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

QUIZ

Closed

CLOSEDReinsurance records

Quince North

Window closed. a short list asked while it was live. You are reading history.

Seats of attention are not infinite. 0 counterparties are in the live thread. You are not — yet.

Quince North — 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.

Closed on this board. Any capital event was completed with the issuer’s own providers. RCA Pad took 0%.

Closed. The live conversation is over. The pack remains as archive.

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

completed

Window

Closed

Heat

0/99

Inbound / wk

0asks

Asking now

0live

Named pilots

Redacted on the public page

Live nodes

Treaty book

Counsel hours

Warsaw · closed private round

Sentences killed

Before listing

Claims live

0/10

Growth

Our cut

Of any proceeds

Plate Meridian · 5135

QUIZ

The plate

Meridian. Edition 5135.

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

QUIZ · Warsaw · Reinsurance records

Score

Desk diligence

Pilots

Named, redacted

Stage

completed

Warsaw

Licensed venues

Sells

Per

Per bordereau cycle

Markets

Warsaw

Years

Founded 2026

Surfaces

Treaty book

Complete

File readiness

The wedge

Per bordereau cycle

Quince North is replacing the PDF slip, not the carrier.

Why the desk took it

A real job, not a ticker.

They named a coverholder, not a protocol.

Traction

2 named pilots (redacted).

Founded 2026, headquartered in Warsaw. 2 named pilots on file (identities redacted in public). 6 nodes or connected surfaces reported. Desk diligence score 72/100. An AIFM whose auditor has seen the dual-record. Architecture says keys / title / NAV liability sit with a named licensed party — not Quince North.

Next 12 months

Counsel on whether the record is a regulated contract.

Excel bordereaux are the incumbent. Beat that. 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.

In Warsaw, the person who signs the monthly pack already has a vendor. Quince North is not asking them to believe in a token. It is asking them to move one job — the one that currently lives in a spreadsheet, a fax, or a person who is about to retire — onto a record that can be shown to counsel. The queue to read that record is already not empty.

Read this as an operating company, not a round. Counsel has a posture: Warsaw · closed private round. Restricted markets stay dark. RCA Pad takes 0% if they ever raise. That combination is why inbound did not need a ticker.

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

From the screen

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

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.

The incumbent will still be slow in a year. The window will not.

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

If you are a founder who wants a pack like this: apply. If you are a buyer: call them — not us.

Window

Closed

Closed. History only — not a place to buy.

Sentences killed: 3
Counsel hours on file: 42
Asks / week: 2
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.
Owen Diaz, Chief executive

This company

Quince North

A L2 wrapper is cheaper. It is also a different perimeter — and declined here.

In the same conversation

LCH / Eurex (incumbent CCPs)
Caldastone-style utilities
Not a DeFi clearinghouse

The bet

Why this company exists.

Quince North is replacing the PDF slip, not the carrier.

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

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.

The live path is Warsaw · closed private round. Proposed Regulation Crypto Assets is not treated as a calendar slot. Build as if it never opens.

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
06The legal source of truth stays with the incumbent register, admin, or custodian.

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.

Counsel & perimeter
38%
Adapter work against the incumbent register, admin, or custodian.
Certifications & adapters
20%
The remaining certifications and the second named market.
Named operators
20%
Hiring the operator who already does this job at a licensed firm.
Second market
22%
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.
SunOwnersWho can decide messaging and budget on a recorded line. If the answer is nobody, stop.
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.

The wedge

Why this one, not the other one.

They sell: Per bordereau cycle
Who pays: An AIFM whose auditor has seen the dual-record.
Unit economics: Seat plus event. If they ever attach a token as the unit of account, the file stops.
Moat on file: A coverholder has written a live binder on this record.
Switching cost: The customer’s auditor has seen this book. Switching means a new auditor conversation.
Vs the comps: Excel bordereaux are the incumbent. Beat that.
Why we listed it: They named a coverholder, not a protocol.

Next twelve months

What has to be true.

Counsel on whether the record is a regulated contract.

Architecture says keys / title / NAV liability sit with a named licensed party — not Quince North.

A round, if any, sits with their providers. This pad does not take the order.

Traction

What you can verify today.

Operating notes for Treaty book
No token contract listed as a public sale
Pilot letters on file, identities redacted
Warsaw is the operating centre
The waitlist, if any, is a product list — not a book
Raise, if any, closed with issuer providers

Readiness

Six things a serious buyer asks. 100 is “ready to take to counsel and a customer.”

Product95
Customers62
Legal path84
Tech maturity46
Demand10
Market access44

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.

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 North looks like it is taking risk, it needs a licence. The file says it does not. Keep it that way.

Token relapse

A later round that wants a public token puts Quince North in a different perimeter. The file treats that as a hard stop.

Ask these next

01Which geography is actually locked, and which is a hope?
02Where do keys, title, or NAV liability sit — and is that person licensed?
03What happens if a founder later wants a public token?
04Has counsel written the perimeter in a memo you can file?
05What does renewal look like if no round ever happens?
06Which incumbent can copy this in a quarter, and what would they have to migrate?

Structure

How money would actually move.

Window closed. Tombstone is theirs. Archive is ours. 0% of proceeds.

Entity: Quince North Ltd
Path on file: Warsaw · closed private round
Posture: Private only
Pack: Growth

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.

Warsawnamed
United States retailrestricted
United Statesrestricted

Team

Who runs it.

Owen DiazChief executive
Leila SantosHead of product

Stack

Treaty book
Reinsurance records
Approval trail

Named with them

Northbridge Counsel

Who can decide

Owen Diaz came in named. The team is not a handle. Quince North Ltd exists, founded 2026, headquartered in Warsaw. 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 North does not sell a token to the public on this pad	Posture lock	withdrawn
The product is reinsurance records sold to institutions	Architecture + customer type	withdrawn
Treaty book is the method — not a listed asset	Desk snapshot	withdrawn
Retail buyers are out of scope	Named markets lock	withdrawn
Any raise completes with the issuer’s counsel and providers — not on RCA Pad	Fixed-fee terms	withdrawn
Pilot identities redacted in public	No board minute	withdrawn
No public token is sold on this pad	Engagement terms + posture lock	withdrawn
Customers contemplated: Warsaw	Named markets on the file	withdrawn

On the record

Final registerArchiveAug
Close reportReportAug
Tombstone copyArchiveAug

Operating log

19 Aug 10:00
Close report. 0% of proceeds.
12 Aug 18:00
Quince North archived. Live claims withdrawn.
11 Aug 09:30
Final creator pass. Residual claims pulled.

Path to now

Open
File
Before any public sentence.
Close
Archive
We did not take a cut.

Not a subscription

This is not a sale page.

Window closed. Tombstone is theirs. Archive is ours. 0% of proceeds. 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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