The wedge
Per-netted notional
They will not tokenise margin. That sentence is why they are on this board.
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
LARY
In market
HOT WINDOWHealth-claims tapeLarch Line
A named Belfast buyer is on the record. You are still reading the public page.
Counsel has a live path. The waitlist is 9,172. This pad still takes 0% of proceeds.
Larch Line — A permissioned netting engine for trading venues and brokers that are already licensed. It reduces what has to settle. It is not a new CCP, and it is not a collateral token.
Live campaign. 9,172 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
0
Window
Closed
Heat
0/99
Inbound / wk
0asks
Asking now
0live
Named pilots
0
Redacted on the public page
Live nodes
0
Claims book
Counsel hours
0
Belfast · counsel-named
Sentences killed
0
Before listing
Claims live
4/9
Build
Our cut
0%
Of any proceeds
Plate Horizon · 6271
LARY
The plate
Horizon. Edition 6271.
A unique plate for Larch Line. Geometry, orbit, and edition belong to this company — no other listing on the board shares it.
LARY · Belfast · Health-claims tape
Score
0
Desk diligence
Pilots
0
Named, redacted
Waitlist
0
Product demand
HQ
Belfast
Licensed venues
Sells
Per-netted
Per-netted notional
Markets
0
Belfast
Years
0
Founded 2026
Surfaces
0
Claims book
Complete
0
File readiness
Why the desk took it
A real job, not a ticker.
Collateral-as-token was an exclusion in the application. We kept it.
Traction
5 named pilots (redacted).
Founded 2026, headquartered in Belfast. 5 named pilots on file (identities redacted in public). 9,172 on the waitlist, gated — product demand, not a book built. 21 nodes or connected surfaces reported. Desk diligence score 88/100. A treasurer at a bank that already settles — not a crypto-native desk. A dual-control drill exists on paper. We have not watched it live yet — that is the next ask.
Next 12 months
Two members netting live, or stop.
LCH is the CCP. This is netting in front of the CCP. 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.
Before the waitlist, before the window, there was a refusal. Larch Line would not let a public sale sit on this page. That is why a company in Health-claims tape is listed here at all — and why the people who wanted a coin left, and the people who wanted the product stayed.
The bet is narrow. A named Belfast buyer already has budget for this invoice. Larch Line 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.
A dual-control drill sits on paper. Keys, title, or NAV liability sit with a named licensed party — not Larch Line. The architecture says so. We have not watched the drill live. That is the next ask, not a slogan.
From ops
The legal source of truth stays with the incumbent register, admin, or custodian. Larch Line does not attest to its own facts.
From the founder
A dual-control drill exists on paper. Production evidence is the next artefact, not a tweet.
From the pilot
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.
Founders who want a pack this tight apply. Readers who wait get a closed stamp.
0% of proceeds. Fixed fee. The incentive is a clean campaign — not a raise.
Open the diligence or watch it close. There is not a third option that still counts as early.
Window
Closed
Closed. History only — not a place to buy.
- Sentences killed
- 16
- Counsel hours on file
- 51
- Asks / week
- 1,147
- Our cut
- 0% of proceeds
The auditor has seen the dual-record. Switching now is a new conversation. That is the lock.
This company
Larch Line
Services firms hide in ‘platform’ language. Larch Line sells a seat plus an event. Named.
In the same conversation
- LCH / Eurex (incumbent CCPs)
- Caldastone-style utilities
- Not a DeFi clearinghouse
The bet
Why this company exists.
They will not tokenise margin. That sentence is why they are on this board.
They will not tokenise margin. That sentence is why they are on this board.
T+1 and capital rules make gross settlement expensive. Venues will buy netting as a service before they will buy a new licence.
Post-trade cost is a line on every broker P&L. A 10% cut in settlement fails is a CFO conversation.
Versus the field
The incumbent brand sells the relationship. Larch Line sells the job the brand will not staff. A protocol pitch is the thing this company has already refused. Open-source looks free until the auditor asks who attests.
The live path is Belfast · counsel-named. Proposed Regulation Crypto Assets is not treated as a calendar slot. Build as if it never opens.
How it works
- 01Members post positions they already hold
- 02The engine nets what the rulebook allows
- 03Only the residual hits the existing settlement rail
- 04Collateral as a token is an exclusion on this file
- 05Only the residual hits the existing settlement rail — gross never leaves the venue
- 06The legal source of truth stays with the incumbent register, admin, or custodian.
