Quince Kiln

The window

Miss this and you read the archive.

You can read twelve thinner companies. Or this one, once, while the window is open.

The incumbent copy takes a year. The named customer is already writing into this record.

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

Sentences killed

13

Counsel hours on file

26

Asks / week

794

Our cut

0% of proceeds

“

If RCA Pad ever asked for a cut of a raise, we would walk. That is in the first email.

The bet

Why this company exists.

The wedge is repeating KYC at every gate of the same allocator.

The wedge is repeating KYC at every gate of the same allocator.

Transfer agents and AIFMs are being asked for faster onboarding without becoming identity companies. Attestations they can revoke are the compromise.

Fund onboarding cost is a known line item. A 20–40% cut in cycle time is a budget, not a vision deck.

How it works

1. 01A fact is attested by a party the recipient already trusts
2. 02The holder discloses only the field requested
3. 03The rest of the file stays dark
4. 04Revocation is a first-class event
5. 05The recipient never sees the rest of the file — selective disclosure is enforced, not promised
6. 06Exceptions post back into the customer’s existing case system — no side spreadsheet.

In the same conversation as

• Onfido / Jumio for people
• Fund-admin KYC teams
• W3C attestations
• Not a ‘passport token’

The wedge

Why this one, not the other one.

They sell

Fund seat

Who pays

Two licensed PSPs on a paid pilot — identities off the public file.

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

A transfer agent has agreed to consume the attestation in production.

Switching cost

Once the record is the record, the incumbent copy has to migrate history. That is the year.

Vs the comps

A ‘passport token’ is usually a security in costume.

Why we listed it

They named the attester. Most decks do not.

Next twelve months

What has to be true.

Liability sentence in writing: who is wrong when a fact is wrong.

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

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

Traction

What you can verify today.

Founded 2021, headquartered in Zurich. 4 named pilots on file (identities redacted in public). 6,355 on the waitlist, gated — product demand, not a book built. 18 nodes or connected surfaces reported. Desk diligence score 85/100. Two licensed PSPs on a paid pilot — identities off the public file. They killed their own ‘token as fee’ sentence before we asked. Rare, and it scored.

• Operating notes for W3C attestations
• No token contract listed as a public sale
• Pilot letters on file, identities redacted
• Zurich 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.”

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

Quince Kiln AG

Path on file

Switzerland · counsel-named

Posture

No public sale

Pack

Build

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.