The wedge
Administrator co-source
They sell a faster close to administrators, not access to a crowd.
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
LAR6
Screened
SCREENEDISDA opsLarch Works
The incumbent copy takes a year. The named customer is already writing.
Austin is not a backdrop. It is the city where the customer can be called on a recorded line.
Larch Works — 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.
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
Redacted on the public page
Live nodes
0
Confirmations book
Counsel hours
0
Not offering — locked
Sentences killed
0
Before listing
Claims live
1/6
Sprint
Our cut
0%
Of any proceeds
Plate Vault · 2329
LAR6
The plate
Vault. Edition 2329.
A unique plate for Larch Works. Geometry, orbit, and edition belong to this company — no other listing on the board shares it.
LAR6 · Austin · ISDA ops
Score
0
Desk diligence
Pilots
0
Named, redacted
Stage
upcoming
upcoming
HQ
Austin
Private-credit funds
Sells
Administrator
Administrator co-source
Markets
0
Austin
Years
0
Founded 2024
Surfaces
0
Confirmations book
Complete
0
File readiness
Why the desk took it
Early — still a question.
Retail was never in the deck. Rare.
Traction
One named pilot (redacted).
Founded 2024, headquartered in Austin. One named pilot on file (redacted in public). 3 nodes or connected surfaces reported. Desk diligence score 74/100. A qualified custodian reconciling against this book. A dual-control drill exists on paper. We have not watched it live yet — that is the next ask.
Next 12 months
One administrator consuming marks daily.
A DeFi lending pool is the opposite company. Annual software against an ops cost the board can see. Switching cost is the record, not the brand.
The brief
How a serious reader should hold this.
Before the waitlist, before the window, there was a refusal. Larch Works would not let a public sale sit on this page. That is why a company in ISDA ops is listed here at all — and why the people who wanted a coin left, and the people who wanted the product stayed.
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.
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 pilot
The legal source of truth stays with the incumbent register, admin, or custodian. Larch Works does not attest to its own facts.
From counsel
A dual-control drill exists on paper. Production evidence is the next artefact, not a tweet.
From the screen
Fixed fee. Deposit to start. 0% of proceeds. Token-only pay is declined. Percentage of raise is declined.
The window
Miss this and you read the archive.
Miss 15 days and you are explaining to your IC why you read it after it closed.
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
- 13
- Counsel hours on file
- 11
- Asks / week
- 8
- Our cut
- 0% of proceeds
Renewal is the round. If nobody renews, there is no company. A token would not fix that.
This company
Larch Works
Open-source looks free until the auditor asks who attests. Larch Works has an answer.
In the same conversation
- eFront
- Allvue
- Closed RFQ wires
- Not an on-chain lending pool
The bet
Why this company exists.
They sell a faster close to administrators, not access to a crowd.
They sell a faster close to administrators, not access to a crowd.
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
The incumbent brand sells the relationship. Larch Works 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 Not offering — locked. Proposed Regulation Crypto Assets is not treated as a calendar slot. Build as if it never opens.
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
- 06The legal source of truth stays with the incumbent register, admin, or custodian.
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.
Second market
35%
Hiring the operator who already does this job at a licensed firm.
Named operators
26%
Dual-control drills, key ceremonies, and the person who owns them.
Control environment
18%
Keeping the public story from running ahead of the claims register.
Claims & campaign ops
21%
A counsel memo that can survive a later reader.
Operating week
What “in market” actually looks like.
- FriKill switchRehearse unpublish in 24 hours. If it takes a committee, it is not a switch.
- WedCounselPerimeter diffs. If the site drifted from the memo, the site moves — not the memo.
- ThuCustomerNamed pilot (redacted) sees the same record the auditor saw.
- SatDarkNo creators. No threads. Restricted geos stay dark.
The wedge
Why this one, not the other one.
- They sell
- Administrator co-source
- Who pays
- A qualified custodian reconciling against this book.
- Unit economics
- Annual software against an ops cost the board can see. Switching cost is the record, not the brand.
- Moat on file
- Covenant language mapped to the LMA set — not a custom dialect.
- Switching cost
- Scheme maps, ISO, LMA language, registry adapters — eighteen months of unglamorous work.
- Vs the comps
- A DeFi lending pool is the opposite company.
- Why we listed it
- Retail was never in the deck. Rare.
Next twelve months
What has to be true.
One administrator consuming marks daily.
A dual-control drill exists on paper. We have not watched it live yet — that is the next ask.
Capital would fund the adapter work and a named counsel memo, not a public sale.
Traction
What you can verify today.
Founded 2024, headquartered in Austin. One named pilot on file (redacted in public). 3 nodes or connected surfaces reported. Desk diligence score 74/100. A qualified custodian reconciling against this book. A dual-control drill exists on paper. We have not watched it live yet — that is the next ask.
- Architecture paper — no production customer on the public file
- No token contract listed as a public sale
- Pilot letters on file, identities redacted
- Austin 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.”
- Product24
- Customers40
- Legal path62
- Tech maturity37
- Demand10
- Market access68
Risks
What can kill it.
The one that actually kills it
The named customer is a letter of intent
Pilots that cannot be named, even redacted, are theatre. One paying seat that an auditor has seen is worth more than a waitlist of a short list.
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.
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
- 01Which geography is actually locked, and which is a hope?
- 02Which incumbent can copy this in a quarter, and what would they have to migrate?
- 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?
- 05Has counsel written the perimeter in a memo you can file?
- 06If RCA Pad disappeared tomorrow, could the customer still run the job?
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 Works Ltd
- Path on file
- Not offering — locked
- Posture
- No public sale
- 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.
- Austinnamed
- United Kingdomnamed
- EU retailrestricted
- United Statesrestricted
Team
Who runs it.
- Claire NgChief executive
- Owen ChoMarkets
Stack
- Confirmations book
- ISDA ops
- Approval trail
- Audit log
Named with them
- Helix Audit
Who can decide
Claire 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.
| Statement | Evidence | Status |
|---|---|---|
| Larch Works does not sell a token to the public on this pad | Posture lock | live |
| The product is isda ops sold to institutions | Architecture + customer type | draft |
| Confirmations book 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 | Desk file | draft |
| No public token is sold on this pad | Engagement terms + posture lock | live |
| Customers contemplated: Austin, United Kingdom | Named markets on the file | draft |
On the record
- Application APP-4813ScreenSep
- Counsel questionPathSep
Operating log
01 Sep 17:00
Application scored. Larch Works is not a calendar slot.
10 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.
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.