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

QUIA

In market

IN MARKETFund NAV

Quince Quay

Budget exists on a board line. This is this quarter, not ‘when the rule opens’.

The window is a few days. After that Quince Quay archives. Diligence does not reopen as a live conversation.

Quince Quay — An operational layer for funds: NAV events, share-class records, books an AIFM can defend. The administrator remains the administrator. This is co-sourced infrastructure, not a tokenised fund on a public board.

Live campaign. 757 on the product waitlist — that is demand, not an allocation.

12 live counterparties in the thread. The public page is the overflow.

Diligence, not a prospectus. RCA Pad does not allocate, take orders, or close funding. If this company raises, it raises with its own counsel.

Waitlist

Window

Closed

Heat

0/99

Inbound / wk

0asks

Asking now

0live

Named pilots

Redacted on the public page

Live nodes

Fund-admin adapters

Counsel hours

Johannesburg · counsel-named

Sentences killed

Before listing

Claims live

12/13

Build

Our cut

Of any proceeds

Plate Concentric · 7411

QUIA

The plate

Concentric. Edition 7411.

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

QUIA · Johannesburg · Fund NAV

Score

Desk diligence

Pilots

Named, redacted

Waitlist

Product demand

Johannesburg

Fund administrators

Sells

Share-class

Share-class seat

Markets

Johannesburg

Years

Founded 2021

Surfaces

Fund-admin adapters

Complete

File readiness

The wedge

Share-class seat

Shadow books do not survive an audit. This only ships if the admin signs.

Why the desk took it

A real job, not a ticker.

Unit-as-token was refused in notes. We will not reverse that.

Traction

2 named pilots (redacted).

Founded 2021, headquartered in Johannesburg. 2 named pilots on file (identities redacted in public). 757 on the waitlist, gated — product demand, not a book built. 21 nodes or connected surfaces reported. Desk diligence score 86/100. A national registry counterpart, not a scrape. Architecture says keys / title / NAV liability sit with a named licensed party — not Quince Quay.

Next 12 months

Counsel on the unit — security or not — in writing.

Citi TA will not be replaced. It might consume this. Annual software against an ops cost the board can see. Switching cost is the record, not the brand.

The brief

How a serious reader should hold this.

The first sentence Leila Okoye would not let us publish was the exciting one. What remains is slower — and scarcer: Quince Quay Ltd selling Fund NAV as software, from Johannesburg, to a buyer who already pays someone else to do this badly. That buyer is named. You are not, yet.

The bet is narrow. A named Johannesburg buyer already has budget for this invoice. Quince Quay wins if it is cheaper than the internal build and cleaner than the protocol pitch. It loses if a founder later wants a public book. The window is the time you have to decide which it is.

A dual-control drill sits on paper. Keys, title, or NAV liability sit with a named licensed party — not Quince Quay. The architecture says so. We have not watched the drill live. That is the next ask, not a slogan.

From counsel

Fixed fee. Deposit to start. 0% of proceeds. Token-only pay is declined. Percentage of raise is declined.

From the pilot

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 founder

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

The window

Miss this and you read the archive.

When the heat drops, the named customer is still named — they just stop taking new calls.

A supervisor is already forcing a perimeter. Houses that pick software over a coin will buy this now.

Read it once, properly, while the number is still green. Then decide.

Window

Closed

Closed. History only — not a place to buy.

Sentences killed: 15
Counsel hours on file: 34
Asks / week: 95
Our cut: 0% of proceeds

We did not come here to sell a token. We came here so a named customer could read a pack that survives counsel.
Leila Okoye, Chief executive

This company

Quince Quay

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

In the same conversation

SS&C
Apex
Citi TA
Not a public tokenised fund

The bet

Why this company exists.

Shadow books do not survive an audit. This only ships if the admin signs.

Allocators want faster marks. Administrators cannot staff that with people. A dual-record (their books + this event) is how they sleep.

Fund administration is a fee business measured in basis points of AUM. A faster close is retained business.

Versus the field

The incumbent brand sells the relationship. Quince Quay sells the job the brand will not staff. A protocol pitch is the thing this company has already refused. Open-source looks free until the auditor asks who attests.

