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

IVOS

Closed

CLOSEDPayments orchestration

Ivory Vault

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

The first buyer already has a vendor. Ivory Vault is taking that invoice. The queue is a short list deep.

Ivory Vault — A routing layer in front of payment firms that already hold licences. One API picks the rail (SEPA, cards, local schemes) and can present a wallet-like checkout. The wallet is the interface. It is not a coin.

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

Account abstraction · testnet

Counsel hours

Switzerland · closed private round

Sentences killed

Before listing

Claims live

0/13

Growth

Our cut

Of any proceeds

Plate Meridian · 1784

IVOS

The plate

Meridian. Edition 1784.

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

IVOS · Zurich · Payments orchestration

Score

Desk diligence

Pilots

Named, redacted

Stage

completed

Zurich

Licensed PSPs

Sells

Annual

Annual PSP seat

Markets

Switzerland

Years

Founded 2023

Surfaces

Account abstraction · testnet

Complete

File readiness

The wedge

Annual PSP seat

Ivory Vault is betting that Zurich PSPs will buy routing as software rather than issue a coin.

Why the desk took it

A real job, not a ticker.

The AA layer is on testnet and they said so — no mainnet theatre.

Traction

2 named pilots (redacted).

Founded 2023, headquartered in Zurich. 2 named pilots on file (identities redacted in public). 12 nodes or connected surfaces reported. Desk diligence score 79/100. A treasurer at a bank that already settles — not a crypto-native desk. No public APY, no public book, no ‘how to buy’ on any surface we could find.

Next 12 months

Live routing in one named scheme. Everything else is a slide.

A L2 payments coin is the thing this file has already refused. 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.

The decline pile in Payments orchestration is not a rumour. It is how this board stays readable. Ivory Vault is what survived. That is the sell.

Read this as an operating company, not a round. Counsel has a posture: Switzerland · closed private round. Restricted markets stay dark. RCA Pad takes 0% if they ever raise. That combination is why inbound did not need a ticker.

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

From the pilot

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

From the screen

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

From counsel

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.

The incumbent will still be slow in a year. The window will not.

a short list people did not join a waitlist for a ticker. They joined for a job.

Read it once, properly, while the number is still green. Then decide.

Window

Closed

Closed. History only — not a place to buy.

Sentences killed: 8
Counsel hours on file: 64
Asks / week: 2
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.
Oskar Diaz, Chief executive

This company

Ivory Vault

A generalist vendor copies the slide. They cannot copy the named record.

In the same conversation

Modulr
Lemonway
Checkout.com routing
Not a L2 payments coin

The bet

Why this company exists.

Ivory Vault is betting that Zurich PSPs will buy routing as software rather than issue a coin.

MiCA is forcing PSPs to choose a perimeter. Houses that will not become CASPs still need programmable checkout. The ones that pick software over a coin will buy this. The ones that want a token will be declined here.

PSP orchestration in Europe is a multi-billion software market. Buyers already pay for routing. A token would not make the invoice larger; it would make the licence harder.

Versus the field

The incumbent brand sells the relationship. Ivory Vault 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.

Zurich 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

01Payer or merchant hits a single checkout API
02The router selects a licensed rail the PSP already runs
03Account-abstraction is an optional UX layer (currently testnet)
04Settlement lands in the PSP’s existing accounts — no new token
05Exceptions (chargebacks, scheme rejects) post back into the PSP’s existing case system
06The legal source of truth stays with the incumbent register, admin, or custodian.

In the same conversation as

Modulr
Lemonway
Checkout.com routing
Not a L2 payments coin

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
39%
Hiring the operator who already does this job at a licensed firm.
Control environment
25%
The remaining certifications and the second named market.
Second market
22%
A counsel memo that can survive a later reader.
Named operators
14%
Keeping the public story from running ahead of the claims register.

Operating week

What “in market” actually looks like.

WedCounselPerimeter diffs. If the site drifted from the memo, the site moves — not the memo.
SatDarkNo creators. No threads. Restricted geos stay dark.
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: Annual PSP seat
Who pays: A treasurer at a bank that already settles — not a crypto-native desk.
Unit economics: Seat plus event. If they ever attach a token as the unit of account, the file stops.
Moat on file: A design-partner PSP that will not talk to a second vendor this year.
Switching cost: Once the record is the record, the incumbent copy has to migrate history. That is the year.
Vs the comps: A L2 payments coin is the thing this file has already refused.
Why we listed it: The AA layer is on testnet and they said so — no mainnet theatre.

Next twelve months

What has to be true.

Live routing in one named scheme. Everything else is a slide.

No public APY, no public book, no ‘how to buy’ on any surface we could find.

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

Traction

What you can verify today.

Operating notes for Account abstraction · testnet
No token contract listed as a public sale
Pilot letters on file, identities redacted
Zurich 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 maturity64
Demand10
Market access90

Risks

What can kill it.

The one that actually kills it

Counsel is a slide

Unnamed counsel is how companies die in diligence. Switzerland · closed private round has to be a memo you can file, not a slogan on the hero.

Token temptation

If the wallet layer is ever described as a means of payment, the product becomes an e-money or CASP problem. This file treats that as a hard stop.

Perimeter

A supervisor can still read account-abstraction as issuing. Until counsel names the path, treat the AA layer as a lab.

Customer concentration

A handful of PSP design partners can stall the company if they slip. Ask who is paying, not who is ‘interested’.

United States

The US is out of scope on this file. That is deliberate. It also caps the TAM.

Scheme freeze

A card scheme can kill the router without talking to Ivory Vault. Concentration in one scheme is existential.

Incumbent feature

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

Ask these next

01Who can unpublish a public sentence in 24 hours, by name?
02Is the waitlist demand for a product, or a queue for a coin?
03Where do keys, title, or NAV liability sit — and is that person licensed?
04Who is the first named paying customer — not a letter of intent?
05Which geography is actually locked, and which is a hope?
06Which incumbent can copy this in a quarter, and what would they have to migrate?

Structure

How money would actually move.

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

Entity: Ivory Vault AG
Path on file: Switzerland · closed private round
Posture: Window closed
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.

Switzerlandnamed
EEA professionalnamed
United Kingdomnamed
Mainland China retailrestricted

Team

Who runs it.

Oskar DiazChief executive

Stack

Account abstraction · testnet
Payments orchestration
Approval trail

Named with them

Clearline
Meridian Tax

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.

If the first customer renews, the adapter work pays for itself. If they do not, Ivory Vault 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 Vault does not sell a token to the public on this pad	Posture lock	withdrawn
The product is payments orchestration sold to institutions	Architecture + customer type	withdrawn
Account abstraction · testnet 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	No board minute	withdrawn
No public token is sold on this pad	Engagement terms + posture lock	withdrawn
Customers contemplated: Switzerland, EEA professional, United Kingdom	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 Vault 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

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