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

OSIQ

In diligence

IN MOTIONMunicipal records

Osier Holt

Counsel is live. The waitlist is a short list. The public sale is not.

If this pad disappeared tomorrow, the customer could still run the job. That is why they are here.

Osier Holt — Permissioned infrastructure sold to firms that already operate in this market. The chain is a method. The customer is an institution. A public token sale is not the business.

In a 14-day diligence sprint (day 3). This is when the story, the customers and the legal path get written down — or the file stops.

They unpublish in an hour. They will not wait for your committee to finish reading.

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

Civic ledger

Counsel hours

Not offering — locked

Sentences killed

Before listing

Claims live

2/10

Sprint

Our cut

Of any proceeds

Plate Meridian · 7410

OSIQ

The plate

Meridian. Edition 7410.

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

OSIQ · Frankfurt · Municipal records

Score

Desk diligence

Pilots

Named, redacted

Sprint

Day 3 of 14

Frankfurt

Named institutional customers in a named geography

Sells

Seat

Markets

Germany

Years

Founded 2023

Surfaces

Civic ledger

Complete

File readiness

The wedge

Seat

Osier Holt sells a replacement for a known ops cost.

Why the desk took it

A real job, not a ticker.

Revenue is a fee, not a token.

Traction

One named pilot (redacted).

Founded 2023, headquartered in Frankfurt. One named pilot on file (redacted in public). 4 nodes or connected surfaces reported. Desk diligence score 86/100. Sprint day 3 of 14. An AIFM whose auditor has seen the dual-record. They killed their own ‘token as fee’ sentence before we asked. Rare, and it scored.

Next 12 months

One paying customer.

Incumbent ops vendors are slow. Internal builds are slower. Bps on a job that already has a budget line. A public coin would not make the invoice larger.

The brief

How a serious reader should hold this.

The decline pile in Municipal records is not a rumour. It is how this board stays readable. Osier Holt is what survived. That is the sell.

Read this as an operating company, not a round. Counsel has a posture: Not offering — locked. Restricted markets stay dark. RCA Pad takes 0% if they ever raise. That combination is why inbound did not need a ticker.

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

From counsel

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

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

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.

Skip it and you read the archive. Counterparties who matter will have already asked.

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

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

Window

Closed

Closed. History only — not a place to buy.

Sentences killed: 6
Counsel hours on file: 79
Asks / week: 14
Our cut: 0% of proceeds

Our TAM is an invoice the customer already pays. A coin would not make it larger. It would make the licence harder.
Priya Shah, Chief executive

This company

Osier Holt

The protocol pitch is the thing this company has already refused.

In the same conversation

Incumbent ops vendors
Internal builds
Public tokens (the thing to avoid)

The bet

Why this company exists.

Osier Holt sells a replacement for a known ops cost.

Boards will fund replacement of a known ops cost. They will not fund a crowd sale dressed as infrastructure.

The customer’s existing ops budget is the TAM that matters.

Versus the field

The incumbent brand sells the relationship. Osier Holt 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 job the customer already does is moved onto a shared record
02Access is permissioned
03Revenue is software or a service fee
04No public allocation on this pad
05A named counterparty verifies; Osier Holt does not attest to its own facts.

In the same conversation as

Incumbent ops vendors
Internal builds
Public tokens (the thing to avoid)

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
31%
The remaining certifications and the second named market.
Certifications & adapters
28%
A counsel memo that can survive a later reader.
Claims & campaign ops
14%
Dual-control drills, key ceremonies, and the person who owns them.
Second market
27%
Adapter work against the incumbent register, admin, or custodian.

Operating week

What “in market” actually looks like.

WedCounselPerimeter diffs. If the site drifted from the memo, the site moves — not the memo.
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.
ThuCustomerNamed pilot (redacted) sees the same record the auditor saw.

The wedge

Why this one, not the other one.

They sell: Seat
Who pays: An AIFM whose auditor has seen the dual-record.
Unit economics: Bps on a job that already has a budget line. A public coin would not make the invoice larger.
Moat on file: Counsel on file, or the file stays quiet.
Switching cost: Scheme maps, ISO, LMA language, registry adapters — eighteen months of unglamorous work.
Vs the comps: Incumbent ops vendors are slow. Internal builds are slower.
Why we listed it: Revenue is a fee, not a token.

Next twelve months

What has to be true.

One paying customer.

They killed their own ‘token as fee’ sentence before we asked. Rare, and it scored.

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

Traction

What you can verify today.

Operating notes for Civic ledger
No token contract listed as a public sale
Pilot letters on file, identities redacted
Frankfurt 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.”

Product38
Customers40
Legal path62
Tech maturity48
Demand30
Market access68

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.

No customer

A lab without a named buyer is a paper.

Token as business model

If the only revenue is a token, this is the wrong pad.

Path

Counsel has to name how this is offered, or it stays not-offering.

Geography

Retail and unnamed markets are off until someone writes them on.

No customer

A lab without a named buyer is a paper. Osier Holt has to show one.

Token relapse

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

Ask these next

01Who is the first named paying customer — not a letter of intent?
02What does renewal look like if no round ever happens?
03Is the waitlist demand for a product, or a queue for a coin?
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?
06Where do keys, title, or NAV liability sit — and is that person licensed?

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: Osier Holt GmbH
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.

Germanynamed
EEA professionalnamed
United States retailrestricted

Team

Who runs it.

Priya ShahChief executive

Stack

Civic ledger
Municipal records
Disclosure templates
Takedown SLA

Named with them

Northbridge Counsel
Clearline

Who can decide

The technical founder is on the record as engineering. Contractors in undisclosed jurisdictions are written down as a fact, not hidden. Facts can be managed. Hiding them is how companies die in diligence.

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
Osier Holt does not sell a token to the public on this pad	Posture lock	live
The product is municipal records sold to institutions	Architecture + customer type	live
Civic ledger 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	No board minute	draft
No public token is sold on this pad	Engagement terms + posture lock	live
Customers contemplated: Germany, EEA professional	Named markets on the file	live

On the record

Day 0 lockKick-offSep
Claim inventoryPackSep
Audience matrix draftPackSep

Operating log

11 Sep 14:41
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

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.