Johannesburg 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

01Administrator remains source of truth
02Events (NAV, subscription, share-class) are signed and timestamped
03Investors and auditors query what they are allowed to see
04The fund unit is not listed here as a token you can buy
05Investors and auditors query only what they are allowed to see
06A named counterparty verifies; Quince Quay does not attest to its own facts.

In the same conversation as

SS&C
Apex
Citi TA
Not a public tokenised fund

If they raise

Where the money would actually go.

Not a token float. A budget against work. RCA Pad still takes 0% of proceeds.

Certifications & adapters
39%
The remaining certifications and the second named market.
Claims & campaign ops
18%
A counsel memo that can survive a later reader.
Counsel & perimeter
17%
Hiring the operator who already does this job at a licensed firm.
Second market
26%
Dual-control drills, key ceremonies, and the person who owns them.

Operating week

What “in market” actually looks like.

MonClaimsEvery public sentence checked against the register. Anything extra is unpublished.
FriKill switchRehearse unpublish in 24 hours. If it takes a committee, it is not a switch.
ThuCustomerNamed pilot (redacted) sees the same record the auditor saw.
SatDarkNo creators. No threads. Restricted geos stay dark.

The wedge

Why this one, not the other one.

They sell: Share-class seat
Who pays: A national registry counterpart, not a scrape.
Unit economics: Annual software against an ops cost the board can see. Switching cost is the record, not the brand.
Moat on file: Named administrator on the engagement letter.
Switching cost: Network effects only if a second named counterparty writes. One customer is a service firm.
Vs the comps: Citi TA will not be replaced. It might consume this.
Why we listed it: Unit-as-token was refused in notes. We will not reverse that.

Next twelve months

What has to be true.

Counsel on the unit — security or not — in writing.

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

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

Traction

What you can verify today.

Operating notes for Fund-admin adapters
No token contract listed as a public sale
Pilot letters on file, identities redacted
Johannesburg 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.”

Product79
Customers78
Legal path84
Tech maturity94
Demand44
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.

Unit token

A share-class token sold to the public is a securities offering. This pad will not run that as a sale.

Admin of record

If the admin has not signed, this is a shadow book. Shadow books do not survive an audit.

NAV liability

Who is wrong when the number is wrong? That sentence has to exist.

Distribution

Using this layer as a public subscription journey is a different file — and usually the wrong house.

Shadow book

If the administrator has not signed, Quince Quay is a copy of a spreadsheet. Copies do not survive the audit.

Facts vs theatre

A proof of a fake book is still a fake book. Quince Quay has to attach to the real one, in Johannesburg.

Ask these next

01What happens if a founder later wants a public token?
02Has counsel written the perimeter in a memo you can file?
03Who is the first named paying customer — not a letter of intent?
04Which geography is actually locked, and which is a hope?
05If RCA Pad disappeared tomorrow, could the customer still run the job?
06Is the waitlist demand for a product, or a queue for a coin?

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 Quay Ltd
Path on file: Johannesburg · 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.

Johannesburgnamed
Global publicrestricted
United Statesrestricted

Team

Who runs it.

Leila OkoyeChief executive
Rafa MoreauChief compliance

Stack

Fund-admin adapters
Fund NAV
Audit log

Who can decide

Leila Okoye came in named. The team is not a handle. Quince Quay Ltd exists, founded 2021, headquartered in Johannesburg. Anonymity would have been an automatic decline.

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 Quay does not sell a token to the public on this pad	Posture lock	live
The product is fund nav sold to institutions	Architecture + customer type	live
Fund-admin adapters 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
Pilot identities redacted in public	Desk file	draft
No public token is sold on this pad	Engagement terms + posture lock	live
Customers contemplated: Johannesburg	Named markets on the file	live

On the record

Sprint packPackJun
Counsel lockPathJul
Claims register liveRegisterAug
Creator briefBriefSep

Operating log

11 Sep 09:21
Takedown SLA idle-tested.
08 Sep 11:40
A claim held for missing evidence.
04 Sep 08:22
Weekly report issued to the desk.
01 Sep 14:08
Creator set on disclosure. No buy language.

Path to now

Sprint
Pack accepted
Narrative, matrix, claims locked.
Path
Counsel names it
Or the file stays not-offering.
Live
Campaign
Waitlist and register. No purchase journey.

Not a subscription

This is not a sale page.

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. 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.