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

KELH

Screened

SCREENEDWholesale FX

Kelp Gate

If you read one Wholesale FX company this quarter, make it this one.

Pilots are named and redacted. The waitlist is not. a short list people already asked.

Kelp Gate — 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.

Archive is free. Live access is timed. Kelp Gate 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.

Stage

upcoming

Window

0days

Heat

0/99

Inbound / wk

0asks

Asking now

0live

Named pilots

Still a question

Live nodes

Permissioned FX rail

Counsel hours

Not offering — locked

Sentences killed

Before listing

Claims live

1/4

Sprint

Our cut

Of any proceeds

Plate Signal · 2211

KELH

The plate

Signal. Edition 2211.

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

KELH · Sydney · Wholesale FX

Score

Desk diligence

Pilots

Named, redacted

Stage

upcoming

Sydney

Banks

Sells

After-hours

After-hours window

Markets

Australia

Years

Founded 2025

Surfaces

Permissioned FX rail

Complete

File readiness

The wedge

After-hours window

The wedge is weekend FX: 24/5 still leaks P&L.

Why the desk took it

Early — still a question.

They do not issue the settlement asset.

Traction

One named pilot (redacted).

Founded 2025, headquartered in Sydney. One named pilot on file (redacted in public). 2 nodes or connected surfaces reported. Desk diligence score 70/100. An AIFM whose auditor has seen the dual-record. Counsel is named, even if the memo is still a draft. Unnamed counsel is how files die.

Next 12 months

Still no public token as the FX unit.

A retail FX token is the opposite company. They sell a fee the customer already pays a slower vendor for. TAM is that invoice, not a token float.

The brief

How a serious reader should hold this.

You can wait for a sticker. The named customer did not. They are writing into this record while the rest of the market argues about a comment period.

Read this as an operating company, not a round. Counsel has a posture: Not offering — locked. 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 Sydney, 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

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

From the screen

A dual-control drill exists on paper. Production evidence is the next artefact, not a tweet.

The window

Miss this and you read the archive.

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

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

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

Window remaining

0days

When this window closes, the campaign is archive.

Sentences killed: 11
Counsel hours on file: 6
Asks / week: 9
Our cut: 0% of proceeds

The decline pile is a compliment. It means the screen still means something.
Luca Novak, Chief executive

This company

Kelp Gate

Services firms hide in ‘platform’ language. Kelp Gate sells a seat plus an event. Named.

In the same conversation

CLS
Fnality
RTGS upgrades
Not a public L1

The bet

Why this company exists.

The wedge is weekend FX: 24/5 still leaks P&L.

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

The incumbent brand sells the relationship. Kelp Gate 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.

Named: Australia. Off-limits: Public residual claims. A US person hearing an offering communication is a US problem even if the company sits in Sydney. Blocking an IP and taking a US Telegram admin is not a block.

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
05Matches stay inside named desks; cash still settles where it already settles
06Kill 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.

Second market
34%
The remaining certifications and the second named market.
Control environment
23%
Keeping the public story from running ahead of the claims register.
Certifications & adapters
21%
Dual-control drills, key ceremonies, and the person who owns them.
Claims & campaign ops
22%
Hiring the operator who already does this job at a licensed firm.

Operating week

What “in market” actually looks like.

SatDarkNo creators. No threads. Restricted geos stay dark.
SunOwnersWho can decide messaging and budget on a recorded line. If the answer is nobody, stop.
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.

The wedge

Why this one, not the other one.

They sell: After-hours window
Who pays: An AIFM whose auditor has seen the dual-record.
Unit economics: They sell a fee the customer already pays a slower vendor for. TAM is that invoice, not a token float.
Moat on file: Two banks quoting inside the permissioned room.
Switching cost: Scheme maps, ISO, LMA language, registry adapters — eighteen months of unglamorous work.
Vs the comps: A retail FX token is the opposite company.
Why we listed it: They do not issue the settlement asset.

Next twelve months

What has to be true.

Still no public token as the FX unit.

Counsel is named, even if the memo is still a draft. Unnamed counsel is how files die.

Growth money would extend the record to a second geography, still permissioned.

Traction

What you can verify today.

Architecture paper — no production customer on the public file
No token contract listed as a public sale
Pilot letters on file, identities redacted
Sydney 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.”

Product25
Customers40
Legal path62
Tech maturity34
Demand10
Market access44

Risks

What can kill it.

The one that actually kills it

Counsel is a slide

Unnamed counsel is how companies die in diligence. Not offering — locked has to be a memo you can file, not a slogan on the hero.

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.

Issuing the cash

If Kelp Gate issues a stablecoin to make this atomic, the company becomes an e-money problem.

Token relapse

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

Ask these next

01Who can unpublish a public sentence in 24 hours, by name?
02Where do keys, title, or NAV liability sit — and is that person licensed?
03Which geography is actually locked, and which is a hope?
04Who is the first named paying customer — not a letter of intent?
05What happens if a founder later wants a public token?
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: Kelp Gate Pty 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.

Australianamed
Public residual claimsrestricted

Team

Who runs it.

Luca NovakChief executive
Amira DiazMarkets

Stack

Permissioned FX rail
Wholesale FX
Disclosure templates
Audit log

Named with them

Meridian Tax

Who can decide

Luca Novak came in named. The team is not a handle. Kelp Gate Pty Ltd exists, founded 2025, headquartered in Sydney. Anonymity would have been an automatic decline.

A second counterparty writing into the record is the only network effect that counts. One customer is a consultancy. Two is a market.

Claims with evidence

Statements with evidence.

Statement	Evidence	Status
Kelp Gate does not sell a token to the public on this pad	Posture lock	live
The product is wholesale fx sold to institutions	Architecture + customer type	draft
Permissioned FX rail 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: Australia	Named markets on the file	draft

On the record

Application APP-4234ScreenSep
Counsel questionPathSep

Operating log

04 Sep 14:00
Application scored. Kelp Gate 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.

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.