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

QUIB

In diligence

IN MOTIONDvP rails

Quince Ledger

If you read one DvP rails company this quarter, make it this one.

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

Quince Ledger — 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 7). This is when the story, the customers and the legal path get written down — or the file stops.

Closed stamp is coming. a few days is the number. There is not a second number.

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 DvP

Counsel hours

Not offering — locked

Sentences killed

Before listing

Claims live

3/7

Sprint

Our cut

Of any proceeds

Plate Ledger · 7475

QUIB

The plate

Ledger. Edition 7475.

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

QUIB · São Paulo · DvP rails

Score

Desk diligence

Pilots

Named, redacted

Sprint

Day 7 of 14

São Paulo

Banks

Sells

Per

Per settled obligation

Markets

São Paulo

Years

Founded 2023

Surfaces

Permissioned DvP

Complete

File readiness

The wedge

Per settled obligation

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.

They did not pitch a token as the rail’s unit.

Traction

2 named pilots (redacted).

Founded 2023, headquartered in São Paulo. 2 named pilots on file (identities redacted in public). 8 nodes or connected surfaces reported. Desk diligence score 74/100. Sprint day 7 of 14. A qualified custodian reconciling against this book. A redacted engagement letter landed in week one. That is why the desk took the meeting.

Next 12 months

Still no coin as the settlement asset.

A public L1 is a different threat model and a different statute. 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.

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

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 sentence went public and came down in under an hour. Aisha Sato treated the kill as an operating skill, not a PR event. Files that cannot do this do not stay listed.

From ops

The legal source of truth stays with the incumbent register, admin, or custodian. Quince Ledger does not attest to its own facts.

From the screen

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

From the founder

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.

The window

Miss this and you read the archive.

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

Switching cost is the auditor conversation. Once it happens, you are late.

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: 16
Counsel hours on file: 18
Asks / week: 24
Our cut: 0% of proceeds

The decline pile is a compliment. It means the screen still means something.
Aisha Sato, Chief executive

This company

Quince Ledger

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

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

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

The live path is Not offering — locked. Proposed Regulation Crypto Assets is not treated as a calendar slot. Build as if it never opens.

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
34%
Dual-control drills, key ceremonies, and the person who owns them.
Claims & campaign ops
26%
Hiring the operator who already does this job at a licensed firm.
Certifications & adapters
20%
Adapter work against the incumbent register, admin, or custodian.
Counsel & perimeter
20%
Keeping the public story from running ahead of the claims register.

Operating week

What “in market” actually looks like.

SatDarkNo creators. No threads. Restricted geos stay dark.
WedCounselPerimeter diffs. If the site drifted from the memo, the site moves — not the memo.
ThuCustomerNamed pilot (redacted) sees the same record the auditor saw.
SunOwnersWho can decide messaging and budget on a recorded line. If the answer is nobody, stop.

The wedge

Why this one, not the other one.

They sell: Per settled obligation
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: Two named banks in a live DvP, even if small.
Switching cost: Permissioned connectivity is the moat. Public endpoints would erase it.
Vs the comps: A public L1 is a different threat model and a different statute.
Why we listed it: They did not pitch a token as the rail’s unit.

Next twelve months

What has to be true.

Still no coin as the settlement asset.

A redacted engagement letter landed in week one. That is why the desk took the meeting.

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 DvP
No token contract listed as a public sale
Named founder; customer still a conversation
São Paulo 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.”

Product72
Customers62
Legal path62
Tech maturity60
Demand46
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.

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 Ledger is in the e-money / deposit perimeter. That is a different company.

Facts vs theatre

A proof of a fake book is still a fake book. Quince Ledger has to attach to the real one, in São Paulo.

Ask these next

01Is the waitlist demand for a product, or a queue for a coin?
02Which geography is actually locked, and which is a hope?
03If RCA Pad disappeared tomorrow, could the customer still run the job?
04What does renewal look like if no round ever happens?
05Who is the first named paying customer — not a letter of intent?
06What happens if a founder later wants a public token?

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 Ledger Ltd
Path on file: Not offering — locked
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.

São Paulonamed
United Kingdomnamed
EU retailrestricted
United Statesrestricted

Team

Who runs it.

Aisha SatoChief executive
Marcus NgChief technology

Stack

Permissioned DvP
DvP rails
Audit log

Named with them

Northbridge Counsel
Helix Audit
Clearline

Who can decide

Aisha Sato came in named. The team is not a handle. Quince Ledger Ltd exists, founded 2023, headquartered in São Paulo. 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 Ledger does not sell a token to the public on this pad	Posture lock	live
The product is dvp rails sold to institutions	Architecture + customer type	live
Permissioned DvP 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: São Paulo, United Kingdom	Named markets on the file	live

On the record

Day 0 lockKick-offSep
Claim inventoryPackSep
Audience matrix draftPackSep

Operating log

11 Sep 12:37
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.