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

LWRM

In diligence

IN MOTIONClearing

Low Room

The incumbent copy takes a year. The named customer is already writing.

The window is a few days. After that Low Room archives. Diligence does not reopen as a live conversation.

Low Room — A permissioned netting engine for trading venues and brokers that are already licensed. It reduces what has to settle. It is not a new CCP, and it is not a collateral token.

In a 14-day diligence sprint (day 12). This is when the story, the customers and the legal path get written down — or the file stops.

A year from now this will be an obvious company or a missed one. The window decides which.

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

Redacted on the public page

Live nodes

Permissioned netting

Counsel hours

Not offering — locked

Sentences killed

Before listing

Claims live

3/8

Sprint

Our cut

Of any proceeds

Plate Horizon · 4847

LWRM

The plate

Horizon. Edition 4847.

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

LWRM · Vienna · Clearing

Score

Desk diligence

Pilots

Named, redacted

Sprint

Day 12 of 14

Vienna

Licensed venues

Sells

Member

Member seat

Markets

Vienna

Years

Founded 2025

Surfaces

Permissioned netting

Complete

File readiness

The wedge

Member seat

The wedge is T+1: gross settlement got expensive overnight.

Why the desk took it

A real job, not a ticker.

Collateral-as-token was an exclusion in the application. We kept it.

Traction

2 named pilots (redacted).

Founded 2025, headquartered in Vienna. 2 named pilots on file (identities redacted in public). 5 nodes or connected surfaces reported. Desk diligence score 80/100. Sprint day 12 of 14. A coverholder or carrier running one binder on this record. Counsel is named, even if the memo is still a draft. Unnamed counsel is how files die.

Next 12 months

Legal memo: are we a CCP? One page, named firm.

A DeFi clearinghouse is a different, usually unlicensed, business. 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 Clearing is not a rumour. It is how this board stays readable. Low Room is what survived. That is the sell.

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.

A dual-control drill sits on paper. Keys, title, or NAV liability sit with a named licensed party — not Low Room. The architecture says so. We have not watched the drill live. That is the next ask, not a slogan.

From the founder

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

From ops

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

From the pilot

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.

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

A supervisor is already forcing a perimeter. Houses that pick software over a coin will buy this now.

If you are a founder who wants a pack like this: apply. If you are a buyer: call them — not us.

Window

Closed

Closed. History only — not a place to buy.

Sentences killed: 8
Counsel hours on file: 48
Asks / week: 38
Our cut: 0% of proceeds

I will take thirty minutes and decide budget. If that person is not me, we should not be listed.
Anja Krüger, Chief executive

This company

Low Room

Twelve Clearing decks look the same. One of them has a Vienna customer on the record.

In the same conversation

LCH / Eurex (incumbent CCPs)
Caldastone-style utilities
Not a DeFi clearinghouse

The bet

Why this company exists.

The wedge is T+1: gross settlement got expensive overnight.

T+1 and capital rules make gross settlement expensive. Venues will buy netting as a service before they will buy a new licence.

Post-trade cost is a line on every broker P&L. A 10% cut in settlement fails is a CFO conversation.

Versus the field

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

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

How it works

01Members post positions they already hold
02The engine nets what the rulebook allows
03Only the residual hits the existing settlement rail
04Collateral as a token is an exclusion on this file
05Only the residual hits the existing settlement rail — gross never leaves the venue
06The legal source of truth stays with the incumbent register, admin, or custodian.

In the same conversation as

LCH / Eurex (incumbent CCPs)
Caldastone-style utilities
Not a DeFi clearinghouse

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
35%
The remaining certifications and the second named market.
Counsel & perimeter
18%
Keeping the public story from running ahead of the claims register.
Control environment
17%
Hiring the operator who already does this job at a licensed firm.
Named operators
30%
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.
SatDarkNo creators. No threads. Restricted geos stay dark.
TueExceptionsOvernight breaks post back into the customer’s case system. No side book.
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: Member seat
Who pays: A coverholder or carrier running one binder on this record.
Unit economics: Seat plus event. If they ever attach a token as the unit of account, the file stops.
Moat on file: Default waterfall drafted with counsel, not a Discord poll.
Switching cost: Once the record is the record, the incumbent copy has to migrate history. That is the year.
Vs the comps: A DeFi clearinghouse is a different, usually unlicensed, business.
Why we listed it: Collateral-as-token was an exclusion in the application. We kept it.

Next twelve months

What has to be true.

Legal memo: are we a CCP? One page, named firm.

Counsel is named, even if the memo is still a draft. Unnamed counsel is how files die.

They have not asked us to run a sale. That ask would close the file.

Traction

What you can verify today.

Operating notes for Permissioned netting
No token contract listed as a public sale
Pilot letters on file, identities redacted
Vienna 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.”

Product47
Customers62
Legal path62
Tech maturity51
Demand66
Market access44

Risks

What can kill it.

The one that actually kills it

The founder wants a public book

The moment Low Room asks this pad to allocate, sell, or complete funding, the listing ends. That is not a moral project. It is how a services firm stays a services firm.

CCP perimeter

If a regulator reads this as clearing, the licence problem is existential.

Collateral token

That ask has been refused on files like this. It should stay refused.

Member default

Who eats the loss? If the answer is ‘the protocol’, there is no protocol that can.

Incumbent freeze-out

CCPs can copy the netting logic faster than a startup can collect members.

CCP copy

The incumbent can ship the same netting as a feature. Low Room has to be cheaper or faster before that happens.

Token relapse

A later round that wants a public token puts Low Room in a different perimeter. The file treats that as a hard stop.

Ask these next

01Which geography is actually locked, and which is a hope?
02Is the waitlist demand for a product, or a queue for a coin?
03If RCA Pad disappeared tomorrow, could the customer still run the job?
04What happens if a founder later wants a public token?
05Which incumbent can copy this in a quarter, and what would they have to migrate?
06Who is the first named paying customer — not a letter of intent?

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: Low Room 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.

Viennanamed
United States retailrestricted
United Statesrestricted

Team

Who runs it.

Anja KrügerChief executive
Ines ReillyChief technology

Stack

Permissioned netting
Clearing
Audit log
Disclosure templates

Named with them

Northbridge Counsel
Helix Audit
Meridian Tax

Who can decide

Anja Krüger came in named. The team is not a handle. Low Room Ltd exists, founded 2025, headquartered in Vienna. 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
Low Room does not sell a token to the public on this pad	Posture lock	live
The product is clearing sold to institutions	Architecture + customer type	live
Permissioned netting 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: Vienna	Named markets on the file	live

On the record

Day 0 lockKick-offSep
Claim inventoryPackSep
Audience matrix draftPackSep

Operating log

11 Sep 16:41
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.

Launch your own How an RCAICO works

Other companies

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