The wedge
FMI seat
The wedge is T+1 and 24/7 FX: overnight risk became visible.
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
QUAY
Closed
CLOSEDSettlementQuay
Window closed. a short list asked while it was live. You are reading history.
Renewal — not the round — is the twelve-month test. The people in this queue already know that.
Quay — A permissioned DvP rail: cash against asset between banks, FMIs or funds that already have accounts with each other. It is the moment of exchange, not a new listed asset.
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
0
Redacted on the public page
Live nodes
0
Permissioned settlement
Counsel hours
0
United Kingdom · closed private round
Sentences killed
0
Before listing
Claims live
0/14
Growth
Our cut
0%
Of any proceeds
Plate Lattice · 1577
QUAY
The plate
Lattice. Edition 1577.
A unique plate for Quay. Geometry, orbit, and edition belong to this company — no other listing on the board shares it.
QUAY · London · Settlement
Score
0
Desk diligence
Pilots
0
Named, redacted
Stage
completed
completed
HQ
London
Banks
Sells
FMI
FMI seat
Markets
0
United Kingdom
Years
0
Founded 2026
Surfaces
0
Permissioned settlement
Complete
0
File readiness
Why the desk took it
A real job, not a ticker.
No settlement asset issued by Quay. We checked the architecture.
Traction
3 named pilots (redacted).
Founded 2026, headquartered in London. 3 named pilots on file (identities redacted in public). 15 nodes or connected surfaces reported. Desk diligence score 83/100. An AIFM whose auditor has seen the dual-record. No public APY, no public book, no ‘how to buy’ on any surface we could find.
Next 12 months
Still no coin as the settlement asset.
A public L1 is a different threat model and a different statute. 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.
In London, the person who signs the monthly pack already has a vendor. Quay is not asking them to believe in a token. It is asking them to move one job — the one that currently lives in a spreadsheet, a fax, or a person who is about to retire — onto a record that can be shown to counsel. The queue to read that record is already not empty.
Read this as an operating company, not a round. Counsel has a posture: United Kingdom · closed private round. Restricted markets stay dark. RCA Pad takes 0% if they ever raise. That combination is why inbound did not need a ticker.
The auditor of a redacted pilot has seen a dual-record. Switching away now means a new auditor conversation. That is the switching cost — not the logo.
From the pilot
Fixed fee. Deposit to start. 0% of proceeds. Token-only pay is declined. Percentage of raise is declined.
From ops
US persons are outside the audience. A form that asks “are you accredited?” without verification is not an exemption.
From the screen
The legal source of truth stays with the incumbent register, admin, or custodian. Quay does not attest to its own facts.
The window
Miss this and you read the archive.
Miss 0 days and you are explaining to your IC why you read it after it closed.
The comment period is not a path. This company is priced as if that is already true.
The scarce thing is not the company. It is the next 0 days of a live conversation.
Window
Closed
Closed. History only — not a place to buy.
- Sentences killed
- 10
- Counsel hours on file
- 75
- Asks / week
- 4
- Our cut
- 0% of proceeds
The waitlist is people who want the product. If they wanted a coin they would be on a different pad.
This company
Quay
Not the incumbent brand. Quay sells the job the brand will not staff.
In the same conversation
- CLS
- Fnality
- RTGS upgrades
- Not a public L1
The bet
Why this company exists.
The wedge is T+1 and 24/7 FX: overnight risk became visible.
The wedge is T+1 and 24/7 FX: overnight risk became visible.
T+1, 24/7 FX and on-chain funds make overnight risk visible. Banks will connect a rail before they will issue a coin.
Wholesale settlement is a volume business. Even a sliver of fails avoided is a number a treasurer recognises.
Versus the field
L2 wrappers are cheaper. They are also a different perimeter — and declined here. Quay is priced as software against an invoice that already exists.
The live path is United Kingdom · closed private round. Proposed Regulation Crypto Assets is not treated as a calendar slot. Build as if it never opens.
