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

QLTD

In market

IN MARKETShare-class ops

Quilt

Counsel is live. The waitlist is 1,876. The public sale is not.

Closed files are history. Live files have a clock. Quilt has 27 days.

Quilt — An operational layer for funds: NAV events, share-class records, books an AIFM can defend. The administrator remains the administrator. This is co-sourced infrastructure, not a tokenised fund on a public board.

Live campaign. 1,876 on the product waitlist — that is demand, not an allocation.

A year from now this will be an obvious company or a missed one. The window decides which.

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

0days

Heat

0/99

Inbound / wk

0asks

Asking now

0live

Named pilots

Redacted on the public page

Live nodes

Share-class ledger

Counsel hours

Luxembourg · counsel-named

Sentences killed

Before listing

Claims live

9/13

Growth

Our cut

Of any proceeds

Plate Meridian · 2448

QLTD

The plate

Meridian. Edition 2448.

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

QLTD · Luxembourg · Share-class ops

Score

Desk diligence

Pilots

Named, redacted

Waitlist

Product demand

Luxembourg

Fund administrators

Sells

Share-class

Share-class seat

Markets

Luxembourg

Years

Founded 2024

Surfaces

Share-class ledger

Complete

File readiness

The wedge

Share-class seat

The wedge is staffing: administrators cannot hire the close they promised allocators.

Why the desk took it

A real job, not a ticker.

NAV liability sentence exists. Who is wrong when the number is wrong.

Traction

2 named pilots (redacted).

Founded 2024, headquartered in Luxembourg. 2 named pilots on file (identities redacted in public). 1,876 on the waitlist, gated — product demand, not a book built. 18 nodes or connected surfaces reported. Desk diligence score 88/100. A qualified custodian reconciling against this book. No public APY, no public book, no ‘how to buy’ on any surface we could find.

Next 12 months

No public ‘buy the token’ language anywhere they touch.

SS&C and Apex are the admin. This is the event layer they can defend. 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.

In Luxembourg, the person who signs the monthly pack already has a vendor. Quilt 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.

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

US traffic was taken off the public surfaces in the first working session. Quilt did not argue. Adult companies do not costume a US offering.

From the founder

Fixed fee. Deposit to start. 0% of proceeds. Token-only pay is declined. Percentage of raise is declined.

From the screen

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

From counsel

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

The window

Miss this and you read the archive.

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

A supervisor is already forcing a perimeter. Houses that pick software over a coin will buy this now.

Read it once, properly, while the number is still green. Then decide.

Window remaining

0days

When this window closes, the campaign is archive.

Sentences killed: 13
Counsel hours on file: 48
Asks / week: 235
Our cut: 0% of proceeds

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

This company

Quilt

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

In the same conversation

SS&C
Apex
Citi TA
Not a public tokenised fund

The bet

Why this company exists.

The wedge is staffing: administrators cannot hire the close they promised allocators.

Allocators want faster marks. Administrators cannot staff that with people. A dual-record (their books + this event) is how they sleep.

Fund administration is a fee business measured in basis points of AUM. A faster close is retained business.

Versus the field

L2 wrappers are cheaper. They are also a different perimeter — and declined here. Quilt is priced as software against an invoice that already exists.

Named: Luxembourg, EEA professional. Off-limits: Public residual claims, United States. A US person hearing an offering communication is a US problem even if the company sits in Luxembourg. Blocking an IP and taking a US Telegram admin is not a block.

How it works

01Administrator remains source of truth
02Events (NAV, subscription, share-class) are signed and timestamped
03Investors and auditors query what they are allowed to see
04The fund unit is not listed here as a token you can buy
05Investors and auditors query only what they are allowed to see
06Kill of a public sentence is an hour, not a committee.

In the same conversation as

SS&C
Apex
Citi TA
Not a public tokenised fund

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
31%
The remaining certifications and the second named market.
Second market
28%
Keeping the public story from running ahead of the claims register.
Control environment
22%
Dual-control drills, key ceremonies, and the person who owns them.
Claims & campaign ops
19%
Hiring the operator who already does this job at a licensed firm.

Operating week

What “in market” actually looks like.

FriKill switchRehearse unpublish in 24 hours. If it takes a committee, it is not a switch.
ThuCustomerNamed pilot (redacted) sees the same record the auditor saw.
TueExceptionsOvernight breaks post back into the customer’s case system. No side book.
SatDarkNo creators. No threads. Restricted geos stay dark.

The wedge

Why this one, not the other one.

They sell: Share-class seat
Who pays: A qualified custodian reconciling against this book.
Unit economics: Bps on a job that already has a budget line. A public coin would not make the invoice larger.
Moat on file: A live NAV event in a real fund, not a demo clock.
Switching cost: Network effects only if a second named counterparty writes. One customer is a service firm.
Vs the comps: SS&C and Apex are the admin. This is the event layer they can defend.
Why we listed it: NAV liability sentence exists. Who is wrong when the number is wrong.

Next twelve months

What has to be true.

No public ‘buy the token’ language anywhere they touch.

No public APY, no public book, no ‘how to buy’ on any surface we could find.

A round, if any, sits with their providers. This pad does not take the order.

Traction

What you can verify today.

Operating notes for Share-class ledger
No token contract listed as a public sale
Pilot letters on file, identities redacted
Luxembourg 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.”

Product75
Customers78
Legal path84
Tech maturity94
Demand49
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.

Unit token

A share-class token sold to the public is a securities offering. This pad will not run that as a sale.

Admin of record

If the admin has not signed, this is a shadow book. Shadow books do not survive an audit.

NAV liability

Who is wrong when the number is wrong? That sentence has to exist.

Distribution

Using this layer as a public subscription journey is a different file — and usually the wrong house.

Shadow book

If the administrator has not signed, Quilt is a copy of a spreadsheet. Copies do not survive the audit.

Incumbent feature

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

Ask these next

01Has counsel written the perimeter in a memo you can file?
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?
04Which incumbent can copy this in a quarter, and what would they have to migrate?
05Who can unpublish a public sentence in 24 hours, by name?
06Where do keys, title, or NAV liability sit — and is that person licensed?

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: Quilt S.à r.l.
Path on file: Luxembourg · 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.

Luxembourgnamed
EEA professionalnamed
Public residual claimsrestricted
United Statesrestricted

Team

Who runs it.

Hiro ReillyChief executive
Owen NovakFinance

Stack

Share-class ledger
Share-class ops
Disclosure templates

Named with them

Helix Audit
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, Quilt is a services firm with a slide. The twelve-month test is renewal, not waitlist.

Claims with evidence

Statements with evidence.

Statement	Evidence	Status
Quilt does not sell a token to the public on this pad	Posture lock	live
The product is share-class ops sold to institutions	Architecture + customer type	live
Share-class ledger 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
Production date for the chain layer is not committed	Desk file	draft
No public token is sold on this pad	Engagement terms + posture lock	live
Customers contemplated: Luxembourg, EEA professional	Named markets on the file	live

On the record

Sprint packPackJun
Counsel lockPathJul
Claims register liveRegisterAug
Creator briefBriefSep

Operating log

11 Sep 09:45
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.