The wedge
Bank seat
Issuing a stablecoin to settle would put them in a different perimeter.
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
IVO7
Screened
SCREENEDWholesale FXIvory Post
Pilots named (redacted). Waitlist not. a short list names. Your move.
Seats of attention are not infinite. 10 counterparties are in the live thread. You are not — yet.
Ivory Post — A permissioned DvP rail: cash against asset between banks, FMIs or funds that already have accounts with each other. It is the moment of exchange, not a new listed asset.
Screened, not yet in sprint. Treat every number as provisional. Calendar access is not automatic.
The named customer already picked. The waitlist is everyone who was late to that fact.
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
Permissioned FX rail
Counsel hours
0
Not offering — locked
Sentences killed
0
Before listing
Claims live
1/6
Sprint
Our cut
0%
Of any proceeds
Plate Concentric · 2033
IVO7
The plate
Concentric. Edition 2033.
A unique plate for Ivory Post. Geometry, orbit, and edition belong to this company — no other listing on the board shares it.
IVO7 · Vilnius · Wholesale FX
Score
0
Desk diligence
Pilots
0
None on file
Stage
upcoming
upcoming
HQ
Vilnius
Banks
Sells
Bank
Bank seat
Markets
0
Vilnius
Years
0
Founded 2021
Surfaces
0
Permissioned FX rail
Complete
0
File readiness
Why the desk took it
Early — still a question.
They do not issue the settlement asset.
Traction
No paying pilot on the public file.
Founded 2021, headquartered in Vilnius. No named paying pilot on the file yet — that is the first question. 4 nodes or connected surfaces reported. Desk diligence score 78/100. A warehouse or port that has written a live event. A redacted engagement letter landed in week one. That is why the desk took the meeting.
Next 12 months
Two banks quoting live.
CLS is the club. Ivory Post has to feed it, not fight it. 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.
Vilnius 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 Post chose it for that reason. Counterparties who still think this is a ‘global’ story are already late.
Ivory Post exists because the incumbent brand will not staff the unglamorous middle of Wholesale FX. 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.
A sentence went public and came down in under an hour. Jonah Berg treated the kill as an operating skill, not a PR event. Files that cannot do this do not stay listed.
From ops
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 founder
The legal source of truth stays with the incumbent register, admin, or custodian. Ivory Post does not attest to its own facts.
From the pilot
Fixed fee. Deposit to start. 0% of proceeds. Token-only pay is declined. Percentage of raise is declined.
The window
Miss this and you read the archive.
If the window closes you still have the pack — as history. Not as a live conversation.
Restricted markets stay dark. Named markets are live. That discipline is the scarce thing.
Open the diligence or watch it close. There is not a third option that still counts as early.
Window
Closed
Closed. History only — not a place to buy.
- Sentences killed
- 16
- Counsel hours on file
- 11
- Asks / week
- 0
- Our cut
- 0% of proceeds
If RCA Pad ever asked for a cut of a raise, we would walk. That is in the first email.
This company
Ivory Post
The protocol pitch is the thing this company has already refused.
In the same conversation
- CLS
- Fnality
- RTGS upgrades
- Not a public L1
The bet
Why this company exists.
Issuing a stablecoin to settle would put them in a different perimeter.
Issuing a stablecoin to settle would put them in a different perimeter.
T+1, 24/7 FX and on-chain funds make overnight risk visible. Banks will connect a rail before they will issue a coin.
Wholesale settlement is a volume business. Even a sliver of fails avoided is a number a treasurer recognises.
Versus the field
A generalist vendor can copy the slide in a quarter. They cannot copy the named record, the scheme map, or the auditor conversation. That is the year they would have to buy.
Vilnius 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
- 01Two permissioned parties lock an agreed obligation
- 02Asset and cash move together, or not at all
- 03Existing accounts are the source of funds
- 04No public chain sale of the rail’s token
- 05Matches stay inside named desks; cash still settles where it already settles
- 06Retail and unnamed geographies are structurally off the form, not only in the footer.
