The wedge
Custodian seat
The wedge is sub-custodian breaks: still recon’d by people.
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
JUTE
Screened
SCREENEDQualified custody opsJute Forge
Most of Qualified custody ops died in the screen. Jute Forge did not.
Closed files are history. Live files have a clock. Jute Forge has a few days.
Jute Forge — Accounting and proof layers for vaults that already hold assets for known clients. zk or otherwise, the point is a statement a counterparty can verify — not a public yield product.
Screened, not yet in sprint. Treat every number as provisional. Calendar access is not automatic.
9 live counterparties in the thread. The public page is the overflow.
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
Redacted on the public page
Live nodes
0
Custody accounting
Counsel hours
0
Undetermined — not a path
Sentences killed
0
Before listing
Claims live
1/5
Sprint
Our cut
0%
Of any proceeds
Plate Concentric · 7411
JUTE
The plate
Concentric. Edition 7411.
A unique plate for Jute Forge. Geometry, orbit, and edition belong to this company — no other listing on the board shares it.
JUTE · Warsaw · Qualified custody ops
Score
0
Desk diligence
Pilots
0
None on file
Stage
upcoming
upcoming
HQ
Warsaw
Asset managers
Sells
Custodian
Custodian seat
Markets
0
Warsaw
Years
0
Founded 2026
Surfaces
0
Custody accounting
Complete
0
File readiness
Why the desk took it
Early — still a question.
No yield product attached to the accounting.
Traction
No paying pilot on the public file.
Founded 2026, headquartered in Warsaw. No named paying pilot on the file yet — that is the first question. 2 nodes or connected surfaces reported. Desk diligence score 68/100. A warehouse or port that has written a live event. They killed their own ‘token as fee’ sentence before we asked. Rare, and it scored.
Next 12 months
Corporate actions running without a side ticket pile.
BitGo and Coinbase Prime are custodians. This is the book they might buy. Bps on a job that already has a budget line. A public coin would not make the invoice larger.
The brief
How a serious reader should hold this.
In Warsaw, the person who signs the monthly pack already has a vendor. Jute Forge is not asking them to believe in a token. It is asking them to move one job — the one that currently lives in a spreadsheet, a fax, or a person who is about to retire — onto a record that can be shown to counsel. The queue to read that record is already not empty.
Read this as an operating company, not a round. Counsel has a posture: Undetermined — not a path. Restricted markets stay dark. RCA Pad takes 0% if they ever raise. That combination is why inbound did not need a ticker.
On a Tuesday in Warsaw, 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 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
A dual-control drill exists on paper. Production evidence is the next artefact, not a tweet.
From counsel
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.
Attention is the scarce asset. 0 asks this week are already spending it.
The comment period is not a path. This company is priced as if that is already true.
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
- 10
- Counsel hours on file
- 8
- Asks / week
- 0
- Our cut
- 0% of proceeds
Do not put a participate button on our page. If you do, we leave.
This company
Jute Forge
The copycats will arrive after certification. That is why the window is now.
In the same conversation
- Fund admins
- Custodian reporting
- Public ‘vault tokens’ (the thing this is not)
The bet
Why this company exists.
The wedge is sub-custodian breaks: still recon’d by people.
The wedge is sub-custodian breaks: still recon’d by people.
Allocators asked for proof after 2022. Labs answered with demos. The first vault accounting that an auditor will sign is a business.
Middle-office spend at alternative managers is a budget that survived the last cycle.
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.
Named: Warsaw, United Kingdom. Off-limits: Mainland China retail. A US person hearing an offering communication is a US problem even if the company sits in Warsaw. Blocking an IP and taking a US Telegram admin is not a block.
How it works
- 01Positions are accounted in a book the manager already runs
- 02A proof or extract is produced for a named counterparty
- 03Yield is not marketed to the public on this pad
- 04zk, if present, is a method — not a ticker
- 05Positions are accounted; the licensed custodian still holds
- 06Kill of a public sentence is an hour, not a committee.
