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

OSI6

In market

IN MARKETCredit RFQ

Osier Works

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

The protocol pitch was declined. What remains is software against an invoice. 3,695 people still asked.

Osier 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.

Live campaign. 3,695 on the product waitlist — that is demand, not an allocation.

Window a fewd. Waitlist 3,695. 103 asks this week. This is not a quiet listing.

Diligence, not a prospectus. RCA Pad does not allocate, take orders, or close funding. If this company raises, it raises with its own counsel.

Waitlist

Window

Closed

Heat

0/99

Inbound / wk

0asks

Asking now

0live

Named pilots

Redacted on the public page

Live nodes

Permissioned matching

Counsel hours

Vilnius · counsel-named

Sentences killed

Before listing

Claims live

8/9

Growth

Our cut

Of any proceeds

Plate Lattice · 6063

OSI6

The plate

Lattice. Edition 6063.

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

OSI6 · Vilnius · Credit RFQ

Score

Desk diligence

Pilots

Named, redacted

Waitlist

Product demand

Vilnius

Private-credit funds

Sells

Bps

Bps on facilities on the tape

Markets

Vilnius

Years

Founded 2024

Surfaces

Permissioned matching

Complete

File readiness

The wedge

Bps on facilities on the tape

Osier Works wants to be the record everyone already trusts, without becoming the venue.

Why the desk took it

A real job, not a ticker.

Retail was never in the deck. Rare.

Traction

3 named pilots (redacted).

Founded 2024, headquartered in Vilnius. 3 named pilots on file (identities redacted in public). 3,695 on the waitlist, gated — product demand, not a book built. 6 nodes or connected surfaces reported. Desk diligence score 90/100. A named Vilnius administrator who already signs the pack (redacted). A redacted engagement letter landed in week one. That is why the desk took the meeting.

Next 12 months

Securities memo on the tape itself — is the record a security? Write it down.

Closed RFQ wires do this slowly. Osier Works does it as a record. They win if they are cheaper than the internal build, not cheaper than a protocol.

The brief

How a serious reader should hold this.

You can wait for a sticker. The named customer did not. They are writing into this record while the rest of the market argues about a comment period.

If you leave this page without opening the claims table, you have read marketing. The scarce version of Osier Works is the version that survives counsel. It is on a clock.

On a Tuesday in Vilnius, 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 ops

We will not describe this as Reg CA-compliant, MiCA-stickered, or FCA-authorised. Issuers retain their own counsel in every relevant jurisdiction.

From counsel

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.

The incumbent will still be slow in a year. The window will not.

Budget exists on a line the board can see. That is why the window is this quarter.

The scarce thing is not the company. It is the next a few days of a live conversation.

Window

Closed

Closed. History only — not a place to buy.

Sentences killed: 3
Counsel hours on file: 65
Asks / week: 462
Our cut: 0% of proceeds

US came off the site in the first session. We did not argue. We are not children.
Leila Cho, Chief executive

This company

Osier Works

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

In the same conversation

eFront
Allvue
Closed RFQ wires
Not an on-chain lending pool

The bet

Why this company exists.

Osier Works wants to be the record everyone already trusts, without becoming the venue.

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

A generalist vendor can copy the slide in a quarter. They cannot copy the named record, the scheme map, or the auditor conversation. That is the year they would have to buy.

Vilnius 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

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
06A named counterparty verifies; Osier Works does not attest to its own facts.

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.

Control environment
38%
A counsel memo that can survive a later reader.
Certifications & adapters
27%
The remaining certifications and the second named market.
Second market
22%
Adapter work against the incumbent register, admin, or custodian.
Counsel & perimeter
13%
Keeping the public story from running ahead of the claims register.

Operating week

What “in market” actually looks like.

ThuCustomerNamed pilot (redacted) sees the same record the auditor saw.
FriKill switchRehearse unpublish in 24 hours. If it takes a committee, it is not a switch.
TueExceptionsOvernight breaks post back into the customer’s case system. No side book.
SunOwnersWho can decide messaging and budget on a recorded line. If the answer is nobody, stop.

The wedge

Why this one, not the other one.

They sell: Bps on facilities on the tape
Who pays: A named Vilnius administrator who already signs the pack (redacted).
Unit economics: They win if they are cheaper than the internal build, not cheaper than a protocol.
Moat on file: Four origination desks already post into a closed tape.
Switching cost: Network effects only if a second named counterparty writes. One customer is a service firm.
Vs the comps: Closed RFQ wires do this slowly. Osier Works does it as a record.
Why we listed it: Retail was never in the deck. Rare.

Next twelve months

What has to be true.

Securities memo on the tape itself — is the record a security? Write it down.

A redacted engagement letter landed in week one. That is why the desk took the meeting.

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

Traction

What you can verify today.

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

Product60
Customers96
Legal path84
Tech maturity64
Demand58
Market access44

Risks

What can kill it.

The one that actually kills it

The founder wants a public book

The moment Osier Works 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.

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.

Single-customer gravity

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

Ask these next

01What does renewal look like if no round ever happens?
02If RCA Pad disappeared tomorrow, could the customer still run the job?
03Is the waitlist demand for a product, or a queue for a coin?
04What happens if a founder later wants a public token?
05Who is the first named paying customer — not a letter of intent?
06Which geography is actually locked, and which is a hope?

Structure

How money would actually move.

If this company raises, it raises with its own counsel and providers. The waitlist is a product list. It is not a round, a book, or an allocation on RCA Pad. We do not take a cut.

Entity: Osier Works Ltd
Path on file: Vilnius · counsel-named
Posture: Private only
Pack: Growth

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.

Vilniusnamed
United States retailrestricted

Team

Who runs it.

Leila ChoChief executive
Luca KhanFinance

Stack

Permissioned matching
Credit RFQ
Takedown SLA
Audit log

Named with them

Clearline

Who can decide

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

If the first customer renews, the adapter work pays for itself. If they do not, Osier Works 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 Works does not sell a token to the public on this pad	Posture lock	live
The product is credit rfq sold to institutions	Architecture + customer type	live
Permissioned matching 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
Pilot identities redacted in public	No board minute	draft
No public token is sold on this pad	Engagement terms + posture lock	live
Customers contemplated: Vilnius	Named markets on the file	live

On the record

Sprint packPackJun
Counsel lockPathJul
Claims register liveRegisterAug
Creator briefBriefSep

Operating log

11 Sep 09:13
Takedown SLA idle-tested.
08 Sep 11:40
A claim held for missing evidence.
04 Sep 08:22
Weekly report issued to the desk.
01 Sep 14:08
Creator set on disclosure. No buy language.

Path to now

Sprint
Pack accepted
Narrative, matrix, claims locked.
Path
Counsel names it
Or the file stays not-offering.
Live
Campaign
Waitlist and register. No purchase journey.

Not a subscription

This is not a sale page.

If this company raises, it raises with its own counsel and providers. The waitlist is a product list. It is not a round, a book, or an allocation on RCA Pad. We do not take a cut. 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.