The wedge
Per bordereau cycle
A tokenised policy sold to a crowd is a different, usually illegal, company.
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
QUIY
Screened
SCREENEDInsurance bindersQuince Line
Most of Insurance binders died in the screen. Quince Line did not.
The protocol pitch was declined. What remains is software against an invoice. a short list people still asked.
Quince Line — A permissioned netting engine for trading venues and brokers that are already licensed. It reduces what has to settle. It is not a new CCP, and it is not a collateral token.
Screened, not yet in sprint. Treat every number as provisional. Calendar access is not automatic.
A year from now this will be an obvious company or a missed one. The window decides which.
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
0days
Heat
0/99
Inbound / wk
0asks
Asking now
0live
Named pilots
0
Redacted on the public page
Live nodes
0
Binder ledger
Counsel hours
0
Not offering — locked
Sentences killed
0
Before listing
Claims live
1/7
Sprint
Our cut
0%
Of any proceeds
Plate Vault · 1267
QUIY
The plate
Vault. Edition 1267.
A unique plate for Quince Line. Geometry, orbit, and edition belong to this company — no other listing on the board shares it.
QUIY · Vilnius · Insurance binders
Score
0
Desk diligence
Pilots
0
Named, redacted
Stage
upcoming
upcoming
HQ
Vilnius
Licensed venues
Sells
Per
Per bordereau cycle
Markets
0
Vilnius
Years
0
Founded 2025
Surfaces
0
Binder ledger
Complete
0
File readiness
Why the desk took it
Early — still a question.
US surplus-lines posture was flagged as a counsel question. Correct.
Traction
One named pilot (redacted).
Founded 2025, headquartered in Vilnius. One named pilot on file (redacted in public). 3 nodes or connected surfaces reported. Desk diligence score 75/100. A treasurer at a bank that already settles — not a crypto-native desk. Counsel is named, even if the memo is still a draft. Unnamed counsel is how files die.
Next 12 months
One live binder a carrier will show their auditor.
Guidewire is the system of record. This is the slip between markets. 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.
Most Insurance binders decks start with a market size. This one starts with a job: a person at a licensed firm, a record they cannot currently prove, and a calendar that does not wait for a proposed US rule. The calendar is the window. The window is the scarce thing.
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. Ines Ng treated the kill as an operating skill, not a PR event. Files that cannot do this do not stay listed.
From ops
A dual-control drill exists on paper. Production evidence is the next artefact, not a tweet.
From the pilot
The legal source of truth stays with the incumbent register, admin, or custodian. Quince Line does not attest to its own facts.
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.
If the window closes you still have the pack — as history. Not as a live conversation.
Counsel hours on file: enough that a later reader can tell this was not improvised.
If you are a founder who wants a pack like this: apply. If you are a buyer: call them — not us.
Window remaining
0days
When this window closes, the campaign is archive.
- Sentences killed
- 14
- Counsel hours on file
- 14
- Asks / week
- 9
- Our cut
- 0% of proceeds
The decline pile is a compliment. It means the screen still means something.
This company
Quince Line
Twelve Insurance binders decks look the same. One of them has a Vilnius customer on the record.
In the same conversation
- LCH / Eurex (incumbent CCPs)
- Caldastone-style utilities
- Not a DeFi clearinghouse
The bet
Why this company exists.
A tokenised policy sold to a crowd is a different, usually illegal, company.
A tokenised policy sold to a crowd is a different, usually illegal, company.
T+1 and capital rules make gross settlement expensive. Venues will buy netting as a service before they will buy a new licence.
Post-trade cost is a line on every broker P&L. A 10% cut in settlement fails is a CFO conversation.
Versus the field
L2 wrappers are cheaper. They are also a different perimeter — and declined here. Quince Line is priced as software against an invoice that already exists.
Vilnius 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
- 01Members post positions they already hold
- 02The engine nets what the rulebook allows
- 03Only the residual hits the existing settlement rail
- 04Collateral as a token is an exclusion on this file
- 05Claim and premium events update the same slip the markets already signed
- 06Retail and unnamed geographies are structurally off the form, not only in the footer.
