The wedge
TA integration
Revocation is the product. Anyone can issue; almost no one can take it back.
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
IVOF
Screened
SCREENEDSelective disclosureIvory Hold
They killed 18 sentences to get listed. That is the product you are about to miss.
Seats of attention are not infinite. 12 counterparties are in the live thread. You are not — yet.
Ivory Hold — 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.
Most Selective disclosure applications this quarter were declined. You are looking at one that was not.
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
Attestation graph
Counsel hours
0
Not offering — locked
Sentences killed
0
Before listing
Claims live
1/5
Sprint
Our cut
0%
Of any proceeds
Plate Concentric · 5588
IVOF
The plate
Concentric. Edition 5588.
A unique plate for Ivory Hold. Geometry, orbit, and edition belong to this company — no other listing on the board shares it.
IVOF · Tel Aviv · Selective disclosure
Score
0
Desk diligence
Pilots
0
None on file
Stage
upcoming
upcoming
HQ
Tel Aviv
Fund administrators
Sells
TA
TA integration
Markets
0
Tel Aviv
Years
0
Founded 2025
Surfaces
0
Attestation graph
Complete
0
File readiness
Why the desk took it
Early — still a question.
No utility token in the revenue model. We checked.
Traction
No paying pilot on the public file.
Founded 2025, headquartered in Tel Aviv. No named paying pilot on the file yet — that is the first question. 4 nodes or connected surfaces reported. Desk diligence score 82/100. An AIFM whose auditor has seen the dual-record. Architecture says keys / title / NAV liability sit with a named licensed party — not Ivory Hold.
Next 12 months
One TA consuming revoke in production.
A ‘passport token’ is usually a security in costume. 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.
Tel Aviv 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 Hold chose it for that reason. Counterparties who still think this is a ‘global’ story are already late.
Ivory Hold 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.
US traffic was taken off the public surfaces in the first working session. Ivory Hold did not argue. Adult companies do not costume a US offering.
From counsel
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 pilot
Fixed fee. Deposit to start. 0% of proceeds. Token-only pay is declined. Percentage of raise is declined.
From the screen
A dual-control drill exists on paper. Production evidence is the next artefact, not a tweet.
The window
Miss this and you read the archive.
Skip it and you read the archive. Counterparties who matter will have already asked.
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
- 18
- Counsel hours on file
- 8
- Asks / week
- 0
- Our cut
- 0% of proceeds
The decline pile is a compliment. It means the screen still means something.
This company
Ivory Hold
A L2 wrapper is cheaper. It is also a different perimeter — and declined here.
In the same conversation
- Onfido / Jumio for people
- Fund-admin KYC teams
- W3C attestations
- Not a ‘passport token’
The bet
Why this company exists.
Revocation is the product. Anyone can issue; almost no one can take it back.
Revocation is the product. Anyone can issue; almost no one can take it back.
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
The incumbent brand sells the relationship. Ivory Hold 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.
Tel Aviv being the city does not make local retail a default audience. Communications capable of inducing investment activity still have a promotions problem.
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.
Certifications & adapters
33%
The remaining certifications and the second named market.
Claims & campaign ops
23%
Dual-control drills, key ceremonies, and the person who owns them.
Control environment
14%
A counsel memo that can survive a later reader.
Second market
30%
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.
- ThuCustomerNamed pilot (redacted) sees the same record the auditor saw.
- TueExceptionsOvernight breaks post back into the customer’s case system. No side book.
- SatDarkNo creators. No threads. Restricted geos stay dark.
The wedge
Why this one, not the other one.
- They sell
- TA integration
- 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
- Revoke has been tested against a live register.
- Switching cost
- Once the record is the record, the incumbent copy has to migrate history. That is the year.
- Vs the comps
- A ‘passport token’ is usually a security in costume.
- Why we listed it
- No utility token in the revenue model. We checked.
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 Ivory Hold.
Capital would fund the adapter work and a named counsel memo, not a public sale.
Traction
What you can verify today.
Founded 2025, headquartered in Tel Aviv. No named paying pilot on the file yet — that is the first question. 4 nodes or connected surfaces reported. Desk diligence score 82/100. An AIFM whose auditor has seen the dual-record. Architecture says keys / title / NAV liability sit with a named licensed party — not Ivory Hold.
- Architecture paper — no production customer on the public file
- No token contract listed as a public sale
- Named founder; customer still a conversation
- Tel Aviv 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.”
- Product14
- Customers18
- Legal path62
- Tech maturity40
- Demand10
- Market access44
Risks
What can kill it.
The one that actually kills it
The unit of account becomes a token
Seat plus event. If they attach a token as the unit of account, this company is a different company — and not one we will operate a campaign for.
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 Ivory Hold is the attester, this is a database with extra steps. The graph only matters if someone else signs.
Token relapse
A later round that wants a public token puts Ivory Hold in a different perimeter. The file treats that as a hard stop.
Ask these next
- 01Who can unpublish a public sentence in 24 hours, by name?
- 02What happens if a founder later wants a public token?
- 03If RCA Pad disappeared tomorrow, could the customer still run the job?
- 04Has counsel written the perimeter in a memo you can file?
- 05Is the waitlist demand for a product, or a queue for a coin?
- 06Which geography is actually locked, and which is a hope?
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
- Ivory Hold Ltd
- 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.
- Tel Avivnamed
- United States retailrestricted
Team
Who runs it.
- Owen HaleChief executive
- Sasha AdeyemiMarkets
Stack
- Attestation graph
- Selective disclosure
- Audit log
Who can decide
Owen Hale (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, Ivory Hold 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 Hold 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: Tel Aviv | Named markets on the file | draft |
On the record
- Application APP-4876ScreenSep
- Counsel questionPathSep
Operating log
02 Sep 12:00
Application scored. Ivory Hold 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.