumbent feature
The administrator, CCP, scheme or custodian can ship this as a checkbox. Iron Rail has to be cheaper or faster before that happens.
Ask these next
- 01Which incumbent can copy this in a quarter, and what would they have to migrate?
- 02What does renewal look like if no round ever happens?
- 03If RCA Pad disappeared tomorrow, could the customer still run the job?
- 04Has counsel written the perimeter in a memo you can file?
- 05Who can unpublish a public sentence in 24 hours, by name?
- 06What happens if a founder later wants a public token?
Structure
How money would actually move.
Too early to talk about a round on this pad. Screen first. A path has to be named by counsel before anyone should wire.
- Entity
- Iron Rail DAC
- 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.
- Irelandnamed
- EEA professionalnamed
- United Kingdomnamed
- United States retailrestricted
- United Statesrestricted
Team
Who runs it.
- Anja NairChief executive
- Nadia NairChief technology
Stack
- Attestation graph
- Selective disclosure
- Approval trail
Named with them
- Helix Audit
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.
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 Rail does not sell a token to the public on this pad | Posture lock | live |
| The product is selective disclosure sold to institutions | Architecture + customer type | draft |
| Attestation graph is the method — not a listed asset | Paper only | draft |
| 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: Ireland, EEA professional, United Kingdom | Named markets on the file | draft |
On the record
- Application APP-4227ScreenSep
- Counsel questionPathSep
Operating log
09 Sep 12:00
Application scored. Iron Rail is not a calendar slot.
11 Sep 10:12
Counsel question sent. Name a path or lock not-offering.
Path to now
Now
Screen
Calendar is never automatic.
Next
Counsel or close
A named path, or a locked not-offering.
Not a subscription
This is not a sale page.
Too early to talk about a round on this pad. Screen first. A path has to be named by counsel before anyone should wire. Founders who want a pack like this one apply. Readers who want the company talk to the company — not to this pad.
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.