In the same conversation as
- LCH / Eurex (incumbent CCPs)
- Caldastone-style utilities
- Not a DeFi clearinghouse
If they raise
Where the money would actually go.
Not a token float. A budget against work. RCA Pad still takes 0% of proceeds.
Second market
29%
Hiring the operator who already does this job at a licensed firm.
Named operators
27%
Keeping the public story from running ahead of the claims register.
Claims & campaign ops
15%
A counsel memo that can survive a later reader.
Counsel & perimeter
29%
The remaining certifications and the second named market.
Operating week
What “in market” actually looks like.
- FriKill switchRehearse unpublish in 24 hours. If it takes a committee, it is not a switch.
- SatDarkNo creators. No threads. Restricted geos stay dark.
- 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
- Per bordereau cycle
- Who pays
- A treasurer at a bank that already settles — not a crypto-native desk.
- Unit economics
- Seat plus event. If they ever attach a token as the unit of account, the file stops.
- Moat on file
- Claim events post back into the carrier’s existing system.
- Switching cost
- Scheme maps, ISO, LMA language, registry adapters — eighteen months of unglamorous work.
- Vs the comps
- Guidewire is the system of record. This is the slip between markets.
- Why we listed it
- US surplus-lines posture was flagged as a counsel question. Correct.
Next twelve months
What has to be true.
One live binder a carrier will show their auditor.
Counsel is named, even if the memo is still a draft. Unnamed counsel is how files die.
Capital would fund the adapter work and a named counsel memo, not a public sale.
Traction
What you can verify today.
Founded 2025, headquartered in Vilnius. One named pilot on file (redacted in public). 3 nodes or connected surfaces reported. Desk diligence score 75/100. A treasurer at a bank that already settles — not a crypto-native desk. 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
- Pilot letters on file, identities redacted
- Vilnius 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.”
- Product24
- Customers40
- Legal path62
- Tech maturity37
- Demand10
- Market access68
Risks
What can kill it.
The one that actually kills it
A second geography without a lock
Extending the record into a market that is still restricted is how a clean Vilnius story becomes a fact pattern. The restricted list exists for a reason: Global public, United States.
CCP perimeter
If a regulator reads this as clearing, the licence problem is existential.
Collateral token
That ask has been refused on files like this. It should stay refused.
Member default
Who eats the loss? If the answer is ‘the protocol’, there is no protocol that can.
Incumbent freeze-out
CCPs can copy the netting logic faster than a startup can collect members.
Not a carrier
If Quince Line looks like it is taking risk, it needs a licence. The file says it does not. Keep it that way.
Single-customer gravity
If the first named buyer is also the only buyer, Quince Line is a services shop with a ledger. Ask for the second.
Ask these next
- 01Who can unpublish a public sentence in 24 hours, by name?
- 02Who is the first named paying customer — not a letter of intent?
- 03Which incumbent can copy this in a quarter, and what would they have to migrate?
- 04Is the waitlist demand for a product, or a queue for a coin?
- 05What happens if a founder later wants a public token?
- 06If RCA Pad disappeared tomorrow, could the customer still run the job?
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 Line 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.
- Vilniusnamed
- United Kingdomnamed
- Global publicrestricted
- United Statesrestricted
Team
Who runs it.
- Ines NgChief executive
Stack
- Binder ledger
- Insurance binders
- Takedown SLA
Named with them
- Meridian Tax
Who can decide
The technical founder is on the record as engineering. Contractors in undisclosed jurisdictions are written down as a fact, not hidden. Facts can be managed. Hiding them is how companies die in diligence.
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 Line does not sell a token to the public on this pad | Posture lock | live |
| The product is insurance binders sold to institutions | Architecture + customer type | draft |
| Binder 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 |
| Production date for the chain layer is not committed | Desk file | draft |
| No public token is sold on this pad | Engagement terms + posture lock | live |
| Customers contemplated: Vilnius, United Kingdom | Named markets on the file | draft |
On the record
- Application APP-4752ScreenSep
- Counsel questionPathSep
Operating log
05 Sep 17:00
Application scored. Quince Line 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.