RCA Pad
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

LAR4

Screened
SCREENEDPrime brokerage ops

Larch Stack

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

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

Larch Stack — Accounting and proof layers for vaults that already hold assets for known clients. zk or otherwise, the point is a statement a counterparty can verify — not a public yield product.

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

If you needed a reason to open diligence tonight: a short list other people already did.

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

0

Still a question

Live nodes

0

Prime adapters

Counsel hours

0

Not offering — locked

Sentences killed

0

Before listing

Claims live

1/7

Sprint

Our cut

0%

Of any proceeds

Plate Signal · 9800

LAR4

The plate

Signal. Edition 9800.

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

LAR4 · Chicago · Prime brokerage ops

Score

0

Desk diligence

Pilots

0

Named, redacted

Stage

upcoming

upcoming

HQ

Chicago

Asset managers

Sells

Auditor

Auditor extract

Markets

0

United States professional

Years

0

Founded 2021

Surfaces

0

Prime adapters

Complete

0

File readiness

The wedge

Auditor extract

The wedge is 2022: allocators asked for proof and got demos.

Why the desk took it

Early — still a question.

They called zk a method in the application. Correct.

Traction

One named pilot (redacted).

Founded 2021, headquartered in Chicago. One named pilot on file (redacted in public). 2 nodes or connected surfaces reported. Desk diligence score 69/100. A coverholder or carrier running one binder on this record. A redacted engagement letter landed in week one. That is why the desk took the meeting.

Next 12 months

Still no yield marketed to the public.

Custodian reporting is a PDF. This is a file a counterparty verifies. They sell a fee the customer already pays a slower vendor for. TAM is that invoice, not a token float.

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.

If you leave this page without opening the claims table, you have read marketing. The scarce version of Larch Stack is the version that survives counsel. It is on a clock.

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

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.

From ops

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

The window

Miss this and you read the archive.

The incumbent will still be slow in a year. The window will not.

Counsel hours on file: enough that a later reader can tell this was not improvised.

Open the diligence or watch it close. There is not a third option that still counts as early.

Window remaining

0days

When this window closes, the campaign is archive.

Sentences killed
10
Counsel hours on file
14
Asks / week
10
Our cut
0% of proceeds

Kill the public sentence in an hour or do not list us. We can do the hour.

Lars Ng, Chief executive

This company

Larch Stack

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

In the same conversation

  • Fund admins
  • Custodian reporting
  • Public ‘vault tokens’ (the thing this is not)

The bet

Why this company exists.

The wedge is 2022: allocators asked for proof and got demos.

The wedge is 2022: allocators asked for proof and got demos.

Allocators asked for proof after 2022. Labs answered with demos. The first vault accounting that an auditor will sign is a business.

Middle-office spend at alternative managers is a budget that survived the last cycle.

Versus the field

The incumbent brand sells the relationship. Larch Stack 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.

Chicago 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

  1. 01Positions are accounted in a book the manager already runs
  2. 02A proof or extract is produced for a named counterparty
  3. 03Yield is not marketed to the public on this pad
  4. 04zk, if present, is a method — not a ticker
  5. 05A proof or extract is produced for a named counterparty only
  6. 06Kill of a public sentence is an hour, not a committee.

In the same conversation as

  • Fund admins
  • Custodian reporting
  • Public ‘vault tokens’ (the thing this is not)

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

    38%

    Hiring the operator who already does this job at a licensed firm.

  • Control environment

    26%

    Dual-control drills, key ceremonies, and the person who owns them.

  • Claims & campaign ops

    21%

    A counsel memo that can survive a later reader.

  • Named operators

    15%

    The remaining certifications and the second named market.

Operating week

What “in market” actually looks like.

  1. WedCounselPerimeter diffs. If the site drifted from the memo, the site moves — not the memo.
  2. FriKill switchRehearse unpublish in 24 hours. If it takes a committee, it is not a switch.
  3. SunOwnersWho can decide messaging and budget on a recorded line. If the answer is nobody, stop.
  4. ThuCustomerNamed pilot (redacted) sees the same record the auditor saw.

The wedge

Why this one, not the other one.

They sell
Auditor extract
Who pays
A coverholder or carrier running one binder on this record.
Unit economics
They sell a fee the customer already pays a slower vendor for. TAM is that invoice, not a token float.
Moat on file
The circuit, if any, proves the real book.
Switching cost
Once the record is the record, the incumbent copy has to migrate history. That is the year.
Vs the comps
Custodian reporting is a PDF. This is a file a counterparty verifies.
Why we listed it
They called zk a method in the application. Correct.

Next twelve months

What has to be true.

Still no yield marketed to the public.

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

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

Traction

What you can verify today.

Founded 2021, headquartered in Chicago. One named pilot on file (redacted in public). 2 nodes or connected surfaces reported. Desk diligence score 69/100. A coverholder or carrier running one binder on this record. A redacted engagement letter landed in week one. That is why the desk took the meeting.

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

  • Product26
  • Customers40
  • Legal path62
  • Tech maturity34
  • Demand10
  • 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. Not offering — locked has to be a memo you can file, not a slogan on the hero.

Yield product

If the landing page is APY, this is a different, usually unlicensed, business.

Proof theatre

A zk circuit of a fake book is still a fake book.

Custodian

Who holds the keys? If it is the startup, that is custody.

Audit

No auditor, no statement. Demo is not diligence.

Proof theatre

A zk circuit of a fake book is still a fake book. Larch Stack has to prove the real one.

Single-customer gravity

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

Ask these next

  1. 01Who is the first named paying customer — not a letter of intent?
  2. 02Which geography is actually locked, and which is a hope?
  3. 03Which incumbent can copy this in a quarter, and what would they have to migrate?
  4. 04Has counsel written the perimeter in a memo you can file?
  5. 05Is the waitlist demand for a product, or a queue for a coin?
  6. 06Where do keys, title, or NAV liability sit — and is that person licensed?

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 Stack LLC
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.

  • United States professionalnamed
  • United Kingdomnamed
  • Public residual claimsrestricted

Team

Who runs it.

  • Lars NgChief executive
  • Luca KhanHead of product

Stack

  • Prime adapters
  • Prime brokerage ops
  • Approval trail
  • Disclosure templates

Named with them

  • Helix Audit

Who can decide

Lars Ng (Chief executive) will take a 30-minute call and decide budget. If the only person who can accept “we are not opening a sale” is a silent co-founder in another time zone, this company would not be on the board.

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.

StatementEvidenceStatus
Larch Stack does not sell a token to the public on this padPosture locklive
The product is prime brokerage ops sold to institutionsArchitecture + customer typedraft
Prime adapters is the method — not a listed assetPaper onlydraft
Retail buyers are out of scopeNamed markets locklive
Any raise completes with the issuer’s counsel and providers — not on RCA PadFixed-fee termslive
Pilot identities redacted in publicNo board minutedraft
No public token is sold on this padEngagement terms + posture locklive
Customers contemplated: United States professional, United KingdomNamed markets on the filedraft

On the record

  1. Application APP-4844ScreenSep
  2. Counsel questionPathSep

Operating log

  1. 07 Sep 9:00

    Application scored. Larch Stack is not a calendar slot.

  2. 11 Sep 10:12

    Counsel question sent. Name a path or lock not-offering.

Path to now

  1. Now

    Screen

    Calendar is never automatic.

  2. 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

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