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

IVOR

Closed

CLOSEDCollateral records

Ivory Forge

Window closed. 5,619 asked while it was live. You are reading history.

Ivory Forge survived the screen. Most of Collateral records did not. That is not a slogan. It is the decline pile.

Ivory Forge — A system of record for private-credit funds and desks: tapes, RFQs, or covenants that update when a borrower files. The buyers already have a book. This is plumbing, not a venue that matches strangers.

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.

Waitlist

Window

Closed

Heat

0/99

Inbound / wk

0asks

Asking now

0live

Named pilots

Redacted on the public page

Live nodes

Margin ledger

Counsel hours

Hong Kong · closed private round

Sentences killed

Before listing

Claims live

0/9

Growth

Our cut

Of any proceeds

Plate Horizon · 3613

IVOR

The plate

Horizon. Edition 3613.

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

IVOR · Hong Kong · Collateral records

Score

Desk diligence

Pilots

Named, redacted

Waitlist

Product demand

Hong Kong

Private-credit funds

Sells

Bps

Bps on facilities on the tape

Markets

Hong Kong

Years

Founded 2026

Surfaces

Margin ledger

Complete

File readiness

The wedge

Bps on facilities on the tape

They sell a faster close to administrators, not access to a crowd.

Why the desk took it

A real job, not a ticker.

Retail was never in the deck. Rare.

Traction

5 named pilots (redacted).

Founded 2026, headquartered in Hong Kong. 5 named pilots on file (identities redacted in public). 5,619 on the waitlist, gated — product demand, not a book built. 22 nodes or connected surfaces reported. Desk diligence score 77/100. A qualified custodian reconciling against this book. A redacted engagement letter landed in week one. That is why the desk took the meeting.

Next 12 months

Ten live facilities or this is still a lab.

Closed RFQ wires do this slowly. Ivory Forge does it as a record. They win if they are cheaper than the internal build, not cheaper than a protocol.

The brief

How a serious reader should hold this.

Hong Kong is not a backdrop. It is the jurisdiction where a named customer can be sued, called, and asked a question on a recorded line. Ivory Forge chose it for that reason. Counterparties who still think this is a ‘global’ story are already late.

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

A sentence went public and came down in under an hour. Devon Ribeiro treated the kill as an operating skill, not a PR event. Files that cannot do this do not stay listed.

From the screen

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 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

The legal source of truth stays with the incumbent register, admin, or custodian. Ivory Forge does not attest to its own facts.

The window

Miss this and you read the archive.

A later reader gets the same PDF. They do not get the same access.

Restricted markets stay dark. Named markets are live. That discipline is the scarce thing.

The scarce thing is not the company. It is the next 0 days of a live conversation.

Window

Closed

Closed. History only — not a place to buy.

Sentences killed: 17
Counsel hours on file: 37
Asks / week: 702
Our cut: 0% of proceeds

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

This company

Ivory Forge

Not the incumbent brand. Ivory Forge sells the job the brand will not staff.

In the same conversation

eFront
Allvue
Closed RFQ wires
Not an on-chain lending pool

The bet

Why this company exists.

They sell a faster close to administrators, not access to a crowd.

Allocators want daily marks and covenant visibility. Banks want to originate without building a chain team. The first honest tape that does not pretend to be an exchange will be paid for as software.

Private credit AUM is measured in trillions. The software take-rate is small. The switching cost, once a tape is the record, is not.

Versus the field

The incumbent brand sells the relationship. Ivory Forge 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.

Named: Hong Kong. Off-limits: United States retail. A US person hearing an offering communication is a US problem even if the company sits in Hong Kong. Blocking an IP and taking a US Telegram admin is not a block.

How it works

01A loan or covenant event is written once
02Permissioned counterparties see what they are allowed to see
03Marks and RFQs stay inside named desks
04No public order book, no retail
05Default and amendment events are first-class, not a PDF in a side channel
06Retail and unnamed geographies are structurally off the form, not only in the footer.

In the same conversation as

eFront
Allvue
Closed RFQ wires
Not an on-chain lending pool

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
38%
Keeping the public story from running ahead of the claims register.
Second market
27%
Dual-control drills, key ceremonies, and the person who owns them.
Counsel & perimeter
14%
The remaining certifications and the second named market.
Certifications & adapters
21%
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.
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.
WedCounselPerimeter diffs. If the site drifted from the memo, the site moves — not the memo.

The wedge

Why this one, not the other one.

They sell: Bps on facilities on the tape
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: Administrator of record has signed a dual-control letter.
Switching cost: Once the record is the record, the incumbent copy has to migrate history. That is the year.
Vs the comps: Closed RFQ wires do this slowly. Ivory Forge does it as a record.
Why we listed it: Retail was never in the deck. Rare.

Next twelve months

What has to be true.

Ten live facilities or this is still a lab.

A redacted engagement letter landed in week one. That is why the desk took the meeting.

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

Traction

What you can verify today.

Operating notes for Margin ledger
No token contract listed as a public sale
Pilot letters on file, identities redacted
Hong Kong 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
Customers96
Legal path84
Tech maturity94
Demand68
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 5,619.

Marketplace slip

The moment this looks like a public book, it is a venue. This pad will not list that.

Data rights

Who owns the tape when a fund leaves? If that is unsigned, the enterprise value is a conversation.

Credit cycle

A default cluster will test whether the product is a record or a reputation.

Retail

Retail is prohibited. Any ‘access token’ story is a different company.

Data rights on exit

If a fund leaves and the tape stays, who owns the history? Unsigned, the enterprise value is a conversation.

Path silence

If counsel will not name a path and not-offering is not locked, heated waitlist copy is an accidental offering.

Ask these next

01Is the waitlist demand for a product, or a queue for a coin?
02If RCA Pad disappeared tomorrow, could the customer still run the job?
03Who is the first named paying customer — not a letter of intent?
04Which geography is actually locked, and which is a hope?
05Who can unpublish a public sentence in 24 hours, by name?
06Has counsel written the perimeter in a memo you can file?

Structure

How money would actually move.

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

Entity: Ivory Forge Ltd
Path on file: Hong Kong · closed private round
Posture: Private only
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.

Hong Kongnamed
United States retailrestricted

Team

Who runs it.

Devon RibeiroChief executive
Eva NairMarkets

Stack

Margin ledger
Collateral records
Disclosure templates

Named with them

Northbridge Counsel

Who can decide

Devon Ribeiro came in named. The team is not a handle. Ivory Forge Ltd exists, founded 2026, headquartered in Hong Kong. Anonymity would have been an automatic decline.

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

Claims with evidence

Statements with evidence.

Statement	Evidence	Status
Ivory Forge does not sell a token to the public on this pad	Posture lock	withdrawn
The product is collateral records sold to institutions	Architecture + customer type	withdrawn
Margin ledger is the method — not a listed asset	Desk snapshot	withdrawn
Retail buyers are out of scope	Named markets lock	withdrawn
Any raise completes with the issuer’s counsel and providers — not on RCA Pad	Fixed-fee terms	withdrawn
Production date for the chain layer is not committed	No board minute	withdrawn
No public token is sold on this pad	Engagement terms + posture lock	withdrawn
Customers contemplated: Hong Kong	Named markets on the file	withdrawn

On the record

Final registerArchiveAug
Close reportReportAug
Tombstone copyArchiveAug

Operating log

19 Aug 10:00
Close report. 0% of proceeds.
12 Aug 18:00
Ivory Forge archived. Live claims withdrawn.
11 Aug 09:30
Final creator pass. Residual claims pulled.

Path to now

Open
File
Before any public sentence.
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

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.