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

LARG

In market

HOT WINDOWPermissioned interop

Larch Hold

Pilots named (redacted). Waitlist not. 7,471 names. Your move.

A named Oslo customer is already on the record. The public still thinks this is a deck.

Larch Hold — Attestation packets and IBC-style messages between chains that are not public. Banks and funds that already live behind a firewall use this to talk to each other without opening a public bridge.

Live campaign. 7,471 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

Cosmos SDK · permissioned

Counsel hours

Norway · counsel-named

Sentences killed

Before listing

Claims live

8/10

Build

Our cut

Of any proceeds

Plate Signal · 4260

LARG

The plate

Signal. Edition 4260.

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

LARG · Oslo · Permissioned interop

Score

Desk diligence

Pilots

Named, redacted

Waitlist

Product demand

Oslo

Banks

Sells

Chain

Chain seat

Markets

Norway

Years

Founded 2024

Surfaces

Cosmos SDK · permissioned

Complete

File readiness

The wedge

Chain seat

Public bridges are where the money went missing. This file is allergic to them.

Why the desk took it

A real job, not a ticker.

They said ‘no wrapped assets’ before we did.

Traction

5 named pilots (redacted).

Founded 2024, headquartered in Oslo. 5 named pilots on file (identities redacted in public). 7,471 on the waitlist, gated — product demand, not a book built. 17 nodes or connected surfaces reported. Desk diligence score 85/100. A warehouse or port that has written a live event. A redacted engagement letter landed in week one. That is why the desk took the meeting.

Next 12 months

A verifier a third party has actually run.

A wrapped asset inside the packet makes this a bridge. It must not. Seat plus event. If they ever attach a token as the unit of account, the file stops.

The brief

How a serious reader should hold this.

Most Permissioned interop decks start with a market size. This one starts with a job: a person at a licensed firm, a record they cannot currently prove, and a calendar that does not wait for a proposed US rule. The calendar is the window. The window is the scarce thing.

Read this as an operating company, not a round. Counsel has a posture: Norway · counsel-named. Restricted markets stay dark. RCA Pad takes 0% if they ever raise. That combination is why inbound did not need a ticker.

US traffic was taken off the public surfaces in the first working session. Larch Hold did not argue. Adult companies do not costume a US offering.

From counsel

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

From ops

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

From the founder

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

The window

Miss this and you read the archive.

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

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

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: 12
Counsel hours on file: 29
Asks / week: 934
Our cut: 0% of proceeds

Renewal is the round. If nobody renews, there is no company. A token would not fix that.
Zara Novak, Chief executive

This company

Larch Hold

The copycats will arrive after certification. That is why the window is now.

In the same conversation

R3 Corda network maps
Hyperledger interop
Public IBC (different threat model)

The bet

Why this company exists.

Public bridges are where the money went missing. This file is allergic to them.

Every permissioned chain is an island. The second chain a bank turns on creates the ticket. The third creates the vendor.

Every extra permissioned deployment is a new integration budget. This product is that budget.

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.

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

How it works

01A fact is packed as an attestation, not a free-floating asset
02The counterparty chain verifies the packet
03Assets do not ‘bridge’; messages do
04Public connectivity is off unless counsel names it
05The counterparty chain verifies the packet; assets do not ‘bridge’
06Exceptions post back into the customer’s existing case system — no side spreadsheet.

In the same conversation as

R3 Corda network maps
Hyperledger interop
Public IBC (different threat model)

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
37%
The remaining certifications and the second named market.
Control environment
19%
Keeping the public story from running ahead of the claims register.
Certifications & adapters
19%
Dual-control drills, key ceremonies, and the person who owns them.
Named operators
25%
A counsel memo that can survive a later reader.

Operating week

What “in market” actually looks like.

FriKill switchRehearse unpublish in 24 hours. If it takes a committee, it is not a switch.
SatDarkNo creators. No threads. Restricted geos stay dark.
SunOwnersWho can decide messaging and budget on a recorded line. If the answer is nobody, stop.
TueExceptionsOvernight breaks post back into the customer’s case system. No side book.

The wedge

Why this one, not the other one.

They sell: Chain seat
Who pays: A warehouse or port that has written a live event.
Unit economics: Seat plus event. If they ever attach a token as the unit of account, the file stops.
Moat on file: Two live counterparties, not a testnet talking to itself.
Switching cost: Permissioned connectivity is the moat. Public endpoints would erase it.
Vs the comps: A wrapped asset inside the packet makes this a bridge. It must not.
Why we listed it: They said ‘no wrapped assets’ before we did.

Next twelve months

What has to be true.

A verifier a third party has actually run.

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

They have not asked us to run a sale. That ask would close the file.

Traction

What you can verify today.

Operating notes for Cosmos SDK · permissioned
No token contract listed as a public sale
Pilot letters on file, identities redacted
Oslo 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.”

Product74
Customers96
Legal path84
Tech maturity94
Demand77
Market access68

Risks

What can kill it.

The one that actually kills it

The founder wants a public book

The moment Larch Hold 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.

Bridge in costume

If value moves as a wrapped asset, this is a bridge. Bridges have a history.

Who verifies

A packet nobody independently checks is email.

Public leak

One public endpoint and the threat model is gone.

Standard war

If a bigger FMI publishes the same packet, this is a feature, not a company.

Bridge in costume

If value moves as a wrapped asset, Larch Hold inherits every bridge post-mortem. Kill that design.

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

01Where do keys, title, or NAV liability sit — and is that person licensed?
02What does renewal look like if no round ever happens?
03Is the waitlist demand for a product, or a queue for a coin?
04Has counsel written the perimeter in a memo you can file?
05Which geography is actually locked, and which is a hope?
06Which incumbent can copy this in a quarter, and what would they have to migrate?

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: Larch Hold AS
Path on file: Norway · counsel-named
Posture: No public sale
Pack: Build

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.

Norwaynamed
EEA professionalnamed
Public residual claimsrestricted
United Statesrestricted

Team

Who runs it.

Zara NovakChief executive
Nadia OkoyeMarkets

Stack

Cosmos SDK · permissioned
Permissioned interop
Audit log
Takedown SLA

Named with them

Northbridge Counsel

Who can decide

Zara Novak came in named. The team is not a handle. Larch Hold AS exists, founded 2024, headquartered in Oslo. Anonymity would have been an automatic decline.

If the first customer renews, the adapter work pays for itself. If they do not, Larch Hold is a services firm with a slide. The twelve-month test is renewal, not waitlist.

Claims with evidence

Statements with evidence.

Statement	Evidence	Status
Larch Hold does not sell a token to the public on this pad	Posture lock	live
The product is permissioned interop sold to institutions	Architecture + customer type	live
Cosmos SDK · permissioned 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
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: Norway, EEA professional	Named markets on the file	live

On the record

Sprint packPackJun
Counsel lockPathJul
Claims register liveRegisterAug
Creator briefBriefSep

Operating log

11 Sep 09:43
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.