The wedge
Per million notional
Quince Works sits in front of nostro, not in front of retail.
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
QUI6
Screened
SCREENEDWholesale FXQuince Works
Owen Cho will not run a sale here. That is why serious people are in the queue.
Pilots are named and redacted. The waitlist is not. a short list people already asked.
Quince Works — 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.
Screened, not yet in sprint. Treat every number as provisional. Calendar access is not automatic.
4 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.
Stage
upcoming
Window
0days
Heat
0/99
Inbound / wk
0asks
Asking now
0live
Named pilots
0
Redacted on the public page
Live nodes
0
Permissioned FX rail
Counsel hours
0
Undetermined — not a path
Sentences killed
0
Before listing
Claims live
0/5
Sprint
Our cut
0%
Of any proceeds
Plate Lattice · 2467
QUI6
The plate
Lattice. Edition 2467.
A unique plate for Quince Works. Geometry, orbit, and edition belong to this company — no other listing on the board shares it.
QUI6 · Zurich · Wholesale FX
Score
0
Desk diligence
Pilots
0
None on file
Stage
upcoming
upcoming
HQ
Zurich
Banks
Sells
Per
Per million notional
Markets
0
Switzerland
Years
0
Founded 2023
Surfaces
0
Permissioned FX rail
Complete
0
File readiness
Why the desk took it
Early — still a question.
They do not issue the settlement asset.
Traction
No paying pilot on the public file.
Founded 2023, headquartered in Zurich. No named paying pilot on the file yet — that is the first question. Desk diligence score 56/100. Four origination desks posting into a closed tape. A redacted engagement letter landed in week one. That is why the desk took the meeting.
Next 12 months
Two banks quoting live.
CLS is the club. Quince Works has to feed it, not fight it. They win if they are cheaper than the internal build, not cheaper than a protocol.
The brief
How a serious reader should hold this.
In Zurich, the person who signs the monthly pack already has a vendor. Quince Works 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.
The bet is narrow. A named Zurich buyer already has budget for this invoice. Quince Works 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.
The auditor of a redacted pilot has seen a dual-record. Switching away now means a new auditor conversation. That is the switching cost — not the logo.
From the screen
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 ops
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.
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.
The incumbent copy takes a year. The named customer is already writing into this record.
Open the diligence or watch it close. There is not a third option that still counts as early.
Window remaining
0days
When this window closes, the campaign is archive.
- Sentences killed
- 3
- Counsel hours on file
- 9
- Asks / week
- 3
- Our cut
- 0% of proceeds
I will take thirty minutes and decide budget. If that person is not me, we should not be listed.
This company
Quince Works
A L2 wrapper is cheaper. It is also a different perimeter — and declined here.
In the same conversation
- CLS
- Fnality
- RTGS upgrades
- Not a public L1
The bet
Why this company exists.
Quince Works sits in front of nostro, not in front of retail.
Quince Works sits in front of nostro, not in front of retail.
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 Works is priced as software against an invoice that already exists.
The live path is Undetermined — not a path. 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
- 05Matches stay inside named desks; cash still settles where it already settles
- 06Kill 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.
Counsel & perimeter
36%
The remaining certifications and the second named market.
Certifications & adapters
22%
A counsel memo that can survive a later reader.
Named operators
15%
Keeping the public story from running ahead of the claims register.
Control environment
27%
Adapter work against the incumbent register, admin, or custodian.
Operating week
What “in market” actually looks like.
- ThuCustomerNamed pilot (redacted) sees the same record the auditor saw.
- FriKill switchRehearse unpublish in 24 hours. If it takes a committee, it is not a switch.
- TueExceptionsOvernight breaks post back into the customer’s case system. No side book.
- 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 million notional
- Who pays
- Four origination desks posting into a closed tape.
- Unit economics
- They win if they are cheaper than the internal build, not cheaper than a protocol.
- Moat on file
- CLS or local RTGS remains the final cash.
- Switching cost
- The customer’s auditor has seen this book. Switching means a new auditor conversation.
- Vs the comps
- CLS is the club. Quince Works has to feed it, not fight it.
- Why we listed it
- They do not issue the settlement asset.
Next twelve months
What has to be true.
Two banks quoting live.
A redacted engagement letter landed in week one. That is why the desk took the meeting.
If they raise, it is to hire the remaining certifications and the second market — not to float a coin.
Traction
What you can verify today.
Founded 2023, headquartered in Zurich. No named paying pilot on the file yet — that is the first question. Desk diligence score 56/100. Four origination desks posting into a closed tape. A redacted engagement letter landed in week one. That is why the desk took the meeting.
- Architecture paper — no production customer on the public file
- No token contract listed as a public sale
- Named founder; customer still a conversation
- Zurich 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.”
- Product18
- Customers18
- Legal path24
- Tech maturity28
- Demand10
- 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.
Issuing the cash
If Quince Works issues a stablecoin to make this atomic, the company becomes an e-money problem.
Facts vs theatre
A proof of a fake book is still a fake book. Quince Works has to attach to the real one, in Zurich.
Ask these next
- 01Who can unpublish a public sentence in 24 hours, by name?
- 02Has counsel written the perimeter in a memo you can file?
- 03Where do keys, title, or NAV liability sit — and is that person licensed?
- 04Which geography is actually locked, and which is a hope?
- 05If RCA Pad disappeared tomorrow, could the customer still run the job?
- 06What happens if a founder later wants a public token?
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 Works AG
- Path on file
- Undetermined — not a path
- 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.
- Switzerlandnamed
- EEA professionalnamed
- United States retailrestricted
Team
Who runs it.
- Owen ChoChief executive
- Luca NairHead of product
Stack
- Permissioned FX rail
- Wholesale FX
- Approval trail
- Takedown SLA
Named with them
- Helix Audit
Who can decide
The technical founder is on the record as Head of product. Contractors in undisclosed jurisdictions are written down as a fact, not hidden. Facts can be managed. Hiding them is how companies die in diligence.
If the first customer renews, the adapter work pays for itself. If they do not, Quince Works is a services firm with a slide. The twelve-month test is renewal, not waitlist.
Claims with evidence
Statements with evidence.
| Statement | Evidence | Status |
|---|---|---|
| Quince Works does not sell a token to the public on this pad | Posture lock | live |
| The product is wholesale fx sold to institutions | Architecture + customer type | draft |
| Permissioned FX rail 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: Switzerland, EEA professional | Named markets on the file | draft |
On the record
- Application APP-4641ScreenSep
- Counsel questionPathSep
Operating log
09 Sep 14:00
Application scored. Quince Works is not a calendar slot.
11 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.