The wedge
Fund seat
Revocation is the product. Anyone can issue; almost no one can take it back.
VELMVellum Protocol8,420 waitlistKITEKite Ledger2,190 waitlistPLSDPalisade ID1,640 waitlistNRTLNorthlineDay 8 of 14SABLSable RailDay 5 of 14QULLQuill MarketsDay 11 of 14CDWLCinder Well6,947 waitlistHRTNHartline8,787 waitlistOBSNObsidian Rail4,416 waitlistFENLFen Clearing1,060 waitlistLUMNLumen Books5,510 waitlistRDCTRedact ID6,485 waitlistHRBNHarbor NAV6,973 waitlistQLTDQuilt1,876 waitlistNMBMNimbus Match7,864 waitlistBRASBrass4,166 waitlistSLSTSolstice Credit9,342 waitlistWLTRWillow Transfer7,031 waitlistEMBREmber Registry2,487 waitlistNQAYNorth Quay2,013 waitlistKLNSKiln4,412 waitlistGLSHGlass HouseDay 8 of 14IRNPIron PierDay 1 of 14PLFRPale FireDay 3 of 14VELMVellum Protocol8,420 waitlistKITEKite Ledger2,190 waitlistPLSDPalisade ID1,640 waitlistNRTLNorthlineDay 8 of 14SABLSable RailDay 5 of 14QULLQuill MarketsDay 11 of 14CDWLCinder Well6,947 waitlistHRTNHartline8,787 waitlistOBSNObsidian Rail4,416 waitlistFENLFen Clearing1,060 waitlistLUMNLumen Books5,510 waitlistRDCTRedact ID6,485 waitlistHRBNHarbor NAV6,973 waitlistQLTDQuilt1,876 waitlistNMBMNimbus Match7,864 waitlistBRASBrass4,166 waitlistSLSTSolstice Credit9,342 waitlistWLTRWillow Transfer7,031 waitlistEMBREmber Registry2,487 waitlistNQAYNorth Quay2,013 waitlistKLNSKiln4,412 waitlistGLSHGlass HouseDay 8 of 14IRNPIron PierDay 1 of 14PLFRPale FireDay 3 of 14
Board
PLSD
In market
IN MARKETFund identityPalisade ID
Skip it and you read a PDF. Counterparties who matter will have already called.
A named Dublin customer is already on the record. The public still thinks this is a deck.
Palisade ID — An attestation graph: a fund or investor proves one fact (accredited, name, share-class) to a transfer agent or administrator without handing over the whole file. Selective disclosure is the product.
Live campaign. 1,640 on the product waitlist — that is demand, not an allocation.
If you needed a reason to open diligence tonight: 1,640 other people already did.
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
0
Window
0days
Heat
0/99
Inbound / wk
0asks
Asking now
0live
Named pilots
0
Redacted on the public page
Live nodes
0
Permissioned attestations
Counsel hours
0
EEA professional · not an offering
Sentences killed
0
Before listing
Claims live
9/12
Growth
Our cut
0%
Of any proceeds
Plate Concentric · 5849
PLSD
The plate
Concentric. Edition 5849.
A unique plate for Palisade ID. Geometry, orbit, and edition belong to this company — no other listing on the board shares it.
PLSD · Dublin · Fund identity
Score
0
Desk diligence
Pilots
0
Named, redacted
Waitlist
0
Product demand
HQ
Dublin
Fund administrators
Sells
Fund
Fund seat
Markets
0
Ireland
Years
0
Founded 2025
Surfaces
0
Permissioned attestations
Complete
0
File readiness
Why the desk took it
A real job, not a ticker.
They named the attester. Most decks do not.
Traction
2 named pilots (redacted).
Founded 2025, headquartered in Dublin. 2 named pilots on file (identities redacted in public). 1,640 on the waitlist, gated — product demand, not a book built. 24 nodes or connected surfaces reported. Desk diligence score 90/100. An AIFM whose auditor has seen the dual-record. Architecture says keys / title / NAV liability sit with a named licensed party — not Palisade ID.
Next 12 months
Liability sentence in writing: who is wrong when a fact is wrong.
Jumio does not speak share-class. They sell a fee the customer already pays a slower vendor for. TAM is that invoice, not a token float.
The brief
How a serious reader should hold this.
The first sentence Siobhán Reilly would not let us publish was the exciting one. What remains is slower — and scarcer: Palisade Identity DAC selling Fund identity as software, from Dublin, to a buyer who already pays someone else to do this badly. That buyer is named. You are not, yet.
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 Palisade ID. The architecture says so. We have not watched the drill live. That is the next ask, not a slogan.
From the founder
Fixed fee. Deposit to start. 0% of proceeds. Token-only pay is declined. Percentage of raise is declined.
From the screen
US persons are outside the audience. A form that asks “are you accredited?” without verification is not an exemption.
From the pilot
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.
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.
The scarce thing is not the company. It is the next 28 days of a live conversation.
Window remaining
0days
When this window closes, the campaign is archive.
- Sentences killed
- 18
- Counsel hours on file
- 93
- Asks / week
- 205
- 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.
This company
Palisade ID
Services firms hide in ‘platform’ language. Palisade ID sells a seat plus an event. Named.
In the same conversation
- Onfido / Jumio for people
- Fund-admin KYC teams
- W3C attestations
- Not a ‘passport token’
The bet
Why this company exists.
Revocation is the product. Anyone can issue; almost no one can take it back.
Revocation is the product. Anyone can issue; almost no one can take it back.
Transfer agents and AIFMs are being asked for faster onboarding without becoming identity companies. Attestations they can revoke are the compromise.
