The wedge
Bank seat
Issuing a stablecoin to settle would put them in a different perimeter.
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
IRO6
Screened
SCREENEDWholesale FXIron Works
The incumbent copy takes a year. The named customer is already writing.
Pilots are named and redacted. The waitlist is not. a short list people already asked.
Iron Works — 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.
Screened, not yet in sprint. Treat every number as provisional. Calendar access is not automatic.
They unpublish in an hour. They will not wait for your committee to finish reading.
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
Closed
Heat
0/99
Inbound / wk
0asks
Asking now
0live
Named pilots
0
Still a question
Live nodes
0
Permissioned FX rail
Counsel hours
0
Undetermined — not a path
Sentences killed
0
Before listing
Claims live
0/7
Sprint
Our cut
0%
Of any proceeds
Plate Orbit · 9146
IRO6
The plate
Orbit. Edition 9146.
A unique plate for Iron Works. Geometry, orbit, and edition belong to this company — no other listing on the board shares it.
IRO6 · Lagos · Wholesale FX
Score
0
Desk diligence
Pilots
0
None on file
Stage
upcoming
upcoming
HQ
Lagos
Banks
Sells
Bank
Bank seat
Markets
0
Lagos
Years
0
Founded 2024
Surfaces
0
Permissioned FX rail
Complete
0
File readiness
Why the desk took it
Early — still a question.
They do not issue the settlement asset.
Traction
No paying pilot on the public file.
Founded 2024, headquartered in Lagos. No named paying pilot on the file yet — that is the first question. 4 nodes or connected surfaces reported. Desk diligence score 82/100. Two licensed PSPs on a paid pilot — identities off the public file. Counsel is named, even if the memo is still a draft. Unnamed counsel is how files die.
Next 12 months
After-hours window with a fail drill.
A retail FX token is the opposite company. 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 Wholesale FX is not a rumour. It is how this board stays readable. Iron Works is what survived. That is the sell.
Read this as an operating company, not a round. Counsel has a posture: Undetermined — not a path. Restricted markets stay dark. RCA Pad takes 0% if they ever raise. That combination is why inbound did not need a ticker.
On a Tuesday in Lagos, 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 ops
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 founder
Fixed fee. Deposit to start. 0% of proceeds. Token-only pay is declined. Percentage of raise is declined.
From the pilot
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.
Miss a few days and you are explaining to your IC why you read it after it closed.
The incumbent copy takes a year. The named customer is already writing into this record.
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
- 18
- Counsel hours on file
- 14
- Asks / week
- 6
- Our cut
- 0% of proceeds
US came off the site in the first session. We did not argue. We are not children.
This company
Iron Works
Not the incumbent brand. Iron Works sells the job the brand will not staff.
In the same conversation
- CLS
- Fnality
- RTGS upgrades
- Not a public L1
The bet
Why this company exists.
Issuing a stablecoin to settle would put them in a different perimeter.
Issuing a stablecoin to settle would put them in a different perimeter.
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 Works 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.
The live path is Undetermined — not a path. Proposed Regulation Crypto Assets is not treated as a calendar slot. Build as if it never opens.
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
- 05Matches stay inside named desks; cash still settles where it already settles
- 06Exceptions post back into the customer’s existing case system — no side spreadsheet.
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.
Control environment
34%
Adapter work against the incumbent register, admin, or custodian.
Claims & campaign ops
23%
A counsel memo that can survive a later reader.
Second market
19%
Dual-control drills, key ceremonies, and the person who owns them.
Counsel & perimeter
24%
Keeping the public story from running ahead of the claims register.
Operating week
What “in market” actually looks like.
- ThuCustomerNamed pilot (redacted) sees the same record the auditor saw.
- 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.
- TueExceptionsOvernight breaks post back into the customer’s case system. No side book.
The wedge
Why this one, not the other one.
- They sell
- Bank seat
- Who pays
- Two licensed PSPs on a paid pilot — identities off the public file.
- Unit economics
- Bps on a job that already has a budget line. A public coin would not make the invoice larger.
- Moat on file
- No retail app. On purpose.
- Switching cost
- Once the record is the record, the incumbent copy has to migrate history. That is the year.
- Vs the comps
- A retail FX token is the opposite company.
- Why we listed it
- They do not issue the settlement asset.
Next twelve months
What has to be true.
After-hours window with a fail drill.
Counsel is named, even if the memo is still a draft. Unnamed counsel is how files die.
Growth money would extend the record to a second geography, still permissioned.
Traction
What you can verify today.
Founded 2024, headquartered in Lagos. No named paying pilot on the file yet — that is the first question. 4 nodes or connected surfaces reported. Desk diligence score 82/100. Two licensed PSPs on a paid pilot — identities off the public file. Counsel is named, even if the memo is still a draft. Unnamed counsel is how files die.
- Architecture paper — no production customer on the public file
- No token contract listed as a public sale
- Pilot letters on file, identities redacted
- Lagos 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.”
- Product21
- Customers18
- Legal path24
- Tech maturity40
- Demand10
- 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 a short list.
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.
Issuing the cash
If Iron Works issues a stablecoin to make this atomic, the company becomes an e-money problem.
Token relapse
A later round that wants a public token puts Iron Works 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?
- 02If RCA Pad disappeared tomorrow, could the customer still run the job?
- 03Is the waitlist demand for a product, or a queue for a coin?
- 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.
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 Works Ltd
- Path on file
- Undetermined — not a path
- 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.
- Lagosnamed
- EU retailrestricted
Team
Who runs it.
- Elena BergChief executive
- Priya NairHead of product
Stack
- Permissioned FX rail
- Wholesale FX
- Takedown SLA
Named with them
- Helix Audit
Who can decide
Elena 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.
If the first customer renews, the adapter work pays for itself. If they do not, Iron Works 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 Works does not sell a token to the public on this pad | Posture lock | live |
| The product is wholesale fx sold to institutions | Architecture + customer type | draft |
| Permissioned FX rail 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 |
| 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: Lagos | Named markets on the file | draft |
On the record
- Application APP-4180ScreenSep
- Counsel questionPathSep
Operating log
02 Sep 13:00
Application scored. Iron Works is not a calendar slot.
10 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.