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

OSIS

Screened

SCREENEDPrime brokerage ops

Osier Vault

Certification is in motion. After it lands, access is the scarce thing — not price.

Osier Vault survived the screen. Most of Prime brokerage ops did not. That is not a slogan. It is the decline pile.

Osier Vault — 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.

8 live counterparties in the thread. The public page is the overflow.

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

Still a question

Live nodes

Prime adapters

Counsel hours

Undetermined — not a path

Sentences killed

Before listing

Claims live

0/5

Sprint

Our cut

Of any proceeds

Plate Horizon · 8377

OSIS

The plate

Horizon. Edition 8377.

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

OSIS · Dublin · Prime brokerage ops

Score

Desk diligence

Pilots

Named, redacted

Stage

upcoming

Dublin

Asset managers

Sells

Fund

Fund seat

Markets

Ireland

Years

Founded 2024

Surfaces

Prime adapters

Complete

File readiness

The wedge

Fund seat

Osier Vault sells the statement, not the vault. Anyone can launch a vault.

Why the desk took it

Early — still a question.

No APY on any surface we could find.

Traction

One named pilot (redacted).

Founded 2024, headquartered in Dublin. One named pilot on file (redacted in public). 1 nodes or connected surfaces reported. Desk diligence score 61/100. A coverholder or carrier running one binder on this record. They killed their own ‘token as fee’ sentence before we asked. Rare, and it scored.

Next 12 months

Still no yield marketed to the public.

Custodian reporting is a PDF. This is a file a counterparty verifies. They win if they are cheaper than the internal build, not cheaper than a protocol.

The brief

How a serious reader should hold this.

Dublin is not a backdrop. It is the jurisdiction where a named customer can be sued, called, and asked a question on a recorded line. Osier Vault chose it for that reason. Counterparties who still think this is a ‘global’ story are already late.

Osier Vault exists because the incumbent brand will not staff the unglamorous middle of Prime brokerage ops. The product is that middle. The token, if it ever exists, is not the product — and is not for sale here. The people in the queue already understood the difference.

A sentence went public and came down in under an hour. Tomás Khan treated the kill as an operating skill, not a PR event. Files that cannot do this do not stay listed.

From counsel

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

From ops

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

From the founder

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.

Waiting for a proposed US rule is how you miss a Dublin buyer who already has budget.

Certification is in motion. After it lands, the price of the seat is not the question — access is.

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: 6
Counsel hours on file: 8
Asks / week: 11
Our cut: 0% of proceeds

Renewal is the round. If nobody renews, there is no company. A token would not fix that.
Tomás Khan, Chief executive

This company

Osier Vault

Not the incumbent brand. Osier Vault sells the job the brand will not staff.

In the same conversation

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

The bet

Why this company exists.

Osier Vault sells the statement, not the vault. Anyone can launch a vault.

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. Osier Vault 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.

Dublin 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

01Positions are accounted in a book the manager already runs
02A proof or extract is produced for a named counterparty
03Yield is not marketed to the public on this pad
04zk, if present, is a method — not a ticker
05A proof or extract is produced for a named counterparty only
06Retail and unnamed geographies are structurally off the form, not only in the footer.

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.

Claims & campaign ops
38%
Adapter work against the incumbent register, admin, or custodian.
Counsel & perimeter
20%
A counsel memo that can survive a later reader.
Control environment
22%
Hiring the operator who already does this job at a licensed firm.
Named operators
20%
The remaining certifications and the second named market.

Operating week

What “in market” actually looks like.

FriKill switchRehearse unpublish in 24 hours. If it takes a committee, it is not a switch.
MonClaimsEvery public sentence checked against the register. Anything extra is unpublished.
SatDarkNo creators. No threads. Restricted geos stay dark.
ThuCustomerNamed pilot (redacted) sees the same record the auditor saw.

The wedge

Why this one, not the other one.

They sell: Fund seat
Who pays: A coverholder or carrier running one binder on this record.
Unit economics: They win if they are cheaper than the internal build, not cheaper than a protocol.
Moat on file: Auditor engagement letter — not a tweet.
Switching cost: Network effects only if a second named counterparty writes. One customer is a service firm.
Vs the comps: Custodian reporting is a PDF. This is a file a counterparty verifies.
Why we listed it: No APY on any surface we could find.

Next twelve months

What has to be true.

Still no yield marketed to the public.

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

Growth money would extend the record to a second geography, still permissioned.

Traction

What you can verify today.

Architecture paper — no production customer on the public file
No token contract listed as a public sale
Named founder; customer still a conversation
Dublin 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.”

Product27
Customers40
Legal path24
Tech maturity31
Demand10
Market access68

Risks

What can kill it.

The one that actually kills it

The founder wants a public book

The moment Osier Vault 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.

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. Osier Vault has to prove the real one.

Incumbent feature

The administrator, CCP, scheme or custodian can ship this as a checkbox. Osier Vault has to be cheaper or faster before that happens.

Ask these next

01Is the waitlist demand for a product, or a queue for a coin?
02Who can unpublish a public sentence in 24 hours, by name?
03Which geography is actually locked, and which is a hope?
04Which incumbent can copy this in a quarter, and what would they have to migrate?
05Who is the first named paying customer — not a letter of intent?
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: Osier Vault DAC
Path on file: Undetermined — not a path
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.

Irelandnamed
EEA professionalnamed
Public residual claimsrestricted

Team

Who runs it.

Tomás KhanChief executive
Owen IbrahimMarkets

Stack

Prime adapters
Prime brokerage ops
Audit log
Takedown SLA

Named with them

Northbridge Counsel

Who can decide

Tomás Khan (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.

If the first customer renews, the adapter work pays for itself. If they do not, Osier Vault is a services firm with a slide. The twelve-month test is renewal, not waitlist.

Claims with evidence

Statements with evidence.

Statement	Evidence	Status
Osier Vault does not sell a token to the public on this pad	Posture lock	live
The product is prime brokerage ops sold to institutions	Architecture + customer type	draft
Prime adapters 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
Pilot identities redacted in public	Desk file	draft
No public token is sold on this pad	Engagement terms + posture lock	live
Customers contemplated: Ireland, EEA professional	Named markets on the file	draft

On the record

Application APP-4467ScreenSep
Counsel questionPathSep

Operating log

01 Sep 16:00
Application scored. Osier Vault 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.

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.