The wedge
Per statement
Jute Yard sells the statement, not the vault. Anyone can launch a vault.
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
JUTH
Screened
SCREENEDPrime brokerage opsJute Yard
They killed 5 sentences to get listed. That is the product you are about to miss.
If this pad disappeared tomorrow, the customer could still run the job. That is why they are here.
Jute Yard — 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.
Most Prime brokerage ops applications this quarter were declined. You are looking at one that was not.
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
Prime adapters
Counsel hours
0
Not offering — locked
Sentences killed
0
Before listing
Claims live
0/4
Sprint
Our cut
0%
Of any proceeds
Plate Lattice · 2067
JUTH
The plate
Lattice. Edition 2067.
A unique plate for Jute Yard. Geometry, orbit, and edition belong to this company — no other listing on the board shares it.
JUTH · Manchester · Prime brokerage ops
Score
0
Desk diligence
Pilots
0
None on file
Stage
upcoming
upcoming
HQ
Manchester
Asset managers
Sells
Per
Per statement
Markets
0
Manchester
Years
0
Founded 2025
Surfaces
0
Prime adapters
Complete
0
File readiness
Why the desk took it
Early — still a question.
They called zk a method in the application. Correct.
Traction
No paying pilot on the public file.
Founded 2025, headquartered in Manchester. No named paying pilot on the file yet — that is the first question. Desk diligence score 59/100. A named Manchester administrator who already signs the pack (redacted). Counsel is named, even if the memo is still a draft. Unnamed counsel is how files die.
Next 12 months
Production book, not a demo circuit.
Public vault tokens are the thing this is not. Per-event pricing so a pilot can start without a transformation programme.
The brief
How a serious reader should hold this.
The first sentence Sasha Khan would not let us publish was the exciting one. What remains is slower — and scarcer: Jute Yard Ltd selling Prime brokerage ops as software, from Manchester, to a buyer who already pays someone else to do this badly. That buyer is named. You are not, yet.
If you leave this page without opening the claims table, you have read marketing. The scarce version of Jute Yard is the version that survives counsel. It is on a clock.
A dual-control drill sits on paper. Keys, title, or NAV liability sit with a named licensed party — not Jute Yard. The architecture says so. We have not watched the drill live. That is the next ask, not a slogan.
From the founder
Fixed fee. Deposit to start. 0% of proceeds. Token-only pay is declined. Percentage of raise is declined.
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 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.
The window
Miss this and you read the archive.
The decline pile in Prime brokerage ops is full of companies that looked the same on slide one. This one is listed.
Switching cost is the auditor conversation. Once it happens, you are late.
Read it once, properly, while the number is still green. Then decide.
Window
Closed
Closed. History only — not a place to buy.
- Sentences killed
- 5
- Counsel hours on file
- 4
- Asks / week
- 3
- Our cut
- 0% of proceeds
We would rather be archive-clean than live-loud. The waitlist showed up anyway.
This company
Jute Yard
A L2 wrapper is cheaper. It is also a different perimeter — and declined here.
In the same conversation
- Fund admins
- Custodian reporting
- Public ‘vault tokens’ (the thing this is not)
The bet
Why this company exists.
Jute Yard sells the statement, not the vault. Anyone can launch a vault.
Jute Yard sells the statement, not the vault. Anyone can launch a vault.
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
The incumbent brand sells the relationship. Jute Yard 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.
The live path is Not offering — locked. Proposed Regulation Crypto Assets is not treated as a calendar slot. Build as if it never opens.
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
- 05A proof or extract is produced for a named counterparty only
- 06Retail and unnamed geographies are structurally off the form, not only in the footer.
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.
Counsel & perimeter
33%
Dual-control drills, key ceremonies, and the person who owns them.
Certifications & adapters
28%
A counsel memo that can survive a later reader.
Control environment
19%
The remaining certifications and the second named market.
Named operators
20%
Keeping the public story from running ahead of the claims register.
Operating week
What “in market” actually looks like.
- SatDarkNo creators. No threads. Restricted geos stay dark.
- ThuCustomerNamed pilot (redacted) sees the same record the auditor saw.
- 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
- Per statement
- Who pays
- A named Manchester administrator who already signs the pack (redacted).
- Unit economics
- Per-event pricing so a pilot can start without a transformation programme.
- Moat on file
- Named custodian. Keys are not at the startup.
- Switching cost
- Network effects only if a second named counterparty writes. One customer is a service firm.
- Vs the comps
- Public vault tokens are the thing this is not.
- Why we listed it
- They called zk a method in the application. Correct.
Next twelve months
What has to be true.
Production book, not a demo circuit.
Counsel is named, even if the memo is still a draft. Unnamed counsel is how files die.
They have not asked us to run a sale. That ask would close the file.
Traction
What you can verify today.
Founded 2025, headquartered in Manchester. No named paying pilot on the file yet — that is the first question. Desk diligence score 59/100. A named Manchester administrator who already signs the pack (redacted). 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
- Manchester 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.”
- Product19
- Customers18
- Legal path62
- Tech maturity28
- Demand10
- Market access68
Risks
What can kill it.
The one that actually kills it
A second geography without a lock
Extending the record into a market that is still restricted is how a clean Manchester story becomes a fact pattern. The restricted list exists for a reason: Mainland China retail, United States.
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.
Proof theatre
A zk circuit of a fake book is still a fake book. Jute Yard has to prove the real one.
Facts vs theatre
A proof of a fake book is still a fake book. Jute Yard has to attach to the real one, in Manchester.
Ask these next
- 01What happens if a founder later wants a public token?
- 02Who can unpublish a public sentence in 24 hours, by name?
- 03Where do keys, title, or NAV liability sit — and is that person licensed?
- 04If RCA Pad disappeared tomorrow, could the customer still run the job?
- 05Is the waitlist demand for a product, or a queue for a coin?
- 06Which incumbent can copy this in a quarter, and what would they have to migrate?
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 Yard 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.
- Manchesternamed
- United Kingdomnamed
- Mainland China retailrestricted
- United Statesrestricted
Team
Who runs it.
- Sasha KhanChief executive
- Zara MoreauChief executive
Stack
- Prime adapters
- Prime brokerage ops
- Disclosure templates
- Takedown SLA
Who can decide
Sasha Khan (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.
If the first customer renews, the adapter work pays for itself. If they do not, Jute Yard 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 Yard does not sell a token to the public on this pad | Posture lock | live |
| The product is prime brokerage ops sold to institutions | Architecture + customer type | draft |
| Prime adapters 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: Manchester, United Kingdom | Named markets on the file | draft |
On the record
- Application APP-4296ScreenSep
- Counsel questionPathSep
Operating log
03 Sep 9:00
Application scored. Jute Yard is not a calendar slot.
11 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.