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

LARU

Screened

SCREENEDWholesale FX

Larch Mark

Pilots named (redacted). Waitlist not. a short list names. Your move.

Counsel has a live path. The waitlist is a short list. This pad still takes 0% of proceeds.

Larch Mark — A permissioned DvP rail: cash against asset between banks, FMIs or funds that already have accounts with each other. It is the moment of exchange, not a new listed asset.

Screened, not yet in sprint. Treat every number as provisional. Calendar access is not automatic.

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.

Stage

upcoming

Window

0days

Heat

0/99

Inbound / wk

0asks

Asking now

0live

Named pilots

Still a question

Live nodes

Permissioned FX rail

Counsel hours

Not offering — locked

Sentences killed

Before listing

Claims live

1/4

Sprint

Our cut

Of any proceeds

Plate Orbit · 4415

LARU

The plate

Orbit. Edition 4415.

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

LARU · Manchester · Wholesale FX

Score

Desk diligence

Pilots

None on file

Stage

upcoming

Manchester

Banks

Sells

After-hours

After-hours window

Markets

Manchester

Years

Founded 2024

Surfaces

Permissioned FX rail

Complete

File readiness

The wedge

After-hours window

Issuing a stablecoin to settle would put them in a different perimeter.

Why the desk took it

Early — still a question.

Retail was never in the deck.

Traction

No paying pilot on the public file.

Founded 2024, headquartered in Manchester. No named paying pilot on the file yet — that is the first question. 4 nodes or connected surfaces reported. Desk diligence score 78/100. A named Manchester administrator who already signs the pack (redacted). They killed their own ‘token as fee’ sentence before we asked. Rare, and it scored.

Next 12 months

Still no public token as the FX unit.

CLS is the club. Larch Mark has to feed it, not fight it. 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.

The decline pile in Wholesale FX is not a rumour. It is how this board stays readable. Larch Mark is what survived. That is the sell.

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

The auditor of a redacted pilot has seen a dual-record. Switching away now means a new auditor conversation. That is the switching cost — not the logo.

From the founder

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

From the screen

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

From ops

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.

Attention is the scarce asset. 5 asks this week are already spending it.

a short list people did not join a waitlist for a ticker. They joined for a job.

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

Window remaining

0days

When this window closes, the campaign is archive.

Sentences killed: 16
Counsel hours on file: 4
Asks / week: 5
Our cut: 0% of proceeds

US came off the site in the first session. We did not argue. We are not children.
Ibrahim Costa, Chief executive

This company

Larch Mark

Open-source looks free until the auditor asks who attests. Larch Mark has an answer.

In the same conversation

CLS
Fnality
RTGS upgrades
Not a public L1

The bet

Why this company exists.

Issuing a stablecoin to settle would put them in a different perimeter.

T+1, 24/7 FX and on-chain funds make overnight risk visible. Banks will connect a rail before they will issue a coin.

Wholesale settlement is a volume business. Even a sliver of fails avoided is a number a treasurer recognises.

Versus the field

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

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

How it works

01Two permissioned parties lock an agreed obligation
02Asset and cash move together, or not at all
03Existing accounts are the source of funds
04No public chain sale of the rail’s token
05Matches stay inside named desks; cash still settles where it already settles
06A named counterparty verifies; Larch Mark does not attest to its own facts.

In the same conversation as

CLS
Fnality
RTGS upgrades
Not a public L1

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
37%
Dual-control drills, key ceremonies, and the person who owns them.
Claims & campaign ops
20%
A counsel memo that can survive a later reader.
Certifications & adapters
20%
Hiring the operator who already does this job at a licensed firm.
Second market
23%
Keeping the public story from running ahead of the claims register.

Operating week

What “in market” actually looks like.

ThuCustomerNamed pilot (redacted) sees the same record the auditor saw.
WedCounselPerimeter diffs. If the site drifted from the memo, the site moves — not the memo.
SunOwnersWho can decide messaging and budget on a recorded line. If the answer is nobody, stop.
SatDarkNo creators. No threads. Restricted geos stay dark.

The wedge

Why this one, not the other one.

They sell: After-hours window
Who pays: A named Manchester administrator who already signs the pack (redacted).
Unit economics: Seat plus event. If they ever attach a token as the unit of account, the file stops.
Moat on file: Two banks quoting inside the permissioned room.
Switching cost: Permissioned connectivity is the moat. Public endpoints would erase it.
Vs the comps: CLS is the club. Larch Mark has to feed it, not fight it.
Why we listed it: Retail was never in the deck.

Next twelve months

What has to be true.

Still no public token as the FX unit.

They killed their own ‘token as fee’ sentence before we asked. Rare, and it scored.

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

Traction

What you can verify today.

Architecture paper — no production customer on the public file
No token contract listed as a public sale
Pilot letters on file, identities redacted
Manchester 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.”

Product20
Customers18
Legal path62
Tech maturity40
Demand10
Market access44

Risks

What can kill it.

The one that actually kills it

Counsel is a slide

Unnamed counsel is how companies die in diligence. Not offering — locked has to be a memo you can file, not a slogan on the hero.

Money issuance

If the rail issues a settlement asset, it is in the e-money / deposit perimeter.

Legal finality

Atomic in software is not final in court. Ask which law says it is.

Incumbent RTGS

Central banks are not asleep. A feature can become a standard.

Public token

Listing the rail’s unit is a sale. This pad does not run that sale.

Issuing the cash

If Larch Mark issues a stablecoin to make this atomic, the company becomes an e-money problem.

Single-customer gravity

If the first named buyer is also the only buyer, Larch Mark 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?
02Has counsel written the perimeter in a memo you can file?
03If RCA Pad disappeared tomorrow, could the customer still run the job?
04Is the waitlist demand for a product, or a queue for a coin?
05Who can unpublish a public sentence in 24 hours, by name?
06What does renewal look like if no round ever happens?

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 Mark Ltd
Path on file: Not offering — locked
Posture: Private only
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.

Manchesternamed
Mainland China retailrestricted
United Statesrestricted

Team

Who runs it.

Ibrahim CostaChief executive
Kofi AdeyemiMarkets

Stack

Permissioned FX rail
Wholesale FX
Takedown SLA
Disclosure templates

Named with them

Northbridge Counsel

Who can decide

Ibrahim Costa came in named. The team is not a handle. Larch Mark Ltd exists, founded 2024, headquartered in Manchester. Anonymity would have been an automatic decline.

If the first customer renews, the adapter work pays for itself. If they do not, Larch Mark 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 Mark does not sell a token to the public on this pad	Posture lock	live
The product is wholesale fx sold to institutions	Architecture + customer type	draft
Permissioned FX rail 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	No board minute	draft
No public token is sold on this pad	Engagement terms + posture lock	live
Customers contemplated: Manchester	Named markets on the file	draft

On the record

Application APP-4694ScreenSep
Counsel questionPathSep

Operating log

06 Sep 9:00
Application scored. Larch Mark is not a calendar slot.
11 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.

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.