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

QULL

In diligence

IN MOTIONCredit RFQ

Quill Markets

If you read one Credit RFQ company this quarter, make it this one.

The window is 10 days. After that Quill Markets archives. Diligence does not reopen as a live conversation.

Quill Markets — 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.

In a 14-day diligence sprint (day 11). This is when the story, the customers and the legal path get written down — or the file stops.

The named customer already picked. The waitlist is everyone who was late to that fact.

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

0days

Heat

0/99

Inbound / wk

0asks

Asking now

0live

Named pilots

Redacted on the public page

Live nodes

Permissioned matching

Counsel hours

Not offering — locked

Sentences killed

Before listing

Claims live

5/8

Sprint

Our cut

Of any proceeds

Plate Lattice · 4358

QULL

The plate

Lattice. Edition 4358.

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

QULL · Chicago · Credit RFQ

Score

Desk diligence

Pilots

Named, redacted

Sprint

Day 11 of 14

Chicago

Private-credit funds

Sells

Bps

Bps on facilities on the tape

Markets

United States professional

Years

Founded 2025

Surfaces

Permissioned matching

Complete

File readiness

The wedge

Bps on facilities on the tape

The wedge is the shared drive: marks, covenants and RFQs still live in email.

Why the desk took it

A real job, not a ticker.

They asked us to kill ‘marketplace’ in every sentence. We did.

Traction

One named pilot (redacted).

Founded 2025, headquartered in Chicago. One named pilot on file (redacted in public). 7 nodes or connected surfaces reported. Desk diligence score 86/100. Sprint day 11 of 14. Four origination desks posting into a closed tape. Counsel is named, even if the memo is still a draft. Unnamed counsel is how files die.

Next 12 months

Ten live facilities or this is still a lab.

A DeFi lending pool is the opposite company. 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.

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

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 Quill Markets. The architecture says so. We have not watched the drill live. That is the next ask, not a slogan.

From the pilot

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

From the founder

This communication is not an offer. Participation mechanics do not exist on this pad. If a later reader treats the public stack as the offer, the stack was already wrong.

From the screen

The legal source of truth stays with the incumbent register, admin, or custodian. Quill Markets does not attest to its own facts.

The window

Miss this and you read the archive.

Founders who want a pack this tight apply. Readers who wait get a closed stamp.

Switching cost is the auditor conversation. Once it happens, you are late.

The scarce thing is not the company. It is the next 10 days of a live conversation.

Window remaining

0days

When this window closes, the campaign is archive.

Sentences killed: 12
Counsel hours on file: 55
Asks / week: 17
Our cut: 0% of proceeds

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

This company

Quill Markets

Twelve Credit RFQ decks look the same. One of them has a Chicago customer on the record.

In the same conversation

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

The bet

Why this company exists.

The wedge is the shared drive: marks, covenants and RFQs still live in email.

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.

Chicago 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
06The legal source of truth stays with the incumbent register, admin, or custodian.

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.

Counsel & perimeter
34%
Dual-control drills, key ceremonies, and the person who owns them.
Named operators
18%
A counsel memo that can survive a later reader.
Control environment
16%
Adapter work against the incumbent register, admin, or custodian.
Certifications & adapters
32%
Keeping the public story from running ahead of the claims register.

Operating week

What “in market” actually looks like.

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

The wedge

Why this one, not the other one.

They sell: Bps on facilities on the tape
Who pays: Four origination desks posting into a closed tape.
Unit economics: Bps on a job that already has a budget line. A public coin would not make the invoice larger.
Moat on file: Four origination desks already post into a closed tape.
Switching cost: Once the record is the record, the incumbent copy has to migrate history. That is the year.
Vs the comps: A DeFi lending pool is the opposite company.
Why we listed it: They asked us to kill ‘marketplace’ in every sentence. We did.

Next twelve months

What has to be true.

Ten live facilities or this is still a lab.

Counsel is named, even if the memo is still a draft. Unnamed counsel is how files die.

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.

Closed RFQ with four desks
No public order book

Readiness

Six things a serious buyer asks. 100 is “ready to take to counsel and a customer.”

Product75
Customers40
Legal path62
Tech maturity57
Demand62
Market access44

Risks

What can kill it.

The one that actually kills it

A second geography without a lock

Extending the record into a market that is still restricted is how a clean Chicago story becomes a fact pattern. The restricted list exists for a reason: Retail, Non-US until named.

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.

Path silence

If counsel will not name a path and not-offering is not locked, heated waitlist copy is an accidental offering.

Ask these next

01Where do keys, title, or NAV liability sit — and is that person licensed?
02Who is the first named paying customer — not a letter of intent?
03Is the waitlist demand for a product, or a queue for a coin?
04What happens if a founder later wants a public token?
05What does renewal look like if no round ever happens?
06Has counsel written the perimeter in a memo you can file?

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: Quill Markets LLC
Path on file: Not offering — locked
Posture: No public sale
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.

United States professionalnamed
Retailrestricted
Non-US until namedrestricted

Team

Who runs it.

Hannah ChoChief executive
Ibrahim SuleMarkets

Stack

RFQ matching
Credit limits
Audit log

Named with them

Northbridge Counsel

Who can decide

Hannah Cho (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
Closed RFQ with four desks	Logs	live
No public order book	Architecture	live
No public token is sold on this pad	Engagement terms + posture lock	live
Customers contemplated: United States professional	Named markets on the file	live
Permissioned matching 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

Narrative v2Pack06 Sep
Claims v4Register10 Sep

Operating log

11 Sep 18:02
Claim ‘on-chain Bloomberg’ withdrawn.
09 Sep 13:11
Four-desk RFQ log attached as evidence.

Path to now

D0
Kick-off
Professional only. Token-as-fee refused.
D11
File tight
Read-out rehearsal tomorrow.
D14
Accept or stop
Build is not automatic.

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.