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

LARJ

In diligence

IN MOTIONVault infrastructure

Larch Gate

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

A dual-control drill is on paper. A named licensed party holds the liability. That is rarer than a waitlist.

Larch Gate — 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.

In a 14-day diligence sprint (day 10). This is when the story, the customers and the legal path get written down — or the file stops.

The named customer already picked. The waitlist is everyone who was late to that fact.

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

Sprint day

0/14

Window

Closed

Heat

0/99

Inbound / wk

0asks

Asking now

0live

Named pilots

Redacted on the public page

Live nodes

zk testnet

Counsel hours

Not offering — locked

Sentences killed

Before listing

Claims live

3/9

Sprint

Our cut

Of any proceeds

Plate Vault · 6087

LARJ

The plate

Vault. Edition 6087.

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

LARJ · Helsinki · Vault infrastructure

Score

Desk diligence

Pilots

Named, redacted

Sprint

Day 10 of 14

Helsinki

Asset managers

Sells

Auditor

Auditor extract

Markets

Helsinki

Years

Founded 2024

Surfaces

zk testnet

Complete

File readiness

The wedge

Auditor extract

Larch Gate sells the statement, not the vault. Anyone can launch a vault.

Why the desk took it

A real job, not a ticker.

They called zk a method in the application. Correct.

Traction

2 named pilots (redacted).

Founded 2024, headquartered in Helsinki. 2 named pilots on file (identities redacted in public). 5 nodes or connected surfaces reported. Desk diligence score 81/100. Sprint day 10 of 14. Four origination desks posting into a closed tape. No public APY, no public book, no ‘how to buy’ on any surface we could find.

Next 12 months

Production book, not a demo circuit.

Public vault tokens are the thing this is not. Annual software against an ops cost the board can see. Switching cost is the record, not the brand.

The brief

How a serious reader should hold this.

In Helsinki, the person who signs the monthly pack already has a vendor. Larch Gate 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.

If you leave this page without opening the claims table, you have read marketing. The scarce version of Larch Gate is the version that survives counsel. It is on a clock.

On a Tuesday in Helsinki, 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

We will not describe this as Reg CA-compliant, MiCA-stickered, or FCA-authorised. Issuers retain their own counsel in every relevant jurisdiction.

From the pilot

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 screen

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

The window

Miss this and you read the archive.

Miss a few days and you are explaining to your IC why you read it after it closed.

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

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

Window

Closed

Closed. History only — not a place to buy.

Sentences killed: 7
Counsel hours on file: 55
Asks / week: 32
Our cut: 0% of proceeds

We would rather be archive-clean than live-loud. The waitlist showed up anyway.
Ines Costa, Chief executive

This company

Larch Gate

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

In the same conversation

Fund admins
Custodian reporting
Public ‘vault tokens’ (the thing this is not)

The bet

Why this company exists.

Larch Gate 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

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

Named: Helsinki. Off-limits: EU retail, United States. A US person hearing an offering communication is a US problem even if the company sits in Helsinki. Blocking an IP and taking a US Telegram admin is not a block.

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.

Second market
35%
A counsel memo that can survive a later reader.
Counsel & perimeter
25%
Dual-control drills, key ceremonies, and the person who owns them.
Control environment
19%
Hiring the operator who already does this job at a licensed firm.
Claims & campaign ops
21%
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.
SunOwnersWho can decide messaging and budget on a recorded line. If the answer is nobody, stop.
WedCounselPerimeter diffs. If the site drifted from the memo, the site moves — not the memo.
FriKill switchRehearse unpublish in 24 hours. If it takes a committee, it is not a switch.

The wedge

Why this one, not the other one.

They sell: Auditor extract
Who pays: Four origination desks posting into a closed tape.
Unit economics: Annual software against an ops cost the board can see. Switching cost is the record, not the brand.
Moat on file: Auditor engagement letter — not a tweet.
Switching cost: The customer’s auditor has seen this book. Switching means a new auditor conversation.
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.

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

Capital would fund the adapter work and a named counsel memo, not a public sale.

Traction

What you can verify today.

Operating notes for zk testnet
No token contract listed as a public sale
Named founder; customer still a conversation
Helsinki 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.”

Product44
Customers62
Legal path62
Tech maturity51
Demand58
Market access44

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 Helsinki story becomes a fact pattern. The restricted list exists for a reason: EU 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. Larch Gate has to prove the real one.

Incumbent feature

The administrator, CCP, scheme or custodian can ship this as a checkbox. Larch Gate has to be cheaper or faster before that happens.

Ask these next

01What does renewal look like if no round ever happens?
02Who can unpublish a public sentence in 24 hours, by name?
03What happens if a founder later wants a public token?
04Has counsel written the perimeter in a memo you can file?
05If RCA Pad disappeared tomorrow, could the customer still run the job?
06Which geography is actually locked, and which is a hope?

Structure

How money would actually move.

Sprint is diligence, not a raise. A pack at the end is a file the company can take to its own lawyers and investors. RCA Pad does not complete funding.

Entity: Larch Gate 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.

Helsinkinamed
EU retailrestricted
United Statesrestricted

Team

Who runs it.

Ines CostaChief executive
Kofi EllisonHead of product

Stack

zk testnet
Vault infrastructure
Audit log

Named with them

Northbridge Counsel

Who can decide

Ines Costa (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 Gate does not sell a token to the public on this pad	Posture lock	live
The product is vault infrastructure sold to institutions	Architecture + customer type	live
zk testnet 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: Helsinki	Named markets on the file	live

On the record

Day 0 lockKick-offSep
Claim inventoryPackSep
Audience matrix draftPackSep

Operating log

11 Sep 10:48
Workshop. Funnel has no purchase step.
08 Sep 09:00
Kick-off. Exclusions recorded.
09 Sep 16:20
A claim killed for missing evidence.

Path to now

D0
Kick-off
Geographies, owners, SLA, exclusions.
D14
Read-out
Accept the pack or stop.

Not a subscription

This is not a sale page.

Sprint is diligence, not a raise. A pack at the end is a file the company can take to its own lawyers and investors. RCA Pad does not complete funding. 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

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