Fund onboarding cost is a known line item. A 20–40% cut in cycle time is a budget, not a vision deck.
Versus the field
The incumbent brand sells the relationship. Palisade ID 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.
Named: Ireland, EEA professional. Off-limits: United States, Retail anywhere. A US person hearing an offering communication is a US problem even if the company sits in Dublin. Blocking an IP and taking a US Telegram admin is not a block.
How it works
- 01A fact is attested by a party the recipient already trusts
- 02The holder discloses only the field requested
- 03The rest of the file stays dark
- 04Revocation is a first-class event
- 05The recipient never sees the rest of the file — selective disclosure is enforced, not promised
- 06A named counterparty verifies; Palisade ID does not attest to its own facts.
In the same conversation as
- Onfido / Jumio for people
- Fund-admin KYC teams
- W3C attestations
- Not a ‘passport token’
If they raise
Where the money would actually go.
Not a token float. A budget against work. RCA Pad still takes 0% of proceeds.
Certifications & adapters
40%
The remaining certifications and the second named market.
Claims & campaign ops
19%
Hiring the operator who already does this job at a licensed firm.
Second market
17%
A counsel memo that can survive a later reader.
Control environment
24%
Keeping the public story from running ahead of the claims register.
Operating week
What “in market” actually looks like.
- WedCounselPerimeter diffs. If the site drifted from the memo, the site moves — not the memo.
- SunOwnersWho can decide messaging and budget on a recorded line. If the answer is nobody, stop.
- MonClaimsEvery public sentence checked against the register. Anything extra is unpublished.
- SatDarkNo creators. No threads. Restricted geos stay dark.
The wedge
Why this one, not the other one.
- They sell
- Fund seat
- Who pays
- An AIFM whose auditor has seen the dual-record.
- Unit economics
- They sell a fee the customer already pays a slower vendor for. TAM is that invoice, not a token float.
- Moat on file
- The attester is a party the recipient already trusts — not Palisade ID.
- Switching cost
- The customer’s auditor has seen this book. Switching means a new auditor conversation.
- Vs the comps
- Jumio does not speak share-class.
- Why we listed it
- They named the attester. Most decks do not.
Next twelve months
What has to be true.
Liability sentence in writing: who is wrong when a fact is wrong.
Architecture says keys / title / NAV liability sit with a named licensed party — not Palisade ID.
If they raise, it is to hire the remaining certifications and the second market — not to float a coin.
Traction
What you can verify today.
Founded 2025, headquartered in Dublin. 2 named pilots on file (identities redacted in public). 1,640 on the waitlist, gated — product demand, not a book built. 24 nodes or connected surfaces reported. Desk diligence score 90/100. An AIFM whose auditor has seen the dual-record. Architecture says keys / title / NAV liability sit with a named licensed party — not Palisade ID.
- Sandbox with two transfer agents
- Clearline live for professional onboarding
- No utility token in the architecture note
Readiness
Six things a serious buyer asks. 100 is “ready to take to counsel and a customer.”
- Product69
- Customers78
- Legal path24
- Tech maturity94
- Demand48
- 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.
Who attests
If the attester is the company itself, this is a database with extra steps.
Portability theatre
A graph nobody else reads is a PDF with a hash.
US
US retail identity products are a different statute. Many of these files keep the US off.
Utility token
Paying for attestations in a native token is usually a securities problem in costume.
Self-attestation
If Palisade ID is the attester, this is a database with extra steps. The graph only matters if someone else signs.
Incumbent feature
The administrator, CCP, scheme or custodian can ship this as a checkbox. Palisade ID has to be cheaper or faster before that happens.
Ask these next
- 01What does renewal look like if no round ever happens?
- 02Where do keys, title, or NAV liability sit — and is that person licensed?
- 03What happens if a founder later wants a public token?
- 04Has counsel written the perimeter in a memo you can file?
- 05Which incumbent can copy this in a quarter, and what would they have to migrate?
- 06If RCA Pad disappeared tomorrow, could the customer still run the job?
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
- Palisade Identity DAC
- Path on file
- EEA professional · not an offering
- Posture
- No public sale
- 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.
- Irelandnamed
- EEA professionalnamed
- United Statesrestricted
- Retail anywhererestricted
Team
Who runs it.
- Siobhán ReillyChief executive
- Lars HolmChief compliance
Stack
- W3C attestations
- Travel-rule adapters
- Clearline rails
Named with them
- Clearline
- Northbridge Counsel
Who can decide
The technical founder is on the record as Chief compliance. 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 |
|---|---|---|
| Sandbox with two transfer agents | Letters on file | live |
| No utility token | Architecture note | live |
| Reusable KYC in production | Spec still v1 | draft |
| No public token is sold on this pad | Engagement terms + posture lock | live |
| Customers contemplated: Ireland, EEA professional | Named markets on the file | live |
| Permissioned attestations is infrastructure — not a listed asset | Desk snapshot | live |
| RCA Pad does not take a cut of any raise | Fixed-fee engagement | live |
On the record
- Operating mapPack03 Jun
- Attestation spec v1Product19 Jul
- EEA lock letterPath11 Aug
Operating log
10 Sep 12:18
Spec v2 comments from the second TA.
01 Sep 09:00
Waitlist opened to fund emails only.
Path to now
Jun
Sprint
Identity is the product. Token is not.
Aug
Lock
EEA professional. US off the file.
Sep
Live
Waitlist + TA briefs.
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.
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.NRTLNorthlineOn-chain fund admin. Day 8 of 14. The pack is the product. Pathway locked: not offering.SABLSable RailPayments orchestration. Sprint in motion. Pathway still “not offering.”