The wedge
Bps of AUM on the books
Shadow books do not survive an audit. This only ships if the admin signs.
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
QUID
Screened
SCREENEDFund booksQuince Book
Skip it and you read a PDF. Counterparties who matter will have already called.
Renewal — not the round — is the twelve-month test. The people in this queue already know that.
Quince Book — 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.
Screened, not yet in sprint. Treat every number as provisional. Calendar access is not automatic.
Window a fewd. Waitlist a short list. 4 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.
Stage
upcoming
Window
Closed
Heat
0/99
Inbound / wk
0asks
Asking now
0live
Named pilots
0
Redacted on the public page
Live nodes
0
Permissioned ledger
Counsel hours
0
Undetermined — not a path
Sentences killed
0
Before listing
Claims live
0/4
Sprint
Our cut
0%
Of any proceeds
Plate Lattice · 1414
QUID
The plate
Lattice. Edition 1414.
A unique plate for Quince Book. Geometry, orbit, and edition belong to this company — no other listing on the board shares it.
QUID · Lagos · Fund books
Score
0
Desk diligence
Pilots
0
None on file
Stage
upcoming
upcoming
HQ
Lagos
Fund administrators
Sells
Bps
Bps of AUM on the books
Markets
0
Lagos
Years
0
Founded 2024
Surfaces
0
Permissioned ledger
Complete
0
File readiness
Why the desk took it
Early — still a question.
NAV liability sentence exists. Who is wrong when the number is wrong.
Traction
No paying pilot on the public file.
Founded 2024, headquartered in Lagos. No named paying pilot on the file yet — that is the first question. 3 nodes or connected surfaces reported. Desk diligence score 76/100. A warehouse or port that has written a live event. Counsel is named, even if the memo is still a draft. Unnamed counsel is how files die.
Next 12 months
No public ‘buy the token’ language anywhere they touch.
Citi TA will not be replaced. It might consume this. 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.
The first sentence Lars Reilly would not let us publish was the exciting one. What remains is slower — and scarcer: Quince Book Ltd selling Fund books as software, from Lagos, to a buyer who already pays someone else to do this badly. That buyer is named. You are not, yet.
Quince Book exists because the incumbent brand will not staff the unglamorous middle of Fund books. The product is that middle. The token, if it ever exists, is not the product — and is not for sale here. The people in the queue already understood the difference.
A sentence went public and came down in under an hour. Lars Reilly treated the kill as an operating skill, not a PR event. Files that cannot do this do not stay listed.
From the pilot
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
A dual-control drill exists on paper. Production evidence is the next artefact, not a tweet.
From counsel
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.
Attention is the scarce asset. 4 asks this week are already spending it.
a short list people did not join a waitlist for a ticker. They joined for a job.
If you are a founder who wants a pack like this: apply. If you are a buyer: call them — not us.
Window
Closed
Closed. History only — not a place to buy.
- Sentences killed
- 14
- Counsel hours on file
- 4
- Asks / week
- 4
- Our cut
- 0% of proceeds
Renewal is the round. If nobody renews, there is no company. A token would not fix that.
This company
Quince Book
A generalist vendor copies the slide. They cannot copy the named record.
In the same conversation
- SS&C
- Apex
- Citi TA
- Not a public tokenised fund
The bet
Why this company exists.
Shadow books do not survive an audit. This only ships if the admin signs.
Shadow books do not survive an audit. This only ships if the admin signs.
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
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.
Lagos 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
- 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
- 06Exceptions post back into the customer’s existing case system — no side spreadsheet.
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.
Control environment
40%
Dual-control drills, key ceremonies, and the person who owns them.
Second market
27%
The remaining certifications and the second named market.
Certifications & adapters
20%
Adapter work against the incumbent register, admin, or custodian.
Counsel & perimeter
13%
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.
- TueExceptionsOvernight breaks post back into the customer’s case system. No side book.
- WedCounselPerimeter diffs. If the site drifted from the memo, the site moves — not the memo.
- MonClaimsEvery public sentence checked against the register. Anything extra is unpublished.
The wedge
Why this one, not the other one.
- They sell
- Bps of AUM on the books
- Who pays
- A warehouse or port that has written a live event.
- Unit economics
- Seat plus event. If they ever attach a token as the unit of account, the file stops.
- Moat on file
- Named administrator on the engagement letter.
- Switching cost
- Once the record is the record, the incumbent copy has to migrate history. That is the year.
- Vs the comps
- Citi TA will not be replaced. It might consume this.
- 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.
Counsel is named, even if the memo is still a draft. Unnamed counsel is how files die.
They have not asked us to run a sale. That ask would close the file.
Traction
What you can verify today.
Founded 2024, headquartered in Lagos. No named paying pilot on the file yet — that is the first question. 3 nodes or connected surfaces reported. Desk diligence score 76/100. A warehouse or port that has written a live event. Counsel is named, even if the memo is still a draft. Unnamed counsel is how files die.
- Architecture paper — no production customer on the public file
- No token contract listed as a public sale
- Named founder; customer still a conversation
- Lagos 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.”
- Product19
- Customers18
- Legal path24
- Tech maturity37
- Demand10
- Market access68
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.
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, Quince Book is a copy of a spreadsheet. Copies do not survive the audit.
Facts vs theatre
A proof of a fake book is still a fake book. Quince Book has to attach to the real one, in Lagos.
Ask these next
- 01What happens if a founder later wants a public token?
- 02Which geography is actually locked, and which is a hope?
- 03Who can unpublish a public sentence in 24 hours, by name?
- 04If RCA Pad disappeared tomorrow, could the customer still run the job?
- 05Has counsel written the perimeter in a memo you can file?
- 06Which incumbent can copy this in a quarter, and what would they have to migrate?
Structure
How money would actually move.
Too early to talk about a round on this pad. Screen first. A path has to be named by counsel before anyone should wire.
- Entity
- Quince Book Ltd
- Path on file
- Undetermined — not a path
- Posture
- Private only
- 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.
- Lagosnamed
- United Kingdomnamed
- Mainland China retailrestricted
- United Statesrestricted
Team
Who runs it.
- Lars ReillyChief executive
- Priya NairFinance
Stack
- Permissioned ledger
- Fund books
- Approval trail
Named with them
- Helix Audit
Who can decide
Lars Reilly (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.
Year two is a second named market and the remaining certifications — still permissioned. It is not a public book. A public book would be a different company.
Claims with evidence
Statements with evidence.
| Statement | Evidence | Status |
|---|---|---|
| Quince Book does not sell a token to the public on this pad | Posture lock | live |
| The product is fund books sold to institutions | Architecture + customer type | draft |
| Permissioned ledger is the method — not a listed asset | Paper only | draft |
| 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 | Desk file | draft |
| No public token is sold on this pad | Engagement terms + posture lock | live |
| Customers contemplated: Lagos, United Kingdom | Named markets on the file | draft |
On the record
- Application APP-4563ScreenSep
- Counsel questionPathSep
Operating log
03 Sep 17:00
Application scored. Quince Book is not a calendar slot.
10 Sep 10:12
Counsel question sent. Name a path or lock not-offering.
Path to now
Now
Screen
Calendar is never automatic.
Next
Counsel or close
A named path, or a locked not-offering.
Not a subscription
This is not a sale page.
Too early to talk about a round on this pad. Screen first. A path has to be named by counsel before anyone should wire. 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.