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

ORTS

Closed

CLOSEDFund books

Ort

Window closed. a short list asked while it was live. You are reading history.

Zara Shah will not run a public sale on this pad. The listing exists because of that sentence.

Ort — An operational layer for funds: NAV events, share-class records, books an AIFM can defend. The administrator remains the administrator. This is co-sourced infrastructure, not a tokenised fund on a public board.

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.

Stage

completed

Window

Closed

Heat

0/99

Inbound / wk

0asks

Asking now

0live

Named pilots

Redacted on the public page

Live nodes

Permissioned ledger

Counsel hours

Switzerland · closed private round

Sentences killed

Before listing

Claims live

0/16

Sprint

Our cut

Of any proceeds

Plate Meridian · 8268

ORTS

The plate

Meridian. Edition 8268.

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

ORTS · Zurich · Fund books

Score

Desk diligence

Pilots

Named, redacted

Stage

completed

Zurich

Fund administrators

Sells

Per

Per NAV event

Markets

Switzerland

Years

Founded 2026

Surfaces

Permissioned ledger

Complete

File readiness

The wedge

Per NAV event

Ort sells a 15-day lag down to a day, without turning the unit into a coin.

Why the desk took it

A real job, not a ticker.

NAV liability sentence exists. Who is wrong when the number is wrong.

Traction

2 named pilots (redacted).

Founded 2026, headquartered in Zurich. 2 named pilots on file (identities redacted in public). 6 nodes or connected surfaces reported. Desk diligence score 73/100. Four origination desks posting into a closed tape. A dual-control drill exists on paper. We have not watched it live yet — that is the next ask.

Next 12 months

Daily NAV in one live fund.

SS&C and Apex are the admin. This is the event layer they can defend. 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.

Most Fund books decks start with a market size. This one starts with a job: a person at a licensed firm, a record they cannot currently prove, and a calendar that does not wait for a proposed US rule. The calendar is the window. The window is the scarce thing.

The bet is narrow. A named Zurich buyer already has budget for this invoice. Ort wins if it is cheaper than the internal build and cleaner than the protocol pitch. It loses if a founder later wants a public book. The window is the time you have to decide which it is.

On a Tuesday in Zurich, 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 pilot

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 ops

Fixed fee. Deposit to start. 0% of proceeds. Token-only pay is declined. Percentage of raise is declined.

From counsel

A dual-control drill exists on paper. Production evidence is the next artefact, not a tweet.

The window

Miss this and you read the archive.

The next Fund books company on this board will not have this waitlist, this HQ, or this counsel posture.

Restricted markets stay dark. Named markets are live. That discipline is the scarce thing.

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: 3
Counsel hours on file: 90
Asks / week: 2
Our cut: 0% of proceeds

We did not come here to sell a token. We came here so a named customer could read a pack that survives counsel.
Zara Shah, Chief executive

This company

Ort

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

In the same conversation

SS&C
Apex
Citi TA
Not a public tokenised fund

The bet

Why this company exists.

Ort sells a 15-day lag down to a day, without turning the unit into a coin.

Allocators want faster marks. Administrators cannot staff that with people. A dual-record (their books + this event) is how they sleep.

Fund administration is a fee business measured in basis points of AUM. A faster close is retained business.

Versus the field

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

Named: Switzerland, EEA professional. Off-limits: Global public. A US person hearing an offering communication is a US problem even if the company sits in Zurich. Blocking an IP and taking a US Telegram admin is not a block.

How it works

01Administrator remains source of truth
02Events (NAV, subscription, share-class) are signed and timestamped
03Investors and auditors query what they are allowed to see
04The fund unit is not listed here as a token you can buy
05Investors and auditors query only what they are allowed to see
06A named counterparty verifies; Ort does not attest to its own facts.

In the same conversation as

SS&C
Apex
Citi TA
Not a public tokenised fund

If they raise

Where the money would actually go.

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

Counsel & perimeter
29%
A counsel memo that can survive a later reader.
Certifications & adapters
26%
The remaining certifications and the second named market.
Claims & campaign ops
16%
Hiring the operator who already does this job at a licensed firm.
Named operators
29%
Keeping the public story from running ahead of the claims register.

Operating week

What “in market” actually looks like.

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.
WedCounselPerimeter diffs. If the site drifted from the memo, the site moves — not the memo.
SatDarkNo creators. No threads. Restricted geos stay dark.

The wedge

Why this one, not the other one.

They sell: Per NAV event
Who pays: Four origination desks posting into a closed tape.
Unit economics: Seat plus event. If they ever attach a token as the unit of account, the file stops.
Moat on file: Auditor has seen the dual-record and not walked out.
Switching cost: Scheme maps, ISO, LMA language, registry adapters — eighteen months of unglamorous work.
Vs the comps: SS&C and Apex are the admin. This is the event layer they can defend.
Why we listed it: NAV liability sentence exists. Who is wrong when the number is wrong.

Next twelve months

What has to be true.

Daily NAV in one live fund.

A dual-control drill exists on paper. We have not watched it live yet — that is the next ask.

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

Traction

What you can verify today.

Operating notes for Permissioned ledger
No token contract listed as a public sale
Named founder; customer still a conversation
Zurich 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
Customers62
Legal path84
Tech maturity46
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.

Unit token

A share-class token sold to the public is a securities offering. This pad will not run that as a sale.

Admin of record

If the admin has not signed, this is a shadow book. Shadow books do not survive an audit.

NAV liability

Who is wrong when the number is wrong? That sentence has to exist.

Distribution

Using this layer as a public subscription journey is a different file — and usually the wrong house.

Shadow book

If the administrator has not signed, Ort is a copy of a spreadsheet. Copies do not survive the audit.

Single-customer gravity

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

Ask these next

01Which geography is actually locked, and which is a hope?
02What happens if a founder later wants a public token?
03What does renewal look like if no round ever happens?
04Which incumbent can copy this in a quarter, and what would they have to migrate?
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.

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

Entity: Ort AG
Path on file: Switzerland · closed private round
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.

Switzerlandnamed
EEA professionalnamed
Global publicrestricted

Team

Who runs it.

Zara ShahChief executive
Kofi AdeyemiFinance

Stack

Permissioned ledger
Fund books
Audit log
Takedown SLA

Named with them

Helix Audit
Meridian Tax

Who can decide

Zara Shah came in named. The team is not a handle. Ort AG exists, founded 2026, headquartered in Zurich. 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
Ort does not sell a token to the public on this pad	Posture lock	withdrawn
The product is fund books sold to institutions	Architecture + customer type	withdrawn
Permissioned 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: Switzerland, EEA professional	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
Ort 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

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.