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

KEL7

In market

IN MARKETCredit RFQ

Kelp Works

Budget exists on a board line. This is this quarter, not ‘when the rule opens’.

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

Kelp Works — 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.

Live campaign. 4,027 on the product waitlist — that is demand, not an allocation.

A year from now this will be an obvious company or a missed one. The window decides which.

Diligence, not a prospectus. RCA Pad does not allocate, take orders, or close funding. If this company raises, it raises with its own counsel.

Waitlist

Window

Closed

Heat

0/99

Inbound / wk

0asks

Asking now

0live

Named pilots

Redacted on the public page

Live nodes

Permissioned matching

Counsel hours

Ireland · counsel-named

Sentences killed

Before listing

Claims live

11/12

Growth

Our cut

Of any proceeds

Plate Orbit · 3009

KEL7

The plate

Orbit. Edition 3009.

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

KEL7 · Dublin · Credit RFQ

Score

Desk diligence

Pilots

Named, redacted

Waitlist

Product demand

Dublin

Private-credit funds

Sells

Desk

Desk seat

Markets

Ireland

Years

Founded 2023

Surfaces

Permissioned matching

Complete

File readiness

The wedge

Desk seat

They sell a faster close to administrators, not access to a crowd.

Why the desk took it

A real job, not a ticker.

A redacted facility list landed in week one.

Traction

3 named pilots (redacted).

Founded 2023, headquartered in Dublin. 3 named pilots on file (identities redacted in public). 4,027 on the waitlist, gated — product demand, not a book built. 24 nodes or connected surfaces reported. Desk diligence score 86/100. Four origination desks posting into a closed tape. A redacted engagement letter landed in week one. That is why the desk took the meeting.

Next 12 months

One administrator consuming marks daily.

Closed RFQ wires do this slowly. Kelp Works does it as a record. They win if they are cheaper than the internal build, not cheaper than a protocol.

The brief

How a serious reader should hold this.

The first sentence Amira Berg would not let us publish was the exciting one. What remains is slower — and scarcer: Kelp Works DAC selling Credit RFQ as software, from Dublin, to a buyer who already pays someone else to do this badly. That buyer is named. You are not, yet.

What you can verify today is smaller than the slide. What you cannot verify is named as a question, not a promise. That is the difference between this company and a pad listing — and why the waitlist is not a coin queue.

On a Tuesday in Dublin, 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 screen

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

From ops

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

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

The window

Miss this and you read the archive.

The decline pile in Credit RFQ is full of companies that looked the same on slide one. This one is listed.

Certification is in motion. After it lands, the price of the seat is not the question — access is.

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: 18
Counsel hours on file: 36
Asks / week: 503
Our cut: 0% of proceeds

I will take thirty minutes and decide budget. If that person is not me, we should not be listed.
Amira Berg, Chief executive

This company

Kelp Works

Not the incumbent brand. Kelp Works sells the job the brand will not staff.

In the same conversation

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

The bet

Why this company exists.

They sell a faster close to administrators, not access to a crowd.

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 Works is priced as software against an invoice that already exists.

The live path is Ireland · counsel-named. Proposed Regulation Crypto Assets is not treated as a calendar slot. Build as if it never opens.

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
06Kill of a public sentence is an hour, not a committee.

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.

Control environment
39%
Adapter work against the incumbent register, admin, or custodian.
Claims & campaign ops
24%
Keeping the public story from running ahead of the claims register.
Certifications & adapters
19%
A counsel memo that can survive a later reader.
Named operators
18%
Dual-control drills, key ceremonies, and the person who owns them.

Operating week

What “in market” actually looks like.

ThuCustomerNamed pilot (redacted) sees the same record the auditor saw.
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.
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: Desk seat
Who pays: Four origination desks posting into a closed tape.
Unit economics: They win if they are cheaper than the internal build, not cheaper than a protocol.
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: Closed RFQ wires do this slowly. Kelp Works does it as a record.
Why we listed it: A redacted facility list landed in week one.

Next twelve months

What has to be true.

One administrator consuming marks daily.

A redacted engagement letter landed in week one. That is why the desk took the meeting.

If they raise, it is to hire the remaining certifications and the second market — not to float a coin.

Traction

What you can verify today.

Operating notes for Permissioned matching
No token contract listed as a public sale
Named founder; customer still a conversation
Dublin 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.”

Product83
Customers96
Legal path84
Tech maturity94
Demand60
Market access68

Risks

What can kill it.

The one that actually kills it

The unit of account becomes a token

Seat plus event. If they attach a token as the unit of account, this company is a different company — and not one we will operate a campaign for.

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.

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

01Who can unpublish a public sentence in 24 hours, by name?
02What happens if a founder later wants a public token?
03What does renewal look like if no round ever happens?
04Who is the first named paying customer — not a letter of intent?
05Where do keys, title, or NAV liability sit — and is that person licensed?
06If RCA Pad disappeared tomorrow, could the customer still run the job?

Structure

How money would actually move.

If this company raises, it raises with its own counsel and providers. The waitlist is a product list. It is not a round, a book, or an allocation on RCA Pad. We do not take a cut.

Entity: Kelp Works DAC
Path on file: Ireland · counsel-named
Posture: No public sale
Pack: Growth

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.

Irelandnamed
EEA professionalnamed
Public residual claimsrestricted

Team

Who runs it.

Amira BergChief executive

Stack

Permissioned matching
Credit RFQ
Audit log
Disclosure templates

Named with them

Northbridge Counsel
Clearline

Who can decide

Amira Berg came in named. The team is not a handle. Kelp Works DAC exists, founded 2023, headquartered in Dublin. Anonymity would have been an automatic decline.

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
Kelp Works does not sell a token to the public on this pad	Posture lock	live
The product is credit rfq sold to institutions	Architecture + customer type	live
Permissioned matching is the method — not a listed asset	Desk snapshot	live
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: Ireland, EEA professional	Named markets on the file	live

On the record

Sprint packPackJun
Counsel lockPathJul
Claims register liveRegisterAug
Creator briefBriefSep

Operating log

11 Sep 09:36
Takedown SLA idle-tested.
08 Sep 11:40
A claim held for missing evidence.
04 Sep 08:22
Weekly report issued to the desk.
01 Sep 14:08
Creator set on disclosure. No buy language.

Path to now

Sprint
Pack accepted
Narrative, matrix, claims locked.
Path
Counsel names it
Or the file stays not-offering.
Live
Campaign
Waitlist and register. No purchase journey.

Not a subscription

This is not a sale page.

If this company raises, it raises with its own counsel and providers. The waitlist is a product list. It is not a round, a book, or an allocation on RCA Pad. We do not take a cut. 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.