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

QUIX

Screened

SCREENEDCredit covenants

Quince House

Pilots named (redacted). Waitlist not. a short list names. Your move.

Inbound this week: 7. That is demand for a job someone already pays for — not a book.

Quince House — 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.

Screened, not yet in sprint. Treat every number as provisional. Calendar access is not automatic.

Window a fewd. Waitlist a short list. 7 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

Still a question

Live nodes

EVM · proof of concept

Counsel hours

Undetermined — not a path

Sentences killed

Before listing

Claims live

0/4

Sprint

Our cut

Of any proceeds

Plate Ledger · 4672

QUIX

The plate

Ledger. Edition 4672.

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

QUIX · Tallinn · Credit covenants

Score

Desk diligence

Pilots

Named, redacted

Stage

upcoming

Tallinn

Private-credit funds

Sells

Bps

Bps on facilities on the tape

Markets

Tallinn

Years

Founded 2024

Surfaces

EVM · proof of concept

Complete

File readiness

The wedge

Bps on facilities on the tape

Quince House wants to be the record everyone already trusts, without becoming the venue.

Why the desk took it

Early — still a question.

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

Traction

One named pilot (redacted).

Founded 2024, headquartered in Tallinn. One named pilot on file (redacted in public). Desk diligence score 57/100. A warehouse or port that has written a live event. They killed their own ‘token as fee’ sentence before we asked. Rare, and it scored.

Next 12 months

Securities memo on the tape itself — is the record a security? Write it down.

Closed RFQ wires do this slowly. Quince House does it as a record. They sell a fee the customer already pays a slower vendor for. TAM is that invoice, not a token float.

The brief

How a serious reader should hold this.

The decline pile in Credit covenants is not a rumour. It is how this board stays readable. Quince House is what survived. That is the sell.

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

From counsel

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 the founder

US persons are outside the audience. A form that asks “are you accredited?” without verification is not an exemption.

The window

Miss this and you read the archive.

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

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 a few days of a live conversation.

Window

Closed

Closed. History only — not a place to buy.

Sentences killed: 4
Counsel hours on file: 5
Asks / week: 7
Our cut: 0% of proceeds

US came off the site in the first session. We did not argue. We are not children.
Ibrahim Krüger, Chief executive

This company

Quince House

Open-source looks free until the auditor asks who attests. Quince House has an answer.

In the same conversation

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

The bet

Why this company exists.

Quince House wants to be the record everyone already trusts, without becoming the venue.

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.

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

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
06A named counterparty verifies; Quince House does not attest to its own facts.

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.

Named operators
38%
A counsel memo that can survive a later reader.
Certifications & adapters
21%
The remaining certifications and the second named market.
Counsel & perimeter
21%
Adapter work against the incumbent register, admin, or custodian.
Control environment
20%
Keeping the public story from running ahead of the claims register.

Operating week

What “in market” actually looks like.

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.
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.

The wedge

Why this one, not the other one.

They sell: Bps on facilities on the tape
Who pays: A warehouse or port that has written a live event.
Unit economics: They sell a fee the customer already pays a slower vendor for. TAM is that invoice, not a token float.
Moat on file: Administrator of record has signed a dual-control letter.
Switching cost: Once the record is the record, the incumbent copy has to migrate history. That is the year.
Vs the comps: Closed RFQ wires do this slowly. Quince House does it as a record.
Why we listed it: They asked us to kill ‘marketplace’ in every sentence. We did.

Next twelve months

What has to be true.

Securities memo on the tape itself — is the record a security? Write it down.

They killed their own ‘token as fee’ sentence before we asked. Rare, and it scored.

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.

Architecture paper — no production customer on the public file
No token contract listed as a public sale
Pilot letters on file, identities redacted
Tallinn 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.”

Product23
Customers40
Legal path24
Tech maturity28
Demand10
Market access44

Risks

What can kill it.

The one that actually kills it

The founder wants a public book

The moment Quince House 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.

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.

Single-customer gravity

If the first named buyer is also the only buyer, Quince House is a services shop with a ledger. Ask for the second.

Ask these next

01Who is the first named paying customer — not a letter of intent?
02Where do keys, title, or NAV liability sit — and is that person licensed?
03Is the waitlist demand for a product, or a queue for a coin?
04Who can unpublish a public sentence in 24 hours, by name?
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.

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 House 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.

Tallinnnamed
Public residual claimsrestricted

Team

Who runs it.

Ibrahim KrügerChief executive
Marcus RibeiroChief technology

Stack

EVM · proof of concept
Credit covenants
Audit log
Approval trail

Who can decide

The technical founder is on the record as Chief technology. 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, Quince House is a services firm with a slide. The twelve-month test is renewal, not waitlist.

Claims with evidence

Statements with evidence.

Statement	Evidence	Status
Quince House does not sell a token to the public on this pad	Posture lock	live
The product is credit covenants sold to institutions	Architecture + customer type	draft
EVM · proof of concept 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
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: Tallinn	Named markets on the file	draft

On the record

Application APP-4399ScreenSep
Counsel questionPathSep

Operating log

09 Sep 13:00
Application scored. Quince House 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.

Launch your own How an RCAICO works

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