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

JUN3

In market

IN MARKETPermissioned interop

Juniper Stack

The incumbent copy takes a year. The named customer is already writing.

Counsel has a live path. The waitlist is 2,929. This pad still takes 0% of proceeds.

Juniper Stack — Attestation packets and IBC-style messages between chains that are not public. Banks and funds that already live behind a firewall use this to talk to each other without opening a public bridge.

Live campaign. 2,929 on the product waitlist — that is demand, not an allocation.

Archive is free. Live access is timed. Juniper Stack is timed.

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

Window

Closed

Heat

0/99

Inbound / wk

0asks

Asking now

0live

Named pilots

Redacted on the public page

Live nodes

Cosmos SDK · permissioned

Counsel hours

Liverpool · counsel-named

Sentences killed

Before listing

Claims live

7/10

Build

Our cut

Of any proceeds

Plate Lattice · 9340

JUN3

The plate

Lattice. Edition 9340.

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

JUN3 · Liverpool · Permissioned interop

Score

Desk diligence

Pilots

Named, redacted

Waitlist

Product demand

Liverpool

Banks

Sells

Per

Per packet

Markets

Liverpool

Years

Founded 2025

Surfaces

Cosmos SDK · permissioned

Complete

File readiness

The wedge

Per packet

The wedge is island chains: every extra permissioned deployment is an integration budget.

Why the desk took it

A real job, not a ticker.

They said ‘no wrapped assets’ before we did.

Traction

3 named pilots (redacted).

Founded 2025, headquartered in Liverpool. 3 named pilots on file (identities redacted in public). 2,929 on the waitlist, gated — product demand, not a book built. 20 nodes or connected surfaces reported. Desk diligence score 94/100. Four origination desks posting into a closed tape. A redacted engagement letter landed in week one. That is why the desk took the meeting.

Next 12 months

Zero wrapped assets in any packet — checked, not claimed.

R3 network maps are political. This is a packet. 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.

The decline pile in Permissioned interop is not a rumour. It is how this board stays readable. Juniper Stack is what survived. That is the sell.

Juniper Stack exists because the incumbent brand will not staff the unglamorous middle of Permissioned interop. 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.

On a Tuesday in Liverpool, an exception posts back into the customer’s existing case system. Nobody opens a side spreadsheet. That is the product: the night someone in ops does not stay late.

From the founder

Fixed fee. Deposit to start. 0% of proceeds. Token-only pay is declined. Percentage of raise is declined.

From counsel

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 screen

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

The window

Miss this and you read the archive.

A later reader gets the same PDF. They do not get the same access.

Switching cost is the auditor conversation. Once it happens, you are late.

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: 15
Counsel hours on file: 90
Asks / week: 366
Our cut: 0% of proceeds

We would rather be archive-clean than live-loud. The waitlist showed up anyway.
Rafa Cole, Chief executive

This company

Juniper Stack

Twelve Permissioned interop decks look the same. One of them has a Liverpool customer on the record.

In the same conversation

R3 Corda network maps
Hyperledger interop
Public IBC (different threat model)

The bet

Why this company exists.

The wedge is island chains: every extra permissioned deployment is an integration budget.

Every permissioned chain is an island. The second chain a bank turns on creates the ticket. The third creates the vendor.

Every extra permissioned deployment is a new integration budget. This product is that budget.

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

How it works

01A fact is packed as an attestation, not a free-floating asset
02The counterparty chain verifies the packet
03Assets do not ‘bridge’; messages do
04Public connectivity is off unless counsel names it
05The counterparty chain verifies the packet; assets do not ‘bridge’
06Retail and unnamed geographies are structurally off the form, not only in the footer.

In the same conversation as

R3 Corda network maps
Hyperledger interop
Public IBC (different threat model)

If they raise

Where the money would actually go.

Not a token float. A budget against work. RCA Pad still takes 0% of proceeds.

Counsel & perimeter
35%
Dual-control drills, key ceremonies, and the person who owns them.
Second market
20%
Keeping the public story from running ahead of the claims register.
Claims & campaign ops
21%
Adapter work against the incumbent register, admin, or custodian.
Certifications & adapters
24%
The remaining certifications and the second named market.

Operating week

What “in market” actually looks like.

SatDarkNo creators. No threads. Restricted geos stay dark.
FriKill switchRehearse unpublish in 24 hours. If it takes a committee, it is not a switch.
MonClaimsEvery public sentence checked against the register. Anything extra is unpublished.
WedCounselPerimeter diffs. If the site drifted from the memo, the site moves — not the memo.

The wedge

Why this one, not the other one.

They sell: Per packet
Who pays: Four origination desks posting into a closed tape.
Unit economics: Annual software against an ops cost the board can see. Switching cost is the record, not the brand.
Moat on file: No public endpoint. The threat model holds.
Switching cost: Permissioned connectivity is the moat. Public endpoints would erase it.
Vs the comps: R3 network maps are political. This is a packet.
Why we listed it: They said ‘no wrapped assets’ before we did.

Next twelve months

What has to be true.

Zero wrapped assets in any packet — checked, not claimed.

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 Cosmos SDK · permissioned
No token contract listed as a public sale
Pilot letters on file, identities redacted
Liverpool 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.”

Product78
Customers96
Legal path84
Tech maturity94
Demand55
Market access44

Risks

What can kill it.

The one that actually kills it

The founder wants a public book

The moment Juniper Stack 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.

Bridge in costume

If value moves as a wrapped asset, this is a bridge. Bridges have a history.

Who verifies

A packet nobody independently checks is email.

Public leak

One public endpoint and the threat model is gone.

Standard war

If a bigger FMI publishes the same packet, this is a feature, not a company.

Bridge in costume

If value moves as a wrapped asset, Juniper Stack inherits every bridge post-mortem. Kill that design.

Token relapse

A later round that wants a public token puts Juniper Stack in a different perimeter. The file treats that as a hard stop.

Ask these next

01What does renewal look like if no round ever happens?
02Which incumbent can copy this in a quarter, and what would they have to migrate?
03If RCA Pad disappeared tomorrow, could the customer still run the job?
04Who can unpublish a public sentence in 24 hours, by name?
05Is the waitlist demand for a product, or a queue for a coin?
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: Juniper Stack Ltd
Path on file: Liverpool · counsel-named
Posture: Private only
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.

Liverpoolnamed
Public residual claimsrestricted

Team

Who runs it.

Rafa ColeChief executive

Stack

Cosmos SDK · permissioned
Permissioned interop
Approval trail
Disclosure templates

Named with them

Helix Audit
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.

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
Juniper Stack does not sell a token to the public on this pad	Posture lock	live
The product is permissioned interop sold to institutions	Architecture + customer type	live
Cosmos SDK · permissioned 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
Pilot identities redacted in public	No board minute	draft
No public token is sold on this pad	Engagement terms + posture lock	live
Customers contemplated: Liverpool	Named markets on the file	live

On the record

Sprint packPackJun
Counsel lockPathJul
Claims register liveRegisterAug
Creator briefBriefSep

Operating log

11 Sep 09:15
Takedown SLA idle-tested.
08 Sep 11:40
A claim held for missing evidence.
04 Sep 08:22
Weekly report issued to the desk.
01 Sep 14:08
Creator set on disclosure. No buy language.

Path to now

Sprint
Pack accepted
Narrative, matrix, claims locked.
Path
Counsel names it
Or the file stays not-offering.
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.