The wedge
Custodian seat
The wedge is sub-custodian breaks: still recon’d by people.
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
LARV
Screened
SCREENEDQualified custody opsLarch Field
A named Leeds buyer is on the record. You are still reading the public page.
Renewal — not the round — is the twelve-month test. The people in this queue already know that.
Larch Field — 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 Qualified custody 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
0days
Heat
0/99
Inbound / wk
0asks
Asking now
0live
Named pilots
0
Redacted on the public page
Live nodes
0
Custody accounting
Counsel hours
0
Not offering — locked
Sentences killed
0
Before listing
Claims live
1/7
Sprint
Our cut
0%
Of any proceeds
Plate Meridian · 5771
LARV
The plate
Meridian. Edition 5771.
A unique plate for Larch Field. Geometry, orbit, and edition belong to this company — no other listing on the board shares it.
LARV · Leeds · Qualified custody ops
Score
0
Desk diligence
Pilots
0
None on file
Stage
upcoming
upcoming
HQ
Leeds
Asset managers
Sells
Custodian
Custodian seat
Markets
0
Leeds
Years
0
Founded 2021
Surfaces
0
Custody accounting
Complete
0
File readiness
Why the desk took it
Early — still a question.
No yield product attached to the accounting.
Traction
No paying pilot on the public file.
Founded 2021, headquartered in Leeds. No named paying pilot on the file yet — that is the first question. 2 nodes or connected surfaces reported. Desk diligence score 69/100. Four origination desks posting into a closed tape. Architecture says keys / title / NAV liability sit with a named licensed party — not Larch Field.
Next 12 months
One qualified custodian in production recon.
BitGo and Coinbase Prime are custodians. This is the book they might buy. 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.
In Leeds, the person who signs the monthly pack already has a vendor. Larch Field is not asking them to believe in a token. It is asking them to move one job — the one that currently lives in a spreadsheet, a fax, or a person who is about to retire — onto a record that can be shown to counsel. The queue to read that record is already not empty.
The bet is narrow. A named Leeds buyer already has budget for this invoice. Larch Field 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 Leeds, 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
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 counsel
The legal source of truth stays with the incumbent register, admin, or custodian. Larch Field does not attest to its own facts.
From the pilot
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 next Qualified custody ops company on this board will not have this waitlist, this HQ, or this counsel posture.
The incumbent copy takes a year. The named customer is already writing into this record.
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
- 10
- Counsel hours on file
- 12
- Asks / week
- 1
- 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
Larch Field
Open-source looks free until the auditor asks who attests. Larch Field has an answer.
In the same conversation
- Fund admins
- Custodian reporting
- Public ‘vault tokens’ (the thing this is not)
The bet
Why this company exists.
The wedge is sub-custodian breaks: still recon’d by people.
The wedge is sub-custodian breaks: still recon’d by people.
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
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.
Leeds 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
- 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
- 05Positions are accounted; the licensed custodian still holds
- 06The legal source of truth stays with the incumbent register, admin, or custodian.
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.
Certifications & adapters
28%
Adapter work against the incumbent register, admin, or custodian.
Named operators
26%
Dual-control drills, key ceremonies, and the person who owns them.
Claims & campaign ops
15%
Keeping the public story from running ahead of the claims register.
Control environment
31%
The remaining certifications and the second named market.
Operating week
What “in market” actually looks like.
- MonClaimsEvery public sentence checked against the register. Anything extra is unpublished.
- 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
- Custodian seat
- Who pays
- Four origination desks posting into a closed tape.
- Unit economics
- Bps on a job that already has a budget line. A public coin would not make the invoice larger.
- Moat on file
- Corporate actions processed as events, not tickets.
- Switching cost
- Scheme maps, ISO, LMA language, registry adapters — eighteen months of unglamorous work.
- Vs the comps
- BitGo and Coinbase Prime are custodians. This is the book they might buy.
- Why we listed it
- No yield product attached to the accounting.
Next twelve months
What has to be true.
One qualified custodian in production recon.
Architecture says keys / title / NAV liability sit with a named licensed party — not Larch Field.
A round, if any, sits with their providers. This pad does not take the order.
Traction
What you can verify today.
Founded 2021, headquartered in Leeds. No named paying pilot on the file yet — that is the first question. 2 nodes or connected surfaces reported. Desk diligence score 69/100. Four origination desks posting into a closed tape. Architecture says keys / title / NAV liability sit with a named licensed party — not Larch Field.
- Architecture paper — no production customer on the public file
- No token contract listed as a public sale
- Named founder; customer still a conversation
- Leeds 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.”
- Product16
- Customers18
- Legal path62
- Tech maturity34
- Demand10
- 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.
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.
Accidental custody
One key on a Larch Field box and the licence problem is immediate. The architecture has to make that impossible.
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 is the first named paying customer — not a letter of intent?
- 02If RCA Pad disappeared tomorrow, could the customer still run the job?
- 03Is the waitlist demand for a product, or a queue for a coin?
- 04Which incumbent can copy this in a quarter, and what would they have to migrate?
- 05Has counsel written the perimeter in a memo you can file?
- 06Which geography is actually locked, and which is a hope?
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
- Larch Field 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.
- Leedsnamed
- United Kingdomnamed
- United States retailrestricted
Team
Who runs it.
- Marcus NgChief executive
Stack
- Custody accounting
- Qualified custody ops
- Takedown SLA
- Disclosure templates
Named with them
- Meridian Tax
Who can decide
Marcus Ng (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.
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 |
|---|---|---|
| Larch Field does not sell a token to the public on this pad | Posture lock | live |
| The product is qualified custody ops sold to institutions | Architecture + customer type | draft |
| Custody accounting 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: Leeds, United Kingdom | Named markets on the file | draft |
On the record
- Application APP-4313ScreenSep
- Counsel questionPathSep
Operating log
02 Sep 12:00
Application scored. Larch Field 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.