The wedge
Fund seat
Larch Quay sells a cost cut in onboarding, not an identity coin.
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
LARA
In diligence
IN MOTIONTransfer agencyLarch Quay
They killed 8 sentences to get listed. That is the product you are about to miss.
Renewal — not the round — is the twelve-month test. The people in this queue already know that.
Larch Quay — An attestation graph: a fund or investor proves one fact (accredited, name, share-class) to a transfer agent or administrator without handing over the whole file. Selective disclosure is the product.
In a 14-day diligence sprint (day 13). This is when the story, the customers and the legal path get written down — or the file stops.
Closed stamp is coming. a few days is the number. There is not a second number.
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
0
Redacted on the public page
Live nodes
0
TA adapters
Counsel hours
0
Not offering — locked
Sentences killed
0
Before listing
Claims live
3/8
Sprint
Our cut
0%
Of any proceeds
Plate Horizon · 3374
LARA
The plate
Horizon. Edition 3374.
A unique plate for Larch Quay. Geometry, orbit, and edition belong to this company — no other listing on the board shares it.
LARA · Milan · Transfer agency
Score
0
Desk diligence
Pilots
0
Named, redacted
Sprint
0
Day 13 of 14
HQ
Milan
Fund administrators
Sells
Fund
Fund seat
Markets
0
Milan
Years
0
Founded 2025
Surfaces
0
TA adapters
Complete
0
File readiness
Why the desk took it
A real job, not a ticker.
US retail identity was taken off before we asked.
Traction
2 named pilots (redacted).
Founded 2025, headquartered in Milan. 2 named pilots on file (identities redacted in public). 5 nodes or connected surfaces reported. Desk diligence score 79/100. Sprint day 13 of 14. A treasurer at a bank that already settles — not a crypto-native desk. Architecture says keys / title / NAV liability sit with a named licensed party — not Larch Quay.
Next 12 months
Liability sentence in writing: who is wrong when a fact is wrong.
A ‘passport token’ is usually a security in costume. They win if they are cheaper than the internal build, not cheaper than a protocol.
The brief
How a serious reader should hold this.
You can wait for a sticker. The named customer did not. They are writing into this record while the rest of the market argues about a comment period.
What you can verify today is smaller than the slide. What you cannot verify is named as a question, not a promise. That is the difference between this company and a pad listing — and why the waitlist is not a coin queue.
On a Tuesday in Milan, 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 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.
From the screen
A dual-control drill exists on paper. Production evidence is the next artefact, not a tweet.
From ops
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.
The window
Miss this and you read the archive.
You can read twelve thinner companies. Or this one, once, while the window is open.
Certification is in motion. After it lands, the price of the seat is not the question — access is.
Read it once, properly, while the number is still green. Then decide.
Window
Closed
Closed. History only — not a place to buy.
- Sentences killed
- 8
- Counsel hours on file
- 45
- Asks / week
- 38
- Our cut
- 0% of proceeds
Kill the public sentence in an hour or do not list us. We can do the hour.
This company
Larch Quay
Services firms hide in ‘platform’ language. Larch Quay sells a seat plus an event. Named.
In the same conversation
- Onfido / Jumio for people
- Fund-admin KYC teams
- W3C attestations
- Not a ‘passport token’
The bet
Why this company exists.
Larch Quay sells a cost cut in onboarding, not an identity coin.
Larch Quay sells a cost cut in onboarding, not an identity coin.
Transfer agents and AIFMs are being asked for faster onboarding without becoming identity companies. Attestations they can revoke are the compromise.
Fund onboarding cost is a known line item. A 20–40% cut in cycle time is a budget, not a vision deck.
Versus the field
The incumbent brand sells the relationship. Larch Quay 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.
Milan 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 fact is attested by a party the recipient already trusts
- 02The holder discloses only the field requested
- 03The rest of the file stays dark
- 04Revocation is a first-class event
- 05The recipient never sees the rest of the file — selective disclosure is enforced, not promised
- 06Exceptions post back into the customer’s existing case system — no side spreadsheet.
In the same conversation as
- Onfido / Jumio for people
- Fund-admin KYC teams
- W3C attestations
- Not a ‘passport token’
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
33%
Adapter work against the incumbent register, admin, or custodian.
Counsel & perimeter
27%
Hiring the operator who already does this job at a licensed firm.
Control environment
17%
Dual-control drills, key ceremonies, and the person who owns them.
Named operators
23%
A counsel memo that can survive a later reader.
Operating week
What “in market” actually looks like.
- 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.
- ThuCustomerNamed pilot (redacted) sees the same record the auditor saw.
- 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
- Fund seat
- Who pays
- A treasurer at a bank that already settles — not a crypto-native desk.
- Unit economics
- They win if they are cheaper than the internal build, not cheaper than a protocol.
- Moat on file
- Revoke has been tested against a live register.
- Switching cost
- Permissioned connectivity is the moat. Public endpoints would erase it.
- Vs the comps
- A ‘passport token’ is usually a security in costume.
- Why we listed it
- US retail identity was taken off before we asked.
Next twelve months
What has to be true.
Liability sentence in writing: who is wrong when a fact is wrong.
Architecture says keys / title / NAV liability sit with a named licensed party — not Larch Quay.
A round, if any, sits with their providers. This pad does not take the order.
Traction
What you can verify today.
Founded 2025, headquartered in Milan. 2 named pilots on file (identities redacted in public). 5 nodes or connected surfaces reported. Desk diligence score 79/100. Sprint day 13 of 14. A treasurer at a bank that already settles — not a crypto-native desk. Architecture says keys / title / NAV liability sit with a named licensed party — not Larch Quay.
- Operating notes for TA adapters
- No token contract listed as a public sale
- Pilot letters on file, identities redacted
- Milan 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.”
- Product45
- Customers62
- Legal path62
- Tech maturity51
- Demand70
- Market access44
Risks
What can kill it.
The one that actually kills it
The unit of account becomes a token
Seat plus event. If they attach a token as the unit of account, this company is a different company — and not one we will operate a campaign for.
Who attests
If the attester is the company itself, this is a database with extra steps.
Portability theatre
A graph nobody else reads is a PDF with a hash.
US
US retail identity products are a different statute. Many of these files keep the US off.
Utility token
Paying for attestations in a native token is usually a securities problem in costume.
Self-attestation
If Larch Quay is the attester, this is a database with extra steps. The graph only matters if someone else signs.
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
- 01Who is the first named paying customer — not a letter of intent?
- 02Has counsel written the perimeter in a memo you can file?
- 03If RCA Pad disappeared tomorrow, could the customer still run the job?
- 04What happens if a founder later wants a public token?
- 05Where do keys, title, or NAV liability sit — and is that person licensed?
- 06Who can unpublish a public sentence in 24 hours, by name?
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 Quay 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.
- Milannamed
- Global publicrestricted
- United Statesrestricted
Team
Who runs it.
- Nia HolmChief executive
- Luca ShahHead of product
Stack
- TA adapters
- Transfer agency
- Takedown SLA
- Audit log
Named with them
- Northbridge Counsel
- Helix Audit
- Clearline
Who can decide
Nia Holm came in named. The team is not a handle. Larch Quay Ltd exists, founded 2025, headquartered in Milan. Anonymity would have been an automatic decline.
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 Quay does not sell a token to the public on this pad | Posture lock | live |
| The product is transfer agency sold to institutions | Architecture + customer type | live |
| TA adapters 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: Milan | Named markets on the file | live |
On the record
- Day 0 lockKick-offSep
- Claim inventoryPackSep
- Audience matrix draftPackSep
Operating log
11 Sep 17:38
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.
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.