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

LAR7

Closed

CLOSEDCollateral records

Larch Post

Window closed. 3,711 asked while it was live. You are reading history.

Pilots are named and redacted. The waitlist is not. 3,711 people already asked.

Larch Post — A system of record for private-credit funds and desks: tapes, RFQs, or covenants that update when a borrower files. The buyers already have a book. This is plumbing, not a venue that matches strangers.

Closed on this board. Any capital event was completed with the issuer’s own providers. RCA Pad took 0%.

Closed. The live conversation is over. The pack remains as archive.

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

Margin ledger

Counsel hours

Canada · closed private round

Sentences killed

Before listing

Claims live

0/12

Growth

Our cut

Of any proceeds

Plate Ledger · 1565

LAR7

The plate

Ledger. Edition 1565.

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

LAR7 · Toronto · Collateral records

Score

Desk diligence

Pilots

Named, redacted

Waitlist

Product demand

Toronto

Private-credit funds

Sells

Desk

Desk seat

Markets

Canada

Years

Founded 2023

Surfaces

Margin ledger

Complete

File readiness

The wedge

Desk seat

The wedge is the shared drive: marks, covenants and RFQs still live in email.

Why the desk took it

A real job, not a ticker.

A redacted facility list landed in week one.

Traction

4 named pilots (redacted).

Founded 2023, headquartered in Toronto. 4 named pilots on file (identities redacted in public). 3,711 on the waitlist, gated — product demand, not a book built. 16 nodes or connected surfaces reported. Desk diligence score 80/100. A transfer agent willing to consume a revoke in production. They killed their own ‘token as fee’ sentence before we asked. Rare, and it scored.

Next 12 months

Securities memo on the tape itself — is the record a security? Write it down.

A DeFi lending pool is the opposite company. They win if they are cheaper than the internal build, not cheaper than a protocol.

The brief

How a serious reader should hold this.

Toronto is not a backdrop. It is the jurisdiction where a named customer can be sued, called, and asked a question on a recorded line. Larch Post chose it for that reason. Counterparties who still think this is a ‘global’ story are already late.

Read this as an operating company, not a round. Counsel has a posture: Canada · closed private round. 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 ops

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

From the founder

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 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.

You can read twelve thinner companies. Or this one, once, while the window is open.

Switching cost is the auditor conversation. Once it happens, you are late.

The scarce thing is not the company. It is the next 0 days of a live conversation.

Window

Closed

Closed. History only — not a place to buy.

Sentences killed: 11
Counsel hours on file: 46
Asks / week: 464
Our cut: 0% of proceeds

The auditor has seen the dual-record. Switching now is a new conversation. That is the lock.
Kofi Khan, Chief executive

This company

Larch Post

A L2 wrapper is cheaper. It is also a different perimeter — and declined here.

In the same conversation

eFront
Allvue
Closed RFQ wires
Not an on-chain lending pool

The bet

Why this company exists.

The wedge is the shared drive: marks, covenants and RFQs still live in email.

Allocators want daily marks and covenant visibility. Banks want to originate without building a chain team. The first honest tape that does not pretend to be an exchange will be paid for as software.

Private credit AUM is measured in trillions. The software take-rate is small. The switching cost, once a tape is the record, is not.

Versus the field

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

Toronto 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

01A loan or covenant event is written once
02Permissioned counterparties see what they are allowed to see
03Marks and RFQs stay inside named desks
04No public order book, no retail
05Default and amendment events are first-class, not a PDF in a side channel
06Retail and unnamed geographies are structurally off the form, not only in the footer.

In the same conversation as

eFront
Allvue
Closed RFQ wires
Not an on-chain lending pool

If they raise

Where the money would actually go.

Not a token float. A budget against work. RCA Pad still takes 0% of proceeds.

Named operators
33%
Keeping the public story from running ahead of the claims register.
Control environment
24%
Hiring the operator who already does this job at a licensed firm.
Counsel & perimeter
20%
A counsel memo that can survive a later reader.
Second market
23%
Adapter work against the incumbent register, admin, or custodian.

