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

IVO2

Closed

CLOSEDReinsurance records

Ivory Ridge

Window closed. a short list asked while it was live. You are reading history.

The protocol pitch was declined. What remains is software against an invoice. a short list people still asked.

Ivory Ridge — A permissioned netting engine for trading venues and brokers that are already licensed. It reduces what has to settle. It is not a new CCP, and it is not a collateral token.

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.

Stage

completed

Window

Closed

Heat

0/99

Inbound / wk

0asks

Asking now

0live

Named pilots

Redacted on the public page

Live nodes

Treaty book

Counsel hours

Sweden · closed private round

Sentences killed

Before listing

Claims live

0/10

Build

Our cut

Of any proceeds

Plate Concentric · 9019

IVO2

The plate

Concentric. Edition 9019.

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

IVO2 · Stockholm · Reinsurance records

Score

Desk diligence

Pilots

Named, redacted

Stage

completed

Stockholm

Licensed venues

Sells

Carrier

Carrier seat

Markets

Sweden

Years

Founded 2021

Surfaces

Treaty book

Complete

File readiness

The wedge

Carrier seat

Ivory Ridge is replacing the PDF slip, not the carrier.

Why the desk took it

A real job, not a ticker.

US surplus-lines posture was flagged as a counsel question. Correct.

Traction

2 named pilots (redacted).

Founded 2021, headquartered in Stockholm. 2 named pilots on file (identities redacted in public). 11 nodes or connected surfaces reported. Desk diligence score 78/100. A treasurer at a bank that already settles — not a crypto-native desk. A redacted engagement letter landed in week one. That is why the desk took the meeting.

Next 12 months

Bordereau cycle running without a side spreadsheet.

Guidewire is the system of record. This is the slip between markets. Annual software against an ops cost the board can see. Switching cost is the record, not the brand.

The brief

How a serious reader should hold this.

Before the waitlist, before the window, there was a refusal. Ivory Ridge would not let a public sale sit on this page. That is why a company in Reinsurance records is listed here at all — and why the people who wanted a coin left, and the people who wanted the product stayed.

The bet is narrow. A named Stockholm buyer already has budget for this invoice. Ivory Ridge wins if it is cheaper than the internal build and cleaner than the protocol pitch. It loses if a founder later wants a public book. The window is the time you have to decide which it is.

The auditor of a redacted pilot has seen a dual-record. Switching away now means a new auditor conversation. That is the switching cost — not the logo.

From the screen

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

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

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.

The window

Miss this and you read the archive.

Founders who want a pack this tight apply. Readers who wait get a closed stamp.

Counsel hours on file: enough that a later reader can tell this was not improvised.

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: 7
Counsel hours on file: 36
Asks / week: 1
Our cut: 0% of proceeds

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

This company

Ivory Ridge

The copycats will arrive after certification. That is why the window is now.

In the same conversation

LCH / Eurex (incumbent CCPs)
Caldastone-style utilities
Not a DeFi clearinghouse

The bet

Why this company exists.

Ivory Ridge is replacing the PDF slip, not the carrier.

T+1 and capital rules make gross settlement expensive. Venues will buy netting as a service before they will buy a new licence.

Post-trade cost is a line on every broker P&L. A 10% cut in settlement fails is a CFO conversation.

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.

The live path is Sweden · closed private round. Proposed Regulation Crypto Assets is not treated as a calendar slot. Build as if it never opens.

How it works

01Members post positions they already hold
02The engine nets what the rulebook allows
03Only the residual hits the existing settlement rail
04Collateral as a token is an exclusion on this file
05Claim and premium events update the same slip the markets already signed
06The legal source of truth stays with the incumbent register, admin, or custodian.

In the same conversation as

LCH / Eurex (incumbent CCPs)
Caldastone-style utilities
Not a DeFi clearinghouse

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
31%
The remaining certifications and the second named market.
Control environment
25%
Hiring the operator who already does this job at a licensed firm.
Counsel & perimeter
17%
Keeping the public story from running ahead of the claims register.
Claims & campaign ops
27%
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.
FriKill switchRehearse unpublish in 24 hours. If it takes a committee, it is not a switch.
SunOwnersWho can decide messaging and budget on a recorded line. If the answer is nobody, stop.

The wedge

Why this one, not the other one.

They sell: Carrier seat
Who pays: A treasurer at a bank that already settles — not a crypto-native desk.
Unit economics: Annual software against an ops cost the board can see. Switching cost is the record, not the brand.
Moat on file: A coverholder has written a live binder on this record.
Switching cost: Scheme maps, ISO, LMA language, registry adapters — eighteen months of unglamorous work.
Vs the comps: Guidewire is the system of record. This is the slip between markets.
Why we listed it: US surplus-lines posture was flagged as a counsel question. Correct.

Next twelve months

What has to be true.

Bordereau cycle running without a side spreadsheet.

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.

Operating notes for Treaty book
No token contract listed as a public sale
Named founder; customer still a conversation
Stockholm 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
Customers62
Legal path84
Tech maturity61
Demand10
Market access68

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.

CCP perimeter

If a regulator reads this as clearing, the licence problem is existential.

Collateral token

That ask has been refused on files like this. It should stay refused.

Member default

Who eats the loss? If the answer is ‘the protocol’, there is no protocol that can.

Incumbent freeze-out

CCPs can copy the netting logic faster than a startup can collect members.

Not a carrier

If Ivory Ridge looks like it is taking risk, it needs a licence. The file says it does not. Keep it that way.

Incumbent feature

The administrator, CCP, scheme or custodian can ship this as a checkbox. Ivory Ridge has to be cheaper or faster before that happens.

Ask these next

01Who can unpublish a public sentence in 24 hours, by name?
02Which geography is actually locked, and which is a hope?
03Has counsel written the perimeter in a memo you can file?
04Which incumbent can copy this in a quarter, and what would they have to migrate?
05What happens if a founder later wants a public token?
06Is the waitlist demand for a product, or a queue for a coin?

Structure

How money would actually move.

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

Entity: Ivory Ridge AB
Path on file: Sweden · closed private round
Posture: Window closed
Pack: Build

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.

Swedennamed
EEA professionalnamed
United States retailrestricted
United Statesrestricted

Team

Who runs it.

Elena EllisonChief executive
Yara NovakChief technology

Stack

Treaty book
Reinsurance records
Disclosure templates
Takedown SLA

Named with them

Northbridge Counsel
Helix Audit
Clearline

Who can decide

Elena Ellison came in named. The team is not a handle. Ivory Ridge AB exists, founded 2021, headquartered in Stockholm. 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.

Statement	Evidence	Status
Ivory Ridge does not sell a token to the public on this pad	Posture lock	withdrawn
The product is reinsurance records sold to institutions	Architecture + customer type	withdrawn
Treaty book 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
Pilot identities redacted in public	Desk file	withdrawn
No public token is sold on this pad	Engagement terms + posture lock	withdrawn
Customers contemplated: Sweden, EEA professional	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 Ridge 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

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