RCA Pad
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

IVOJ

In market
HOT WINDOWCredit RFQ

Ivory Kiln

Heat 80. 162 asks this week. 0% of any raise comes here.

Seats of attention are not infinite. 14 counterparties are in the live thread. You are not — yet.

Ivory Kiln — 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.

Live campaign. 6,751 on the product waitlist — that is demand, not an allocation.

Most Credit RFQ 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.

Waitlist

0

Window

Closed

Heat

0/99

Inbound / wk

0asks

Asking now

0live

Named pilots

0

Redacted on the public page

Live nodes

0

Permissioned matching

Counsel hours

0

São Paulo · counsel-named

Sentences killed

0

Before listing

Claims live

10/14

Growth

Our cut

0%

Of any proceeds

Plate Vault · 7080

IVOJ

The plate

Vault. Edition 7080.

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

IVOJ · São Paulo · Credit RFQ

Score

0

Desk diligence

Pilots

0

Named, redacted

Waitlist

0

Product demand

HQ

São Paulo

Private-credit funds

Sells

Administrator

Administrator co-source

Markets

0

São Paulo

Years

0

Founded 2026

Surfaces

0

Permissioned matching

Complete

0

File readiness

The wedge

Administrator co-source

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

Why the desk took it

A real job, not a ticker.

A redacted facility list landed in week one.

Traction

4 named pilots (redacted).

Founded 2026, headquartered in São Paulo. 4 named pilots on file (identities redacted in public). 6,751 on the waitlist, gated — product demand, not a book built. 21 nodes or connected surfaces reported. Desk diligence score 94/100. Two licensed PSPs on a paid pilot — identities off the public file. A redacted engagement letter landed in week one. That is why the desk took the meeting.

Next 12 months

One administrator consuming marks daily.

eFront and Allvue are funds’ books. This is the tape between funds. Per-event pricing so a pilot can start without a transformation programme.

The brief

How a serious reader should hold this.

Most Credit RFQ 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.

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

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

From the founder

US persons are outside the audience. A form that asks “are you accredited?” without verification is not an exemption.

From ops

A dual-control drill exists on paper. Production evidence is the next artefact, not a tweet.

From the pilot

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

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.

Budget exists on a line the board can see. That is why the window is this quarter.

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
16
Counsel hours on file
94
Asks / week
844
Our cut
0% of proceeds

The auditor has seen the dual-record. Switching now is a new conversation. That is the lock.

Nia Vogel, Chief executive

This company

Ivory Kiln

Twelve Credit RFQ decks look the same. One of them has a São Paulo customer on the record.

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.

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 Kiln 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 São Paulo · counsel-named. Proposed Regulation Crypto Assets is not treated as a calendar slot. Build as if it never opens.

How it works

  1. 01A loan or covenant event is written once
  2. 02Permissioned counterparties see what they are allowed to see
  3. 03Marks and RFQs stay inside named desks
  4. 04No public order book, no retail
  5. 05Default and amendment events are first-class, not a PDF in a side channel
  6. 06The legal source of truth stays with the incumbent register, admin, or custodian.

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.

  • Second market

    30%

    A counsel memo that can survive a later reader.

  • Claims & campaign ops

    23%

    Dual-control drills, key ceremonies, and the person who owns them.

  • Named operators

    17%

    The remaining certifications and the second named market.

  • Control environment

    30%

    Keeping the public story from running ahead of the claims register.

Operating week

What “in market” actually looks like.

  1. SunOwnersWho can decide messaging and budget on a recorded line. If the answer is nobody, stop.
  2. ThuCustomerNamed pilot (redacted) sees the same record the auditor saw.
  3. TueExceptionsOvernight breaks post back into the customer’s case system. No side book.
  4. SatDarkNo creators. No threads. Restricted geos stay dark.

The wedge

Why this one, not the other one.

They sell
Administrator co-source
Who pays
Two licensed PSPs on a paid pilot — identities off the public file.
Unit economics
Per-event pricing so a pilot can start without a transformation programme.
Moat on file
Covenant language mapped to the LMA set — not a custom dialect.
Switching cost
The customer’s auditor has seen this book. Switching means a new auditor conversation.
Vs the comps
eFront and Allvue are funds’ books. This is the tape between funds.
Why we listed it
A redacted facility list landed in week one.

Next twelve months

What has to be true.

One administrator consuming marks daily.

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

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

Traction

What you can verify today.

Founded 2026, headquartered in São Paulo. 4 named pilots on file (identities redacted in public). 6,751 on the waitlist, gated — product demand, not a book built. 21 nodes or connected surfaces reported. Desk diligence score 94/100. Two licensed PSPs on a paid pilot — identities off the public file. A redacted engagement letter landed in week one. That is why the desk took the meeting.

  • Operating notes for Permissioned matching
  • No token contract listed as a public sale
  • Pilot letters on file, identities redacted
  • São Paulo 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.”

  • Product79
  • Customers96
  • Legal path84
  • Tech maturity94
  • Demand74
  • 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 6,751.

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

  1. 01Which geography is actually locked, and which is a hope?
  2. 02What happens if a founder later wants a public token?
  3. 03Who is the first named paying customer — not a letter of intent?
  4. 04Who can unpublish a public sentence in 24 hours, by name?
  5. 05Which incumbent can copy this in a quarter, and what would they have to migrate?
  6. 06Has counsel written the perimeter in a memo you can file?

Structure

How money would actually move.

If this company raises, it raises with its own counsel and providers. The waitlist is a product list. It is not a round, a book, or an allocation on RCA Pad. We do not take a cut.

Entity
Ivory Kiln Ltd
Path on file
São Paulo · counsel-named
Posture
No public sale
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.

  • São Paulonamed
  • EU retailrestricted

Team

Who runs it.

  • Nia VogelChief executive
  • Noam OkoyeChief technology

Stack

  • Permissioned matching
  • Credit RFQ
  • Disclosure templates
  • Takedown SLA

Who can decide

Nia Vogel came in named. The team is not a handle. Ivory Kiln Ltd exists, founded 2026, headquartered in São Paulo. Anonymity would have been an automatic decline.

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.

StatementEvidenceStatus
Ivory Kiln does not sell a token to the public on this padPosture locklive
The product is credit rfq sold to institutionsArchitecture + customer typelive
Permissioned matching is the method — not a listed assetDesk snapshotlive
Retail buyers are out of scopeNamed markets locklive
Any raise completes with the issuer’s counsel and providers — not on RCA PadFixed-fee termslive
Pilot identities redacted in publicNo board minutedraft
No public token is sold on this padEngagement terms + posture locklive
Customers contemplated: São PauloNamed markets on the filelive

On the record

  1. Sprint packPackJun
  2. Counsel lockPathJul
  3. Claims register liveRegisterAug
  4. Creator briefBriefSep

Operating log

  1. 11 Sep 09:32

    Takedown SLA idle-tested.

  2. 08 Sep 11:40

    A claim held for missing evidence.

  3. 04 Sep 08:22

    Weekly report issued to the desk.

  4. 01 Sep 14:08

    Creator set on disclosure. No buy language.

Path to now

  1. Sprint

    Pack accepted

    Narrative, matrix, claims locked.

  2. Path

    Counsel names it

    Or the file stays not-offering.

  3. Live

    Campaign

    Waitlist and register. No purchase journey.

Not a subscription

This is not a sale page.

If this company raises, it raises with its own counsel and providers. The waitlist is a product list. It is not a round, a book, or an allocation on RCA Pad. We do not take a cut. 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.