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.
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: Desk seat
Who pays: A transfer agent willing to consume a revoke in production.
Unit economics: They win if they are cheaper than the internal build, not cheaper than a protocol.
Moat on file: Four origination desks already post into a closed tape.
Switching cost: Network effects only if a second named counterparty writes. One customer is a service firm.
Vs the comps: A DeFi lending pool is the opposite company.
Why we listed it: A redacted facility list landed in week one.

Next twelve months

What has to be true.

Securities memo on the tape itself — is the record a security? Write it down.

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

A round, if any, sits with their providers. This pad does not take the order.

Traction

What you can verify today.

Operating notes for Margin ledger
No token contract listed as a public sale
Pilot letters on file, identities redacted
Toronto is the operating centre
The waitlist, if any, is a product list — not a book
Raise, if any, closed with issuer providers

Readiness

Six things a serious buyer asks. 100 is “ready to take to counsel and a customer.”

Product95
Customers96
Legal path84
Tech maturity76
Demand59
Market access90

Risks

What can kill it.

The one that actually kills it

Counsel is a slide

Unnamed counsel is how companies die in diligence. Canada · closed private round has to be a memo you can file, not a slogan on the hero.

Marketplace slip

The moment this looks like a public book, it is a venue. This pad will not list that.

Data rights

Who owns the tape when a fund leaves? If that is unsigned, the enterprise value is a conversation.

Credit cycle

A default cluster will test whether the product is a record or a reputation.

Retail

Retail is prohibited. Any ‘access token’ story is a different company.

Data rights on exit

If a fund leaves and the tape stays, who owns the history? Unsigned, the enterprise value is a conversation.

Single-customer gravity

If the first named buyer is also the only buyer, Larch Post is a services shop with a ledger. Ask for the second.

Ask these next

01Which incumbent can copy this in a quarter, and what would they have to migrate?
02Which geography is actually locked, and which is a hope?
03Who is the first named paying customer — not a letter of intent?
04Where do keys, title, or NAV liability sit — and is that person licensed?
05Is the waitlist demand for a product, or a queue for a coin?
06Who can unpublish a public sentence in 24 hours, by name?

Structure

How money would actually move.

Window closed. Tombstone is theirs. Archive is ours. 0% of proceeds.

Entity: Larch Post Inc. · Ontario
Path on file: Canada · closed private round
Posture: Window closed
Pack: Growth

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.

Canadanamed
United Kingdomnamed
United Kingdomnamed
Public residual claimsrestricted
United Statesrestricted

Team

Who runs it.

Kofi KhanChief executive

Stack

Margin ledger
Collateral records
Takedown SLA

Named with them

Clearline
Meridian Tax

Who can decide

Kofi Khan came in named. The team is not a handle. Larch Post Inc. · Ontario exists, founded 2023, headquartered in Toronto. Anonymity would have been an automatic decline.

Year two is a second named market and the remaining certifications — still permissioned. It is not a public book. A public book would be a different company.

Claims with evidence

Statements with evidence.

Statement	Evidence	Status
Larch Post does not sell a token to the public on this pad	Posture lock	withdrawn
The product is collateral records sold to institutions	Architecture + customer type	withdrawn
Margin ledger is the method — not a listed asset	Desk snapshot	withdrawn
Retail buyers are out of scope	Named markets lock	withdrawn
Any raise completes with the issuer’s counsel and providers — not on RCA Pad	Fixed-fee terms	withdrawn
Production date for the chain layer is not committed	No board minute	withdrawn
No public token is sold on this pad	Engagement terms + posture lock	withdrawn
Customers contemplated: Canada, United Kingdom, United Kingdom	Named markets on the file	withdrawn

On the record

Final registerArchiveAug
Close reportReportAug
Tombstone copyArchiveAug

Operating log

19 Aug 10:00
Close report. 0% of proceeds.
12 Aug 18:00
Larch Post archived. Live claims withdrawn.
11 Aug 09:30
Final creator pass. Residual claims pulled.

Path to now

Open
File
Before any public sentence.
Close
Archive
We did not take a cut.

Not a subscription

This is not a sale page.

Window closed. Tombstone is theirs. Archive is ours. 0% of proceeds. 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

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