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

IVOV

In diligence

IN MOTIONVault infrastructure

Ivory Field

Budget exists on a board line. This is this quarter, not ‘when the rule opens’.

US was taken off the public stack on day one. Adult companies do that. Then the waitlist filled anyway.

Ivory Field — 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 9). This is when the story, the customers and the legal path get written down — or the file stops.

5 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.

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

5/7

Sprint

Our cut

Of any proceeds

Plate Vault · 3896

IVOV

The plate

Vault. Edition 3896.

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

IVOV · Paris · Vault infrastructure

Score

Desk diligence

Pilots

Named, redacted

Sprint

Day 9 of 14

Paris

Asset managers

Sells

Per

Per statement

Markets

France

Years

Founded 2021

Surfaces

zk testnet

Complete

File readiness

The wedge

Per statement

Ivory Field sells the statement, not the vault. Anyone can launch a vault.

Why the desk took it

A real job, not a ticker.

Custodian is named, even if redacted.

Traction

2 named pilots (redacted).

Founded 2021, headquartered in Paris. 2 named pilots on file (identities redacted in public). 3 nodes or connected surfaces reported. Desk diligence score 74/100. Sprint day 9 of 14. A warehouse or port that has written a live event. They killed their own ‘token as fee’ sentence before we asked. Rare, and it scored.

Next 12 months

Production book, not a demo circuit.

Custodian reporting is a PDF. This is a file a counterparty verifies. 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.

Most Vault infrastructure decks start with a market size. This one starts with a job: a person at a licensed firm, a record they cannot currently prove, and a calendar that does not wait for a proposed US rule. The calendar is the window. The window is the scarce thing.

The bet is narrow. A named Paris buyer already has budget for this invoice. Ivory Field wins if it is cheaper than the internal build and cleaner than the protocol pitch. It loses if a founder later wants a public book. The window is the time you have to decide which it is.

US traffic was taken off the public surfaces in the first working session. Ivory Field did not argue. Adult companies do not costume a US offering.

From the screen

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.

From the founder

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.

When the heat drops, the named customer is still named — they just stop taking new calls.

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

Read it once, properly, while the number is still green. Then decide.

Window

Closed

Closed. History only — not a place to buy.

Sentences killed: 4
Counsel hours on file: 19
Asks / week: 29
Our cut: 0% of proceeds

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

This company

Ivory Field

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

In the same conversation

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

The bet

Why this company exists.

Ivory Field 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

The incumbent brand sells the relationship. Ivory Field 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 Not offering — locked. Proposed Regulation Crypto Assets is not treated as a calendar slot. Build as if it never opens.

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
06Retail and unnamed geographies are structurally off the form, not only in the footer.

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.

Named operators
40%
The remaining certifications and the second named market.
Certifications & adapters
24%
A counsel memo that can survive a later reader.
Counsel & perimeter
18%
Adapter work against the incumbent register, admin, or custodian.
Control environment
18%
Hiring the operator who already does this job at a licensed firm.

Operating week

What “in market” actually looks like.

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

The wedge

Why this one, not the other one.

They sell: Per statement
Who pays: A warehouse or port that has written a live event.
Unit economics: Bps on a job that already has a budget line. A public coin would not make the invoice larger.
Moat on file: Named custodian. Keys are not at the startup.
Switching cost: Scheme maps, ISO, LMA language, registry adapters — eighteen months of unglamorous work.
Vs the comps: Custodian reporting is a PDF. This is a file a counterparty verifies.
Why we listed it: Custodian is named, even if redacted.

Next twelve months

What has to be true.

Production book, not a demo circuit.

They killed their own ‘token as fee’ sentence before we asked. Rare, and it scored.

They have not asked us to run a sale. That ask would close the file.

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
Paris 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.”

Product34
Customers62
Legal path62
Tech maturity45
Demand54
Market access68

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.

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. Ivory Field has to prove the real one.

Single-customer gravity

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

Ask these next

01Who can unpublish a public sentence in 24 hours, by name?
02What does renewal look like if no round ever happens?
03Which geography is actually locked, and which is a hope?
04What happens if a founder later wants a public token?
05Has counsel written the perimeter in a memo you can file?
06Which incumbent can copy this in a quarter, and what would they have to migrate?

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: Ivory Field SAS
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.

Francenamed
EEA professionalnamed
United States retailrestricted

Team

Who runs it.

Nia OkaforChief executive
Aisha NgMarkets

Stack

zk testnet
Vault infrastructure
Disclosure templates

Named with them

Northbridge Counsel
Helix Audit
Clearline

Who can decide

Nia Okafor came in named. The team is not a handle. Ivory Field SAS exists, founded 2021, headquartered in Paris. Anonymity would have been an automatic decline.

A second counterparty writing into the record is the only network effect that counts. One customer is a consultancy. Two is a market.

Claims with evidence

Statements with evidence.

Statement	Evidence	Status
Ivory Field 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: France, EEA professional	Named markets on the file	live

On the record

Day 0 lockKick-offSep
Claim inventoryPackSep
Audience matrix draftPackSep

Operating log

11 Sep 14:19
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.