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

ROWN

In diligence

IN MOTIONDvP rails

Rowan Pike

a few days until this conversation is history.

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

Rowan Pike — 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.

In a 14-day diligence sprint (day 12). This is when the story, the customers and the legal path get written down — or the file stops.

Most DvP rails applications this quarter were declined. You are looking at one that was not.

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

Permissioned DvP

Counsel hours

Not offering — locked

Sentences killed

Before listing

Claims live

2/7

Sprint

Our cut

Of any proceeds

Plate Signal · 5754

ROWN

The plate

Signal. Edition 5754.

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

ROWN · Montreal · DvP rails

Score

Desk diligence

Pilots

Named, redacted

Sprint

Day 12 of 14

Montreal

Banks

Sells

Per

Per settled obligation

Markets

Montreal

Years

Founded 2022

Surfaces

Permissioned DvP

Complete

File readiness

The wedge

Per settled obligation

Rowan Pike sells a treasurer a night without fails.

Why the desk took it

A real job, not a ticker.

No settlement asset issued by Rowan Pike. We checked the architecture.

Traction

2 named pilots (redacted).

Founded 2022, headquartered in Montreal. 2 named pilots on file (identities redacted in public). 4 nodes or connected surfaces reported. Desk diligence score 82/100. Sprint day 12 of 14. An AIFM whose auditor has seen the dual-record. They killed their own ‘token as fee’ sentence before we asked. Rare, and it scored.

Next 12 months

Finality opinion from a named firm.

A public L1 is a different threat model and a different statute. 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 Montreal already renewed a slower vendor this year. Rowan Pike is the conversation that happens before they do it again. Miss this cycle and you explain the next one.

Rowan Pike exists because the incumbent brand will not staff the unglamorous middle of DvP rails. 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 Rowan Pike. The architecture says so. We have not watched the drill live. That is the next ask, not a slogan.

From the screen

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

From ops

US persons are outside the audience. A form that asks “are you accredited?” without verification is not an exemption.

From the founder

The legal source of truth stays with the incumbent register, admin, or custodian. Rowan Pike 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.

The comment period is not a path. This company is priced as if that is already true.

If you are a founder who wants a pack like this: apply. If you are a buyer: call them — not us.

Window

Closed

Closed. History only — not a place to buy.

Sentences killed: 5
Counsel hours on file: 59
Asks / week: 36
Our cut: 0% of proceeds

Kill the public sentence in an hour or do not list us. We can do the hour.
Siobhán Vogel, Chief executive

This company

Rowan Pike

Twelve DvP rails decks look the same. One of them has a Montreal customer on the record.

In the same conversation

CLS
Fnality
RTGS upgrades
Not a public L1

The bet

Why this company exists.

Rowan Pike sells a treasurer a night without fails.

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

The incumbent brand sells the relationship. Rowan Pike 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.

The live path is Not offering — locked. 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
05The legal source of truth stays with the incumbent register, admin, or custodian.

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.

Claims & campaign ops
32%
A counsel memo that can survive a later reader.
Certifications & adapters
18%
Dual-control drills, key ceremonies, and the person who owns them.
Named operators
18%
Adapter work against the incumbent register, admin, or custodian.
Counsel & perimeter
32%
Hiring the operator who already does this job at a licensed firm.

Operating week

What “in market” actually looks like.

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

The wedge

Why this one, not the other one.

They sell: Per settled obligation
Who pays: An AIFM whose auditor has seen the dual-record.
Unit economics: Seat plus event. If they ever attach a token as the unit of account, the file stops.
Moat on file: Legal opinion on finality in the governing law.
Switching cost: Once the record is the record, the incumbent copy has to migrate history. That is the year.
Vs the comps: A public L1 is a different threat model and a different statute.
Why we listed it: No settlement asset issued by Rowan Pike. We checked the architecture.

Next twelve months

What has to be true.

Finality opinion from a named firm.

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

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

Traction

What you can verify today.

Operating notes for Permissioned DvP
No token contract listed as a public sale
Pilot letters on file, identities redacted
Montreal 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.”

Product36
Customers62
Legal path62
Tech maturity48
Demand66
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.

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.

Money issuance

If the rail issues a settlement asset, Rowan Pike is in the e-money / deposit perimeter. That is a different company.

Token relapse

A later round that wants a public token puts Rowan Pike in a different perimeter. The file treats that as a hard stop.

Ask these next

01What does renewal look like if no round ever happens?
02Is the waitlist demand for a product, or a queue for a coin?
03Has counsel written the perimeter in a memo you can file?
04Which incumbent can copy this in a quarter, and what would they have to migrate?
05Which geography is actually locked, and which is a hope?
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 Pike 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.

Montrealnamed
Global publicrestricted

Team

Who runs it.

Siobhán VogelChief executive

Stack

Permissioned DvP
DvP rails
Takedown SLA
Approval trail

Named with them

Helix Audit
Clearline
Meridian Tax

Who can decide

Siobhán Vogel came in named. The team is not a handle. Rowan Pike Ltd exists, founded 2022, headquartered in Montreal. Anonymity would have been an automatic decline.

If the first customer renews, the adapter work pays for itself. If they do not, Rowan Pike is a services firm with a slide. The twelve-month test is renewal, not waitlist.

Claims with evidence

Statements with evidence.

Statement	Evidence	Status
Rowan Pike does not sell a token to the public on this pad	Posture lock	live
The product is dvp rails sold to institutions	Architecture + customer type	live
Permissioned DvP 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: Montreal	Named markets on the file	live

On the record

Day 0 lockKick-offSep
Claim inventoryPackSep
Audience matrix draftPackSep

Operating log

11 Sep 14:37
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.