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

KELA

Screened

SCREENEDCredit covenants

Kelp Quay

If you read one Credit covenants company this quarter, make it this one.

US was taken off the public stack on day one. Adult companies do that. Then the waitlist filled anyway.

Kelp Quay — A system of record for private-credit funds and desks: tapes, RFQs, or covenants that update when a borrower files. The buyers already have a book. This is plumbing, not a venue that matches strangers.

Screened, not yet in sprint. Treat every number as provisional. Calendar access is not automatic.

Closed stamp is coming. 7 days is the number. There is not a second number.

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

Redacted on the public page

Live nodes

EVM · proof of concept

Counsel hours

Not offering — locked

Sentences killed

Before listing

Claims live

0/4

Sprint

Our cut

Of any proceeds

Plate Signal · 4477

KELA

The plate

Signal. Edition 4477.

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

KELA · Boston · Credit covenants

Score

Desk diligence

Pilots

Named, redacted

Stage

upcoming

Boston

Private-credit funds

Sells

Bps

Bps on facilities on the tape

Markets

United States professional

Years

Founded 2021

Surfaces

EVM · proof of concept

Complete

File readiness

The wedge

Bps on facilities on the tape

Kelp Quay wants to be the record everyone already trusts, without becoming the venue.

Why the desk took it

Early — still a question.

A redacted facility list landed in week one.

Traction

One named pilot (redacted).

Founded 2021, headquartered in Boston. One named pilot on file (redacted in public). 1 nodes or connected surfaces reported. Desk diligence score 64/100. An AIFM whose auditor has seen the dual-record. No public APY, no public book, no ‘how to buy’ on any surface we could find.

Next 12 months

Securities memo on the tape itself — is the record a security? Write it down.

A DeFi lending pool is the opposite company. 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.

The decline pile in Credit covenants is not a rumour. It is how this board stays readable. Kelp Quay is what survived. That is the sell.

The bet is narrow. A named Boston buyer already has budget for this invoice. Kelp Quay wins if it is cheaper than the internal build and cleaner than the protocol pitch. It loses if a founder later wants a public book. The window is the time you have to decide which it is.

On a Tuesday in Boston, 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

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

From the screen

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

From the founder

The legal source of truth stays with the incumbent register, admin, or custodian. Kelp Quay does not attest to its own facts.

The window

Miss this and you read the archive.

Waiting for a proposed US rule is how you miss a Boston buyer who already has budget.

Budget exists on a line the board can see. That is why the window is this quarter.

Open the diligence or watch it close. There is not a third option that still counts as early.

Window remaining

0days

When this window closes, the campaign is archive.

Sentences killed: 8
Counsel hours on file: 5
Asks / week: 9
Our cut: 0% of proceeds

Do not put a participate button on our page. If you do, we leave.
Yara Diaz, Chief executive

This company

Kelp Quay

Twelve Credit covenants decks look the same. One of them has a Boston customer on the record.

In the same conversation

eFront
Allvue
Closed RFQ wires
Not an on-chain lending pool

The bet

Why this company exists.

Kelp Quay wants to be the record everyone already trusts, without becoming the venue.

Allocators want daily marks and covenant visibility. Banks want to originate without building a chain team. The first honest tape that does not pretend to be an exchange will be paid for as software.

Private credit AUM is measured in trillions. The software take-rate is small. The switching cost, once a tape is the record, is not.

Versus the field

L2 wrappers are cheaper. They are also a different perimeter — and declined here. Kelp Quay is priced as software against an invoice that already exists.

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

How it works

01A loan or covenant event is written once
02Permissioned counterparties see what they are allowed to see
03Marks and RFQs stay inside named desks
04No public order book, no retail
05Default and amendment events are first-class, not a PDF in a side channel
06A named counterparty verifies; Kelp Quay does not attest to its own facts.

In the same conversation as

eFront
Allvue
Closed RFQ wires
Not an on-chain lending pool

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%
A counsel memo that can survive a later reader.
Counsel & perimeter
24%
Hiring the operator who already does this job at a licensed firm.
Certifications & adapters
22%
Adapter work against the incumbent register, admin, or custodian.
Control environment
20%
The remaining certifications and the second named market.

Operating week

What “in market” actually looks like.

SunOwnersWho can decide messaging and budget on a recorded line. If the answer is nobody, stop.
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.
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: Bps on facilities on the tape
Who pays: An AIFM whose auditor has seen the dual-record.
Unit economics: Bps on a job that already has a budget line. A public coin would not make the invoice larger.
Moat on file: Administrator of record has signed a dual-control letter.
Switching cost: Network effects only if a second named counterparty writes. One customer is a service firm.
Vs the comps: A DeFi lending pool is the opposite company.
Why we listed it: A redacted facility list landed in week one.

Next twelve months

What has to be true.

Securities memo on the tape itself — is the record a security? Write it down.

No public APY, no public book, no ‘how to buy’ on any surface we could find.

A round, if any, sits with their providers. This pad does not take the order.

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
Boston 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 maturity31
Demand10
Market access44

Risks

What can kill it.

The one that actually kills it

The founder wants a public book

The moment Kelp Quay 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.

Marketplace slip

The moment this looks like a public book, it is a venue. This pad will not list that.

Data rights

Who owns the tape when a fund leaves? If that is unsigned, the enterprise value is a conversation.

Credit cycle

A default cluster will test whether the product is a record or a reputation.

Retail

Retail is prohibited. Any ‘access token’ story is a different company.

Data rights on exit

If a fund leaves and the tape stays, who owns the history? Unsigned, the enterprise value is a conversation.

Facts vs theatre

A proof of a fake book is still a fake book. Kelp Quay has to attach to the real one, in Boston.

Ask these next

01Who is the first named paying customer — not a letter of intent?
02What does renewal look like if no round ever happens?
03Who can unpublish a public sentence in 24 hours, by name?
04What happens if a founder later wants a public token?
05If RCA Pad disappeared tomorrow, could the customer still run the job?
06Has counsel written the perimeter in a memo you can file?

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 Quay Inc. · Delaware
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.

United States professionalnamed
Public residual claimsrestricted

Team

Who runs it.

Yara DiazChief executive
Mei SatoFinance

Stack

EVM · proof of concept
Credit covenants
Approval trail
Takedown SLA

Named with them

Northbridge Counsel

Who can decide

Yara Diaz (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, Kelp 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
Kelp Quay does not sell a token to the public on this pad	Posture lock	live
The product is credit covenants sold to institutions	Architecture + customer type	draft
EVM · proof of concept 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
Pilot identities redacted in public	Desk file	draft
No public token is sold on this pad	Engagement terms + posture lock	live
Customers contemplated: United States professional	Named markets on the file	draft

On the record

Application APP-4453ScreenSep
Counsel questionPathSep

Operating log

01 Sep 9:00
Application scored. Kelp 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.

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.