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

QUIV

In diligence

IN MOTIONSettlement

Quince Field

Budget exists on a board line. This is this quarter, not ‘when the rule opens’.

a short list names asked to be first. None of them bought a token here. They asked for the product.

Quince Field — 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.

In a 14-day diligence sprint (day 9). This is when the story, the customers and the legal path get written down — or the file stops.

Window a fewd. Waitlist a short list. 28 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.

Sprint day

0/14

Window

Closed

Heat

0/99

Inbound / wk

0asks

Asking now

0live

Named pilots

Redacted on the public page

Live nodes

Permissioned settlement

Counsel hours

Not offering — locked

Sentences killed

Before listing

Claims live

5/9

Sprint

Our cut

Of any proceeds

Plate Ledger · 5606

QUIV

The plate

Ledger. Edition 5606.

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

QUIV · Copenhagen · Settlement

Score

Desk diligence

Pilots

Named, redacted

Sprint

Day 9 of 14

Copenhagen

Banks

Sells

FMI

FMI seat

Markets

Copenhagen

Years

Founded 2026

Surfaces

Permissioned settlement

Complete

File readiness

The wedge

FMI seat

They will connect a rail before they will issue a coin. That is the company.

Why the desk took it

A real job, not a ticker.

No settlement asset issued by Quince Field. We checked the architecture.

Traction

2 named pilots (redacted).

Founded 2026, headquartered in Copenhagen. 2 named pilots on file (identities redacted in public). 8 nodes or connected surfaces reported. Desk diligence score 76/100. Sprint day 9 of 14. A named Copenhagen administrator who already signs the pack (redacted). 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.

RTGS upgrades are coming. Quince Field has to be a feature they buy, not a rival they block. Per-event pricing so a pilot can start without a transformation programme.

The brief

How a serious reader should hold this.

Before the waitlist, before the window, there was a refusal. Quince Field would not let a public sale sit on this page. That is why a company in Settlement is listed here at all — and why the people who wanted a coin left, and the people who wanted the product stayed.

The bet is narrow. A named Copenhagen buyer already has budget for this invoice. Quince Field wins if it is cheaper than the internal build and cleaner than the protocol pitch. It loses if a founder later wants a public book. The window is the time you have to decide which it is.

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 founder

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 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.

The window

Miss this and you read the archive.

A later reader gets the same PDF. They do not get the same access.

a short list people did not join a waitlist for a ticker. They joined for a job.

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

Window

Closed

Closed. History only — not a place to buy.

Sentences killed: 15
Counsel hours on file: 28
Asks / week: 28
Our cut: 0% of proceeds

We would rather be archive-clean than live-loud. The waitlist showed up anyway.
Kofi Costa, Chief executive

This company

Quince Field

The protocol pitch is the thing this company has already refused.

In the same conversation

CLS
Fnality
RTGS upgrades
Not a public L1

The bet

Why this company exists.

They will connect a rail before they will issue a coin. That is the company.

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

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.

Copenhagen 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

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
05Kill of a public sentence is an hour, not a committee.

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.

Named operators
39%
Hiring the operator who already does this job at a licensed firm.
Claims & campaign ops
18%
The remaining certifications and the second named market.
Certifications & adapters
21%
Keeping the public story from running ahead of the claims register.
Second market
22%
Dual-control drills, key ceremonies, and the person who owns them.

Operating week

What “in market” actually looks like.

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.
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: A named Copenhagen administrator who already signs the pack (redacted).
Unit economics: Per-event pricing so a pilot can start without a transformation programme.
Moat on file: Two named banks in a live DvP, even if small.
Switching cost: Once the record is the record, the incumbent copy has to migrate history. That is the year.
Vs the comps: RTGS upgrades are coming. Quince Field has to be a feature they buy, not a rival they block.
Why we listed it: No settlement asset issued by Quince Field. 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.

They have not asked us to run a sale. That ask would close the file.

Traction

What you can verify today.

Operating notes for Permissioned settlement
No token contract listed as a public sale
Pilot letters on file, identities redacted
Copenhagen 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.”

Product70
Customers62
Legal path62
Tech maturity60
Demand54
Market access68

Risks

What can kill it.

The one that actually kills it

The founder wants a public book

The moment Quince Field asks this pad to allocate, sell, or complete funding, the listing ends. That is not a moral project. It is how a services firm stays a services firm.

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, Quince Field is in the e-money / deposit perimeter. That is a different company.

Incumbent feature

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

Ask these next

01If RCA Pad disappeared tomorrow, could the customer still run the job?
02Where do keys, title, or NAV liability sit — and is that person licensed?
03Who can unpublish a public sentence in 24 hours, by name?
04What does renewal look like if no round ever happens?
05Which incumbent can copy this in a quarter, and what would they have to migrate?
06Is the waitlist demand for a product, or a queue for a coin?

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: Quince Field Ltd
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.

Copenhagennamed
United Kingdomnamed
Mainland China retailrestricted

Team

Who runs it.

Kofi CostaChief executive
Elena EllisonHead of product

Stack

Permissioned settlement
Settlement
Audit log
Takedown SLA

Named with them

Northbridge Counsel

Who can decide

Kofi Costa came in named. The team is not a handle. Quince Field Ltd exists, founded 2026, headquartered in Copenhagen. Anonymity would have been an automatic decline.

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
Quince Field does not sell a token to the public on this pad	Posture lock	live
The product is settlement sold to institutions	Architecture + customer type	live
Permissioned settlement 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	No board minute	draft
No public token is sold on this pad	Engagement terms + posture lock	live
Customers contemplated: Copenhagen, United Kingdom	Named markets on the file	live

On the record

Day 0 lockKick-offSep
Claim inventoryPackSep
Audience matrix draftPackSep

Operating log

11 Sep 12:18
Workshop. Funnel has no purchase step.
08 Sep 09:00
Kick-off. Exclusions recorded.
09 Sep 16:20
A claim killed for missing evidence.

Path to now

D0
Kick-off
Geographies, owners, SLA, exclusions.
D14
Read-out
Accept the pack or stop.

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.