In the same conversation as
- CLS
- Fnality
- RTGS upgrades
- Not a public L1
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
37%
Keeping the public story from running ahead of the claims register.
Claims & campaign ops
23%
A counsel memo that can survive a later reader.
Named operators
15%
Dual-control drills, key ceremonies, and the person who owns them.
Control environment
25%
The remaining certifications and the second named market.
Operating week
What “in market” actually looks like.
- MonClaimsEvery public sentence checked against the register. Anything extra is unpublished.
- TueExceptionsOvernight breaks post back into the customer’s case system. No side book.
- 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.
The wedge
Why this one, not the other one.
- They sell
- Bank seat
- Who pays
- A warehouse or port that has written a live event.
- Unit economics
- Seat plus event. If they ever attach a token as the unit of account, the file stops.
- Moat on file
- CLS or local RTGS remains the final cash.
- Switching cost
- Scheme maps, ISO, LMA language, registry adapters — eighteen months of unglamorous work.
- Vs the comps
- CLS is the club. Ivory Post has to feed it, not fight it.
- Why we listed it
- They do not issue the settlement asset.
Next twelve months
What has to be true.
Two banks quoting live.
A redacted engagement letter landed in week one. That is why the desk took the meeting.
If they raise, it is to hire the remaining certifications and the second market — not to float a coin.
Traction
What you can verify today.
Founded 2021, headquartered in Vilnius. No named paying pilot on the file yet — that is the first question. 4 nodes or connected surfaces reported. Desk diligence score 78/100. A warehouse or port that has written a live event. A redacted engagement letter landed in week one. That is why the desk took the meeting.
- Architecture paper — no production customer on the public file
- No token contract listed as a public sale
- Pilot letters on file, identities redacted
- Vilnius 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
A second geography without a lock
Extending the record into a market that is still restricted is how a clean Vilnius story becomes a fact pattern. The restricted list exists for a reason: United States retail, United States.
Money issuance
If the rail issues a settlement asset, it is in the e-money / deposit perimeter.
Legal finality
Atomic in software is not final in court. Ask which law says it is.
Incumbent RTGS
Central banks are not asleep. A feature can become a standard.
Public token
Listing the rail’s unit is a sale. This pad does not run that sale.
Issuing the cash
If Ivory Post issues a stablecoin to make this atomic, the company becomes an e-money problem.
Token relapse
A later round that wants a public token puts Ivory Post in a different perimeter. The file treats that as a hard stop.
Ask these next
- 01Which incumbent can copy this in a quarter, and what would they have to migrate?
- 02Where do keys, title, or NAV liability sit — and is that person licensed?
- 03Who is the first named paying customer — not a letter of intent?
- 04What happens if a founder later wants a public token?
- 05Is the waitlist demand for a product, or a queue for a coin?
- 06If RCA Pad disappeared tomorrow, could the customer still run the job?
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 Post Ltd
- Path on file
- Not offering — locked
- Posture
- Private only
- 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.
- Vilniusnamed
- United States retailrestricted
- United Statesrestricted
Team
Who runs it.
- Jonah BergChief executive
Stack
- Permissioned FX rail
- Wholesale FX
- Disclosure templates
- Takedown SLA
Named with them
- Northbridge Counsel
Who can decide
The technical founder is on the record as engineering. Contractors in undisclosed jurisdictions are written down as a fact, not hidden. Facts can be managed. Hiding them is how companies die in diligence.
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.
| Statement | Evidence | Status |
|---|---|---|
| Ivory Post does not sell a token to the public on this pad | Posture lock | live |
| The product is wholesale fx sold to institutions | Architecture + customer type | draft |
| Permissioned FX rail 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 |
| 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: Vilnius | Named markets on the file | draft |
On the record
- Application APP-4257ScreenSep
- Counsel questionPathSep
Operating log
05 Sep 15:00
Application scored. Ivory Post 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.