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

ROWX

In diligence

IN MOTIONTransfer agency

Rowan House

Window a fewd · waitlist a short list · our cut 0%. Do the maths.

Pilots are named and redacted. The waitlist is not. a short list people already asked.

Rowan House — 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.

In a 14-day diligence sprint (day 13). This is when the story, the customers and the legal path get written down — or the file stops.

Closed stamp is coming. a few days is the number. There is not a second number.

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

TA adapters

Counsel hours

Not offering — locked

Sentences killed

Before listing

Claims live

4/8

Sprint

Our cut

Of any proceeds

Plate Horizon · 9913

ROWX

The plate

Horizon. Edition 9913.

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

ROWX · Mumbai · Transfer agency

Score

Desk diligence

Pilots

Named, redacted

Sprint

Day 13 of 14

Mumbai

Fund administrators

Sells

Fund

Fund seat

Markets

Mumbai

Years

Founded 2023

Surfaces

TA adapters

Complete

File readiness

The wedge

Fund seat

The wedge is repeating KYC at every gate of the same allocator.

Why the desk took it

A real job, not a ticker.

No utility token in the revenue model. We checked.

Traction

2 named pilots (redacted).

Founded 2023, headquartered in Mumbai. 2 named pilots on file (identities redacted in public). 6 nodes or connected surfaces reported. Desk diligence score 84/100. Sprint day 13 of 14. A treasurer at a bank that already settles — not a crypto-native desk. A dual-control drill exists on paper. We have not watched it live yet — that is the next ask.

Next 12 months

One TA consuming revoke in production.

A ‘passport token’ is usually a security in costume. Per-event pricing so a pilot can start without a transformation programme.

The brief

How a serious reader should hold this.

Most Transfer agency decks start with a market size. This one starts with a job: a person at a licensed firm, a record they cannot currently prove, and a calendar that does not wait for a proposed US rule. The calendar is the window. The window is the scarce thing.

The bet is narrow. A named Mumbai buyer already has budget for this invoice. Rowan House 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.

US traffic was taken off the public surfaces in the first working session. Rowan House did not argue. Adult companies do not costume a US offering.

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 screen

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

From counsel

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.

The next Transfer agency company on this board will not have this waitlist, this HQ, or this counsel posture.

a short list people did not join a waitlist for a ticker. They joined for a job.

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

Window

Closed

Closed. History only — not a place to buy.

Sentences killed: 10
Counsel hours on file: 70
Asks / week: 39
Our cut: 0% of proceeds

Do not put a participate button on our page. If you do, we leave.
Sasha Petrov, Chief executive

This company

Rowan House

The copycats will arrive after certification. That is why the window is now.

In the same conversation

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

The bet

Why this company exists.

The wedge is repeating KYC at every gate of the same allocator.

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. Rowan House is priced as software against an invoice that already exists.

Named: Mumbai. Off-limits: Mainland China retail, United States. A US person hearing an offering communication is a US problem even if the company sits in Mumbai. 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.

Claims & campaign ops
36%
Dual-control drills, key ceremonies, and the person who owns them.
Control environment
23%
Hiring the operator who already does this job at a licensed firm.
Named operators
15%
Adapter work against the incumbent register, admin, or custodian.
Counsel & perimeter
26%
A counsel memo that can survive a later reader.

Operating week

What “in market” actually looks like.

SunOwnersWho can decide messaging and budget on a recorded line. If the answer is nobody, stop.
FriKill switchRehearse unpublish in 24 hours. If it takes a committee, it is not a switch.
WedCounselPerimeter diffs. If the site drifted from the memo, the site moves — not the memo.
MonClaimsEvery public sentence checked against the register. Anything extra is unpublished.

The wedge

Why this one, not the other one.

They sell: Fund seat
Who pays: A treasurer at a bank that already settles — not a crypto-native desk.
Unit economics: Per-event pricing so a pilot can start without a transformation programme.
Moat on file: Revoke has been tested against a live register.
Switching cost: The customer’s auditor has seen this book. Switching means a new auditor conversation.
Vs the comps: A ‘passport token’ is usually a security in costume.
Why we listed it: No utility token in the revenue model. We checked.

Next twelve months

What has to be true.

One TA consuming revoke in production.

A dual-control drill exists on paper. We have not watched it live yet — that is the next ask.

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

Traction

What you can verify today.

Operating notes for TA adapters
No token contract listed as a public sale
Pilot letters on file, identities redacted
Mumbai 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.”

Product54
Customers62
Legal path62
Tech maturity54
Demand70
Market access44

Risks

What can kill it.

The one that actually kills it

The named customer is a letter of intent

Pilots that cannot be named, even redacted, are theatre. One paying seat that an auditor has seen is worth more than a waitlist of a short list.

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 Rowan House is the attester, this is a database with extra steps. The graph only matters if someone else signs.

Facts vs theatre

A proof of a fake book is still a fake book. Rowan House has to attach to the real one, in Mumbai.

Ask these next

01If RCA Pad disappeared tomorrow, could the customer still run the job?
02What does renewal look like if no round ever happens?
03Has counsel written the perimeter in a memo you can file?
04Which geography is actually locked, and which is a hope?
05Who is the first named paying customer — not a letter of intent?
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: Rowan House 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.

Mumbainamed
Mainland China retailrestricted
United Statesrestricted

Team

Who runs it.

Sasha PetrovChief executive

Stack

TA adapters
Transfer agency
Audit log
Takedown SLA

Named with them

Northbridge Counsel
Helix Audit
Clearline

Who can decide

Sasha Petrov came in named. The team is not a handle. Rowan House Ltd exists, founded 2023, headquartered in Mumbai. 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
Rowan House does not sell a token to the public on this pad	Posture lock	live
The product is transfer agency sold to institutions	Architecture + customer type	live
TA 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
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: Mumbai	Named markets on the file	live

On the record

Day 0 lockKick-offSep
Claim inventoryPackSep
Audience matrix draftPackSep

Operating log

11 Sep 10:34
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.