The wedge
Fund seat
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
IVOM
In diligence
IN MOTIONTransfer agencyIvory Pike
Lars Cole will not run a sale here. That is why serious people are in the queue.
Inbound this week: 20. That is demand for a job someone already pays for — not a book.
Ivory Pike — 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.
In a 14-day diligence sprint (day 5). This is when the story, the customers and the legal path get written down — or the file stops.
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.
Sprint day
0/14
Window
Closed
Heat
0/99
Inbound / wk
0asks
Asking now
0live
Named pilots
0
Redacted on the public page
Live nodes
0
TA adapters
Counsel hours
0
Not offering — locked
Sentences killed
0
Before listing
Claims live
4/8
Sprint
Our cut
0%
Of any proceeds
Plate Lattice · 2838
IVOM
The plate
Lattice. Edition 2838.
A unique plate for Ivory Pike. Geometry, orbit, and edition belong to this company — no other listing on the board shares it.
IVOM · Nairobi · Transfer agency
Score
0
Desk diligence
Pilots
0
Named, redacted
Sprint
0
Day 5 of 14
HQ
Nairobi
Fund administrators
Sells
Fund
Fund seat
Markets
0
Nairobi
Years
0
Founded 2021
Surfaces
0
TA adapters
Complete
0
File readiness
Why the desk took it
A real job, not a ticker.
They named the attester. Most decks do not.
Traction
One named pilot (redacted).
Founded 2021, headquartered in Nairobi. One named pilot on file (redacted in public). 7 nodes or connected surfaces reported. Desk diligence score 81/100. Sprint day 5 of 14. An AIFM whose auditor has seen the dual-record. No public APY, no public book, no ‘how to buy’ on any surface we could find.
Next 12 months
Liability sentence in writing: who is wrong when a fact is wrong.
Jumio does not speak share-class. Seat plus event. If they ever attach a token as the unit of account, the file stops.
The brief
How a serious reader should hold this.
Most Transfer agency 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.
What you can verify today is smaller than the slide. What you cannot verify is named as a question, not a promise. That is the difference between this company and a pad listing — and why the waitlist is not a coin queue.
US traffic was taken off the public surfaces in the first working session. Ivory Pike did not argue. Adult companies do not costume a US offering.
From the screen
A dual-control drill exists on paper. Production evidence is the next artefact, not a tweet.
From ops
US persons are outside the audience. A form that asks “are you accredited?” without verification is not an exemption.
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.
Restricted markets stay dark. Named markets are live. That discipline is the scarce thing.
If you are a founder who wants a pack like this: apply. If you are a buyer: call them — not us.
Window
Closed
Closed. History only — not a place to buy.
- Sentences killed
- 13
- Counsel hours on file
- 55
- Asks / week
- 20
- Our cut
- 0% of proceeds
We did not come here to sell a token. We came here so a named customer could read a pack that survives counsel.
This company
Ivory Pike
Open-source looks free until the auditor asks who attests. Ivory Pike has an answer.
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 Pike 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: Nairobi. Off-limits: Public residual claims. A US person hearing an offering communication is a US problem even if the company sits in Nairobi. Blocking an IP and taking a US Telegram admin is not a block.
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
- 06Exceptions post back into the customer’s existing case system — no side spreadsheet.
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.
Control environment
37%
Keeping the public story from running ahead of the claims register.
Second market
20%
Adapter work against the incumbent register, admin, or custodian.
Counsel & perimeter
18%
The remaining certifications and the second named market.
Named operators
25%
A counsel memo that can survive a later reader.
Operating week
What “in market” actually looks like.
- MonClaimsEvery public sentence checked against the register. Anything extra is unpublished.
- 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
- Fund seat
- Who pays
- An AIFM whose auditor has seen the dual-record.
- Unit economics
- Seat plus event. If they ever attach a token as the unit of account, the file stops.
- Moat on file
- Revoke has been tested against a live register.
- Switching cost
- The customer’s auditor has seen this book. Switching means a new auditor conversation.
- Vs the comps
- Jumio does not speak share-class.
- Why we listed it
- They named the attester. Most decks do not.
Next twelve months
What has to be true.
Liability sentence in writing: who is wrong when a fact is wrong.
No public APY, no public book, no ‘how to buy’ on any surface we could find.
A round, if any, sits with their providers. This pad does not take the order.
Traction
What you can verify today.
Founded 2021, headquartered in Nairobi. One named pilot on file (redacted in public). 7 nodes or connected surfaces reported. Desk diligence score 81/100. Sprint day 5 of 14. An AIFM whose auditor has seen the dual-record. No public APY, no public book, no ‘how to buy’ on any surface we could find.
- Operating notes for TA adapters
- No token contract listed as a public sale
- Named founder; customer still a conversation
- Nairobi 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.”
- Product64
- Customers40
- Legal path62
- Tech maturity57
- Demand38
- Market access44
Risks
What can kill it.
The one that actually kills it
The founder wants a public book
The moment Ivory Pike asks this pad to allocate, sell, or complete funding, the listing ends. That is not a moral project. It is how a services firm stays a services firm.
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 Pike is the attester, this is a database with extra steps. The graph only matters if someone else signs.
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
- 01What happens if a founder later wants a public token?
- 02What does renewal look like if no round ever happens?
- 03If RCA Pad disappeared tomorrow, could the customer still run the job?
- 04Is the waitlist demand for a product, or a queue for a coin?
- 05Where do keys, title, or NAV liability sit — and is that person licensed?
- 06Who can unpublish a public sentence in 24 hours, by name?
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 Pike 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.
- Nairobinamed
- Public residual claimsrestricted
Team
Who runs it.
- Lars ColeChief executive
- Ibrahim NairFinance
Stack
- TA adapters
- Transfer agency
- Approval trail
- Disclosure templates
Named with them
- Helix Audit
Who can decide
Lars Cole (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 Pike 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 Pike does not sell a token to the public on this pad | Posture lock | live |
| The product is transfer agency sold to institutions | Architecture + customer type | live |
| TA adapters 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 |
| 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: Nairobi | Named markets on the file | live |
On the record
- Day 0 lockKick-offSep
- Claim inventoryPackSep
- Audience matrix draftPackSep
Operating log
11 Sep 13:42
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.
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.