In the same conversation as
- LCH / Eurex (incumbent CCPs)
- Caldastone-style utilities
- Not a DeFi clearinghouse
If they raise
Where the money would actually go.
Not a token float. A budget against work. RCA Pad still takes 0% of proceeds.
Claims & campaign ops
29%
Keeping the public story from running ahead of the claims register.
Second market
20%
Hiring the operator who already does this job at a licensed firm.
Counsel & perimeter
16%
A counsel memo that can survive a later reader.
Certifications & adapters
35%
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.
- SatDarkNo creators. No threads. Restricted geos stay dark.
- FriKill switchRehearse unpublish in 24 hours. If it takes a committee, it is not a switch.
- TueExceptionsOvernight breaks post back into the customer’s case system. No side book.
The wedge
Why this one, not the other one.
- They sell
- Per-netted notional
- Who pays
- A treasurer at a bank that already settles — not a crypto-native desk.
- Unit economics
- Seat plus event. If they ever attach a token as the unit of account, the file stops.
- Moat on file
- Default waterfall drafted with counsel, not a Discord poll.
- Switching cost
- Permissioned connectivity is the moat. Public endpoints would erase it.
- Vs the comps
- LCH is the CCP. This is netting in front of the CCP.
- Why we listed it
- Collateral-as-token was an exclusion in the application. We kept it.
Next twelve months
What has to be true.
Two members netting live, or stop.
A dual-control drill exists on paper. We have not watched it live yet — that is the next ask.
A round, if any, sits with their providers. This pad does not take the order.
Traction
What you can verify today.
Founded 2026, headquartered in Belfast. 5 named pilots on file (identities redacted in public). 9,172 on the waitlist, gated — product demand, not a book built. 21 nodes or connected surfaces reported. Desk diligence score 88/100. A treasurer at a bank that already settles — not a crypto-native desk. A dual-control drill exists on paper. We have not watched it live yet — that is the next ask.
- Operating notes for Claims book
- No token contract listed as a public sale
- Pilot letters on file, identities redacted
- Belfast 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.”
- Product80
- Customers96
- Legal path84
- Tech maturity94
- Demand86
- Market access68
Risks
What can kill it.
The one that actually kills it
Counsel is a slide
Unnamed counsel is how companies die in diligence. Belfast · counsel-named has to be a memo you can file, not a slogan on the hero.
CCP perimeter
If a regulator reads this as clearing, the licence problem is existential.
Collateral token
That ask has been refused on files like this. It should stay refused.
Member default
Who eats the loss? If the answer is ‘the protocol’, there is no protocol that can.
Incumbent freeze-out
CCPs can copy the netting logic faster than a startup can collect members.
CCP copy
The incumbent can ship the same netting as a feature. Larch Line has to be cheaper or faster before that happens.
Single-customer gravity
If the first named buyer is also the only buyer, Larch Line is a services shop with a ledger. Ask for the second.
Ask these next
- 01Where do keys, title, or NAV liability sit — and is that person licensed?
- 02Which geography is actually locked, and which is a hope?
- 03Has counsel written the perimeter in a memo you can file?
- 04If RCA Pad disappeared tomorrow, could the customer still run the job?
- 05Is the waitlist demand for a product, or a queue for a coin?
- 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 Line Ltd
- Path on file
- Belfast · 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.
- Belfastnamed
- United Kingdomnamed
- Public residual claimsrestricted
- United Statesrestricted
Team
Who runs it.
- Yara NovakChief executive
- Ibrahim ChoHead of product
Stack
- Claims book
- Health-claims tape
- Takedown SLA
Who can decide
The technical founder is on the record as Head of product. Contractors in undisclosed jurisdictions are written down as a fact, not hidden. Facts can be managed. Hiding them is how companies die in diligence.
If the first customer renews, the adapter work pays for itself. If they do not, Larch Line 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 Line does not sell a token to the public on this pad | Posture lock | live |
| The product is health-claims tape sold to institutions | Architecture + customer type | live |
| Claims book 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 | Desk file | draft |
| No public token is sold on this pad | Engagement terms + posture lock | live |
| Customers contemplated: Belfast, United Kingdom | Named markets on the file | live |
On the record
- Sprint packPackJun
- Counsel lockPathJul
- Claims register liveRegisterAug
- Creator briefBriefSep
Operating log
11 Sep 09:25
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.
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.