In the same conversation as
- Fund admins
- Custodian reporting
- Public ‘vault tokens’ (the thing this is not)
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
29%
Adapter work against the incumbent register, admin, or custodian.
Named operators
28%
A counsel memo that can survive a later reader.
Control environment
20%
Dual-control drills, key ceremonies, and the person who owns them.
Second market
23%
Hiring the operator who already does this job at a licensed firm.
Operating week
What “in market” actually looks like.
- SunOwnersWho can decide messaging and budget on a recorded line. If the answer is nobody, stop.
- SatDarkNo creators. No threads. Restricted geos stay dark.
- WedCounselPerimeter diffs. If the site drifted from the memo, the site moves — not the memo.
- FriKill switchRehearse unpublish in 24 hours. If it takes a committee, it is not a switch.
The wedge
Why this one, not the other one.
- They sell
- Custodian seat
- Who pays
- A warehouse or port that has written a live event.
- Unit economics
- Bps on a job that already has a budget line. A public coin would not make the invoice larger.
- Moat on file
- SOC report language already in a draft.
- Switching cost
- Once the record is the record, the incumbent copy has to migrate history. That is the year.
- Vs the comps
- BitGo and Coinbase Prime are custodians. This is the book they might buy.
- Why we listed it
- No yield product attached to the accounting.
Next twelve months
What has to be true.
Corporate actions running without a side ticket pile.
They killed their own ‘token as fee’ sentence before we asked. Rare, and it scored.
They have not asked us to run a sale. That ask would close the file.
Traction
What you can verify today.
Founded 2026, headquartered in Warsaw. No named paying pilot on the file yet — that is the first question. 2 nodes or connected surfaces reported. Desk diligence score 68/100. A warehouse or port that has written a live event. They killed their own ‘token as fee’ sentence before we asked. Rare, and it scored.
- Architecture paper — no production customer on the public file
- No token contract listed as a public sale
- Pilot letters on file, identities redacted
- Warsaw 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.”
- Product15
- Customers18
- Legal path24
- Tech maturity34
- Demand10
- Market access68
Risks
What can kill it.
The one that actually kills it
The named customer is a letter of intent
Pilots that cannot be named, even redacted, are theatre. One paying seat that an auditor has seen is worth more than a waitlist of a short list.
Yield product
If the landing page is APY, this is a different, usually unlicensed, business.
Proof theatre
A zk circuit of a fake book is still a fake book.
Custodian
Who holds the keys? If it is the startup, that is custody.
Audit
No auditor, no statement. Demo is not diligence.
Accidental custody
One key on a Jute Forge box and the licence problem is immediate. The architecture has to make that impossible.
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 does renewal look like if no round ever happens?
- 02Who is the first named paying customer — not a letter of intent?
- 03Which incumbent can copy this in a quarter, and what would they have to migrate?
- 04Has counsel written the perimeter in a memo you can file?
- 05Which geography is actually locked, and which is a hope?
- 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
- Jute Forge Ltd
- Path on file
- Undetermined — not a path
- 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.
- Warsawnamed
- United Kingdomnamed
- Mainland China retailrestricted
Team
Who runs it.
- Noam EllisonChief executive
- Yara BergFinance
Stack
- Custody accounting
- Qualified custody ops
- Takedown SLA
Named with them
- Helix Audit
Who can decide
Noam Ellison (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.
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 |
|---|---|---|
| Jute Forge does not sell a token to the public on this pad | Posture lock | live |
| The product is qualified custody ops sold to institutions | Architecture + customer type | draft |
| Custody accounting 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 | Desk file | draft |
| No public token is sold on this pad | Engagement terms + posture lock | live |
| Customers contemplated: Warsaw, United Kingdom | Named markets on the file | draft |
On the record
- Application APP-4108ScreenSep
- Counsel questionPathSep
Operating log
01 Sep 13:00
Application scored. Jute Forge 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.