How it works
- 01Two permissioned parties lock an agreed obligation
- 02Asset and cash move together, or not at all
- 03Existing accounts are the source of funds
- 04No public chain sale of the rail’s token
- 05The legal source of truth stays with the incumbent register, admin, or custodian.
In the same conversation as
- CLS
- Fnality
- RTGS upgrades
- Not a public L1
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
34%
Keeping the public story from running ahead of the claims register.
Named operators
21%
Adapter work against the incumbent register, admin, or custodian.
Second market
21%
The remaining certifications and the second named market.
Claims & campaign ops
24%
Dual-control drills, key ceremonies, and the person who owns them.
Operating week
What “in market” actually looks like.
- FriKill switchRehearse unpublish in 24 hours. If it takes a committee, it is not a switch.
- SunOwnersWho can decide messaging and budget on a recorded line. If the answer is nobody, stop.
- ThuCustomerNamed pilot (redacted) sees the same record the auditor saw.
- WedCounselPerimeter diffs. If the site drifted from the memo, the site moves — not the memo.
The wedge
Why this one, not the other one.
- They sell
- FMI seat
- Who pays
- An AIFM whose auditor has seen the dual-record.
- Unit economics
- Seat plus event. If they ever attach a token as the unit of account, the file stops.
- Moat on file
- Validator set is named operators, not an anon miner.
- Switching cost
- Permissioned connectivity is the moat. Public endpoints would erase it.
- Vs the comps
- A public L1 is a different threat model and a different statute.
- Why we listed it
- No settlement asset issued by Quay. We checked the architecture.
Next twelve months
What has to be true.
Still no coin as the settlement asset.
No public APY, no public book, no ‘how to buy’ on any surface we could find.
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 2026, headquartered in London. 3 named pilots on file (identities redacted in public). 15 nodes or connected surfaces reported. Desk diligence score 83/100. An AIFM whose auditor has seen the dual-record. No public APY, no public book, no ‘how to buy’ on any surface we could find.
- Operating notes for Permissioned settlement
- No token contract listed as a public sale
- Pilot letters on file, identities redacted
- London 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
- Customers84
- Legal path84
- Tech maturity73
- Demand10
- Market access90
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.
Money issuance
If the rail issues a settlement asset, it is in the e-money / deposit perimeter.
Legal finality
Atomic in software is not final in court. Ask which law says it is.
Incumbent RTGS
Central banks are not asleep. A feature can become a standard.
Public token
Listing the rail’s unit is a sale. This pad does not run that sale.
Money issuance
If the rail issues a settlement asset, Quay is in the e-money / deposit perimeter. That is a different company.
Token relapse
A later round that wants a public token puts Quay in a different perimeter. The file treats that as a hard stop.
Ask these next
- 01Where do keys, title, or NAV liability sit — and is that person licensed?
- 02What does renewal look like if no round ever happens?
- 03What happens if a founder later wants a public token?
- 04Is the waitlist demand for a product, or a queue for a coin?
- 05If RCA Pad disappeared tomorrow, could the customer still run the job?
- 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
- Quay Ltd · England & Wales
- Path on file
- United Kingdom · closed private round
- 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.
- United Kingdomnamed
- EEA professionalnamed
- United Kingdomnamed
- Global publicrestricted
Team
Who runs it.
- Sasha KhanChief executive
- Zara EllisonChief compliance
Stack
- Permissioned settlement
- Settlement
- Takedown SLA
- Approval trail
Who can decide
Sasha 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.
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 |
|---|---|---|
| Quay does not sell a token to the public on this pad | Posture lock | withdrawn |
| The product is settlement sold to institutions | Architecture + customer type | withdrawn |
| Permissioned settlement 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 |
| Pilot identities redacted in public | No board minute | withdrawn |
| No public token is sold on this pad | Engagement terms + posture lock | withdrawn |
| Customers contemplated: United Kingdom, EEA professional, United Kingdom | 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
Quay 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.
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.