The wedge
Bank connector
The wedge is T+1 and 24/7 FX: overnight risk became visible.
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
JUTA
Screened
SCREENEDCorporate treasuryJute Quay
Heat 27. 0 asks this week. 0% of any raise comes here.
Vienna is not a backdrop. It is the city where the customer can be called on a recorded line.
Jute Quay — 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
Treasury ledger
Counsel hours
0
Not offering — locked
Sentences killed
0
Before listing
Claims live
1/6
Sprint
Our cut
0%
Of any proceeds
Plate Concentric · 8465
JUTA
The plate
Concentric. Edition 8465.
A unique plate for Jute Quay. Geometry, orbit, and edition belong to this company — no other listing on the board shares it.
JUTA · Vienna · Corporate treasury
Score
0
Desk diligence
Pilots
0
None on file
Stage
upcoming
upcoming
HQ
Vienna
Banks
Sells
Bank
Bank connector
Markets
0
Vienna
Years
0
Founded 2021
Surfaces
0
Treasury ledger
Complete
0
File readiness
Why the desk took it
Early — still a question.
They did not pitch a token as the rail’s unit.
Traction
No paying pilot on the public file.
Founded 2021, headquartered in Vienna. No named paying pilot on the file yet — that is the first question. 2 nodes or connected surfaces reported. Desk diligence score 70/100. Two licensed PSPs on a paid pilot — identities off the public file. Counsel is named, even if the memo is still a draft. Unnamed counsel is how files die.
Next 12 months
Two banks, live DvP, even a small notional.
CLS is FX. Fnality is the club. This is a rail those clubs might use. 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.
Someone in Vienna already renewed a slower vendor this year. Jute Quay is the conversation that happens before they do it again. Miss this cycle and you explain the next one.
If you leave this page without opening the claims table, you have read marketing. The scarce version of Jute Quay is the version that survives counsel. It is on a clock.
A sentence went public and came down in under an hour. Hiro Shah treated the kill as an operating skill, not a PR event. Files that cannot do this do not stay listed.
From ops
The legal source of truth stays with the incumbent register, admin, or custodian. Jute Quay does not attest to its own facts.
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 pilot
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.
If the window closes you still have the pack — as history. Not as a live conversation.
Budget exists on a line the board can see. That is why the window is this quarter.
Read it once, properly, while the number is still green. Then decide.
Window
Closed
Closed. History only — not a place to buy.
- Sentences killed
- 11
- Counsel hours on file
- 12
- Asks / week
- 0
- 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.
This company
Jute Quay
A L2 wrapper is cheaper. It is also a different perimeter — and declined here.
In the same conversation
- CLS
- Fnality
- RTGS upgrades
- Not a public L1
The bet
Why this company exists.
The wedge is T+1 and 24/7 FX: overnight risk became visible.
The wedge is T+1 and 24/7 FX: overnight risk became visible.
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.
Vienna 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
- 05Kill of a public sentence is an hour, not a committee.
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
30%
A counsel memo that can survive a later reader.
Named operators
26%
Dual-control drills, key ceremonies, and the person who owns them.
Second market
15%
Adapter work against the incumbent register, admin, or custodian.
Control environment
29%
Keeping the public story from running ahead of the claims register.
Operating week
What “in market” actually looks like.
- 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.
- ThuCustomerNamed pilot (redacted) sees the same record the auditor saw.
- TueExceptionsOvernight breaks post back into the customer’s case system. No side book.
The wedge
Why this one, not the other one.
- They sell
- Bank connector
- Who pays
- Two licensed PSPs on a paid pilot — identities off the public file.
- Unit economics
- Annual software against an ops cost the board can see. Switching cost is the record, not the brand.
- Moat on file
- Validator set is named operators, not an anon miner.
- Switching cost
- The customer’s auditor has seen this book. Switching means a new auditor conversation.
- Vs the comps
- CLS is FX. Fnality is the club. This is a rail those clubs might use.
- Why we listed it
- They did not pitch a token as the rail’s unit.
Next twelve months
What has to be true.
Two banks, live DvP, even a small notional.
Counsel is named, even if the memo is still a draft. Unnamed counsel is how files die.
Capital would fund the adapter work and a named counsel memo, not a public sale.
Traction
What you can verify today.
Founded 2021, headquartered in Vienna. No named paying pilot on the file yet — that is the first question. 2 nodes or connected surfaces reported. Desk diligence score 70/100. Two licensed PSPs on a paid pilot — identities off the public file. Counsel is named, even if the memo is still a draft. Unnamed counsel is how files die.
- Architecture paper — no production customer on the public file
- No token contract listed as a public sale
- Pilot letters on file, identities redacted
- Vienna 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 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.
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.
Money issuance
If the rail issues a settlement asset, Jute Quay is in the e-money / deposit perimeter. That is a different company.
Token relapse
A later round that wants a public token puts Jute Quay 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?
- 03If RCA Pad disappeared tomorrow, could the customer still run the job?
- 04What happens if a founder later wants a public token?
- 05Has counsel written the perimeter in a memo you can file?
- 06Who can unpublish a public sentence in 24 hours, by name?
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 Quay Ltd
- Path on file
- Not offering — locked
- 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.
- Viennanamed
- United Kingdomnamed
- United States retailrestricted
Team
Who runs it.
- Hiro ShahChief executive
Stack
- Treasury ledger
- Corporate treasury
- Approval trail
- Takedown SLA
Named with them
- Clearline
Who can decide
Hiro Shah came in named. The team is not a handle. Jute Quay Ltd exists, founded 2021, headquartered in Vienna. Anonymity would have been an automatic decline.
If the first customer renews, the adapter work pays for itself. If they do not, Jute Quay is a services firm with a slide. The twelve-month test is renewal, not waitlist.
Claims with evidence
Statements with evidence.
| Statement | Evidence | Status |
|---|---|---|
| Jute Quay does not sell a token to the public on this pad | Posture lock | live |
| The product is corporate treasury sold to institutions | Architecture + customer type | draft |
| Treasury ledger 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: Vienna, United Kingdom | Named markets on the file | draft |
On the record
- Application APP-4860ScreenSep
- Counsel questionPathSep
Operating log
05 Sep 14:00
Application scored. Jute Quay 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.