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

QUI5

In diligence

IN MOTIONRoyalty admin

Quince Ward

Claire Costa will not run a sale here. That is why serious people are in the queue.

Inbound this week: 23. That is demand for a job someone already pays for — not a book.

Quince Ward — A ledger of energy certificates (GOs, RECs) for producers and offtakers who already sit in a national registry. It moves the event faster. It does not invent a green token for Twitter.

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.

The named customer already picked. The waitlist is everyone who was late to that fact.

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

Rights ledger

Counsel hours

Not offering — locked

Sentences killed

Before listing

Claims live

4/8

Sprint

Our cut

Of any proceeds

Plate Orbit · 2171

QUI5

The plate

Orbit. Edition 2171.

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

QUI5 · Geneva · Royalty admin

Score

Desk diligence

Pilots

Named, redacted

Sprint

Day 7 of 14

Geneva

Producers

Sells

Producer

Producer seat

Markets

Geneva

Years

Founded 2025

Surfaces

Rights ledger

Complete

File readiness

The wedge

Producer seat

The wedge is double-counting: corporate offtakers are being asked to prove what they bought.

Why the desk took it

A real job, not a ticker.

No public token representing a tonne. We searched.

Traction

One named pilot (redacted).

Founded 2025, headquartered in Geneva. One named pilot on file (redacted in public). 6 nodes or connected surfaces reported. Desk diligence score 87/100. Sprint day 7 of 14. A named Geneva administrator who already signs the pack (redacted). A redacted engagement letter landed in week one. That is why the desk took the meeting.

Next 12 months

Counsel on commodity vs software — one memo.

National GO registries are slow. That slowness is the budget. They sell a fee the customer already pays a slower vendor for. TAM is that invoice, not a token float.

The brief

How a serious reader should hold this.

The first sentence Claire Costa would not let us publish was the exciting one. What remains is slower — and scarcer: Quince Ward Ltd selling Royalty admin as software, from Geneva, to a buyer who already pays someone else to do this badly. That buyer is named. You are not, yet.

Quince Ward exists because the incumbent brand will not staff the unglamorous middle of Royalty admin. The product is that middle. The token, if it ever exists, is not the product — and is not for sale here. The people in the queue already understood the difference.

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

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 ops

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.

From the pilot

A dual-control drill exists on paper. Production evidence is the next artefact, not a tweet.

The window

Miss this and you read the archive.

Attention is the scarce asset. 23 asks this week are already spending it.

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

We do not allocate. We do not take a cut. We will not hold the window open for you.

Window

Closed

Closed. History only — not a place to buy.

Sentences killed: 10
Counsel hours on file: 82
Asks / week: 23
Our cut: 0% of proceeds

We would rather be archive-clean than live-loud. The waitlist showed up anyway.
Claire Costa, Chief executive

This company

Quince Ward

The protocol pitch is the thing this company has already refused.

In the same conversation

National GO registries
Xpansiv
Not a public carbon coin

The bet

Why this company exists.

The wedge is double-counting: corporate offtakers are being asked to prove what they bought.

Corporate offtakers are being asked to prove what they bought. Registries lag. A dual record that the registry still owns is sellable.

GO and REC markets are measured in tens of billions. Ops software is a thin slice with high switching costs.

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.

Named: Geneva, United Kingdom. Off-limits: EU retail, United States. A US person hearing an offering communication is a US problem even if the company sits in Geneva. Blocking an IP and taking a US Telegram admin is not a block.

How it works

01A certificate that exists in a registry is evented here
02Delivery and retirement are visible to the offtaker
03The registry remains the legal source
04No public ‘carbon token’ sale on this pad
05Delivery and retirement are visible to the offtaker; the registry remains source
06Retail and unnamed geographies are structurally off the form, not only in the footer.

In the same conversation as

National GO registries
Xpansiv
Not a public carbon coin

If they raise

Where the money would actually go.

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

Control environment
37%
Dual-control drills, key ceremonies, and the person who owns them.
Named operators
20%
A counsel memo that can survive a later reader.
Claims & campaign ops
20%
Keeping the public story from running ahead of the claims register.
Counsel & perimeter
23%
Adapter work against the incumbent register, admin, or custodian.

Operating week

What “in market” actually looks like.

SatDarkNo creators. No threads. Restricted geos stay dark.
MonClaimsEvery public sentence checked against the register. Anything extra is unpublished.
TueExceptionsOvernight breaks post back into the customer’s case system. No side book.
ThuCustomerNamed pilot (redacted) sees the same record the auditor saw.

The wedge

Why this one, not the other one.

They sell: Producer seat
Who pays: A named Geneva administrator who already signs the pack (redacted).
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: Dual-record: the registry still owns the legal fact.
Switching cost: Scheme maps, ISO, LMA language, registry adapters — eighteen months of unglamorous work.
Vs the comps: National GO registries are slow. That slowness is the budget.
Why we listed it: No public token representing a tonne. We searched.

Next twelve months

What has to be true.

Counsel on commodity vs software — one memo.

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

Capital would fund the adapter work and a named counsel memo, not a public sale.

Traction

What you can verify today.

Operating notes for Rights ledger
No token contract listed as a public sale
Named founder; customer still a conversation
Geneva 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.”

Product53
Customers40
Legal path62
Tech maturity54
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.

Double count

If the registry and this ledger can both be sold, the product is a liability.

Green token

A freely traded climate token is usually a commodity or a security. This pad will not sell it.

Registry cooperation

Without the registry, this is a shadow certificate.

Policy

GO rules move. The product has to move with them, not ahead of them.

Double count

If the registry and this ledger can both be sold, Quince Ward is a liability. Dual-record or nothing.

Facts vs theatre

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

Ask these next

01Is the waitlist demand for a product, or a queue for a coin?
02Which incumbent can copy this in a quarter, and what would they have to migrate?
03Has counsel written the perimeter in a memo you can file?
04What does renewal look like if no round ever happens?
05What happens if a founder later wants a public token?
06Who can unpublish a public sentence in 24 hours, by name?

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 Ward 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.

Genevanamed
United Kingdomnamed
EU retailrestricted
United Statesrestricted

Team

Who runs it.

Claire CostaChief executive
Elena NairHead of product

Stack

Rights ledger
Royalty admin
Audit log
Takedown SLA

Named with them

Helix Audit
Meridian Tax

Who can decide

Claire Costa came in named. The team is not a handle. Quince Ward Ltd exists, founded 2025, headquartered in Geneva. 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 Ward does not sell a token to the public on this pad	Posture lock	live
The product is royalty admin sold to institutions	Architecture + customer type	live
Rights ledger 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	No board minute	draft
No public token is sold on this pad	Engagement terms + posture lock	live
Customers contemplated: Geneva, United Kingdom	Named markets on the file	live

On the record

Day 0 lockKick-offSep
Claim inventoryPackSep
Audience matrix draftPackSep

Operating log

11 Sep 10:10
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.