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

RDCT

In market

HOT WINDOWSelective disclosure

Redact ID

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

Inbound this week: 157. That is demand for a job someone already pays for — not a book.

Redact ID — An attestation graph: a fund or investor proves one fact (accredited, name, share-class) to a transfer agent or administrator without handing over the whole file. Selective disclosure is the product.

Live campaign. 6,485 on the product waitlist — that is demand, not an allocation.

Archive is free. Live access is timed. Redact ID is timed.

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

0days

Heat

0/99

Inbound / wk

0asks

Asking now

0live

Named pilots

Redacted on the public page

Live nodes

Attestation graph

Counsel hours

Sweden · counsel-named

Sentences killed

Before listing

Claims live

6/8

Build

Our cut

Of any proceeds

Plate Vault · 1552

RDCT

The plate

Vault. Edition 1552.

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

RDCT · Stockholm · Selective disclosure

Score

Desk diligence

Pilots

Named, redacted

Waitlist

Product demand

Stockholm

Fund administrators

Sells

Per-onboarding

Per-onboarding event

Markets

Sweden

Years

Founded 2023

Surfaces

Attestation graph

Complete

File readiness

The wedge

Per-onboarding event

Revocation is the product. Anyone can issue; almost no one can take it back.

Why the desk took it

A real job, not a ticker.

They named the attester. Most decks do not.

Traction

4 named pilots (redacted).

Founded 2023, headquartered in Stockholm. 4 named pilots on file (identities redacted in public). 6,485 on the waitlist, gated — product demand, not a book built. 23 nodes or connected surfaces reported. Desk diligence score 86/100. Four origination desks posting into a closed tape. They killed their own ‘token as fee’ sentence before we asked. Rare, and it scored.

Next 12 months

One TA consuming revoke in production.

A ‘passport token’ is usually a security in costume. 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.

Someone in Stockholm already renewed a slower vendor this year. Redact ID is the conversation that happens before they do it again. Miss this cycle and you explain the next one.

The bet is narrow. A named Stockholm buyer already has budget for this invoice. Redact ID 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 sentence went public and came down in under an hour. Rafa Khan 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 founder

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

From the pilot

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.

Skip it and you read the archive. Counterparties who matter will have already asked.

Restricted markets stay dark. Named markets are live. That discipline is the scarce thing.

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

Window remaining

0days

When this window closes, the campaign is archive.

Sentences killed: 17
Counsel hours on file: 37
Asks / week: 811
Our cut: 0% of proceeds

I will take thirty minutes and decide budget. If that person is not me, we should not be listed.
Rafa Khan, Chief executive

This company

Redact ID

Twelve Selective disclosure decks look the same. One of them has a Stockholm customer on the record.

In the same conversation

Onfido / Jumio for people
Fund-admin KYC teams
W3C attestations
Not a ‘passport token’

The bet

Why this company exists.

Revocation is the product. Anyone can issue; almost no one can take it back.

Transfer agents and AIFMs are being asked for faster onboarding without becoming identity companies. Attestations they can revoke are the compromise.

Fund onboarding cost is a known line item. A 20–40% cut in cycle time is a budget, not a vision deck.

Versus the field

L2 wrappers are cheaper. They are also a different perimeter — and declined here. Redact ID is priced as software against an invoice that already exists.

Named: Sweden, EEA professional, United Kingdom. Off-limits: Public residual claims, United States. A US person hearing an offering communication is a US problem even if the company sits in Stockholm. Blocking an IP and taking a US Telegram admin is not a block.

How it works

01A fact is attested by a party the recipient already trusts
02The holder discloses only the field requested
03The rest of the file stays dark
04Revocation is a first-class event
05The recipient never sees the rest of the file — selective disclosure is enforced, not promised
06The legal source of truth stays with the incumbent register, admin, or custodian.

In the same conversation as

Onfido / Jumio for people
Fund-admin KYC teams
W3C attestations
Not a ‘passport token’

If they raise

Where the money would actually go.

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

Named operators
35%
Keeping the public story from running ahead of the claims register.
Claims & campaign ops
21%
Hiring the operator who already does this job at a licensed firm.
Counsel & perimeter
14%
A counsel memo that can survive a later reader.
Certifications & adapters
30%
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.
SatDarkNo creators. No threads. Restricted geos stay dark.
FriKill switchRehearse unpublish in 24 hours. If it takes a committee, it is not a switch.
MonClaimsEvery public sentence checked against the register. Anything extra is unpublished.

The wedge

Why this one, not the other one.

They sell: Per-onboarding event
Who pays: Four origination desks posting into a closed tape.
Unit economics: Seat plus event. If they ever attach a token as the unit of account, the file stops.
Moat on file: A transfer agent has agreed to consume the attestation in production.
Switching cost: Once the record is the record, the incumbent copy has to migrate history. That is the year.
Vs the comps: A ‘passport token’ is usually a security in costume.
Why we listed it: They named the attester. Most decks do not.

Next twelve months

What has to be true.

One TA consuming revoke in production.

They killed their own ‘token as fee’ sentence before we asked. Rare, and it scored.

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

Traction

What you can verify today.

Operating notes for Attestation graph
No token contract listed as a public sale
Named founder; customer still a conversation
Stockholm 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.”

Product81
Customers96
Legal path84
Tech maturity94
Demand72
Market access90

Risks

What can kill it.

The one that actually kills it

Counsel is a slide

Unnamed counsel is how companies die in diligence. Sweden · counsel-named has to be a memo you can file, not a slogan on the hero.

Who attests

If the attester is the company itself, this is a database with extra steps.

Portability theatre

A graph nobody else reads is a PDF with a hash.

US

US retail identity products are a different statute. Many of these files keep the US off.

Utility token

Paying for attestations in a native token is usually a securities problem in costume.

Self-attestation

If Redact ID is the attester, this is a database with extra steps. The graph only matters if someone else signs.

Single-customer gravity

If the first named buyer is also the only buyer, Redact ID is a services shop with a ledger. Ask for the second.

Ask these next

01Where do keys, title, or NAV liability sit — and is that person licensed?
02Which geography is actually locked, and which is a hope?
03What does renewal look like if no round ever happens?
04Has counsel written the perimeter in a memo you can file?
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.

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: Redact ID AB
Path on file: Sweden · 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.

Swedennamed
EEA professionalnamed
United Kingdomnamed
Public residual claimsrestricted
United Statesrestricted

Team

Who runs it.

Rafa KhanChief executive
Jonah NgHead of product

Stack

Attestation graph
Selective disclosure
Approval trail
Disclosure templates

Named with them

Northbridge Counsel
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, Redact ID is a services firm with a slide. The twelve-month test is renewal, not waitlist.

Claims with evidence

Statements with evidence.

Statement	Evidence	Status
Redact ID does not sell a token to the public on this pad	Posture lock	live
The product is selective disclosure sold to institutions	Architecture + customer type	live
Attestation graph 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
Production date for the chain layer is not committed	No board minute	draft
No public token is sold on this pad	Engagement terms + posture lock	live
Customers contemplated: Sweden, EEA professional, United Kingdom	Named markets on the file	live

On the record

Sprint packPackJun
Counsel lockPathJul
Claims register liveRegisterAug
Creator briefBriefSep

Operating log

11 Sep 09:33
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.