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

SCAR

Screened

SCREENEDVault infrastructure

Scaur

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

a short list names asked to be first. None of them bought a token here. They asked for the product.

Scaur — Accounting and proof layers for vaults that already hold assets for known clients. zk or otherwise, the point is a statement a counterparty can verify — not a public yield product.

Screened, not yet in sprint. Treat every number as provisional. Calendar access is not automatic.

Heat 48 of 99. Hot windows do not stay hot. They close.

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

Redacted on the public page

Live nodes

zk testnet

Counsel hours

Undetermined — not a path

Sentences killed

Before listing

Claims live

0/6

Sprint

Our cut

Of any proceeds

Plate Orbit · 7764

SCAR

The plate

Orbit. Edition 7764.

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

SCAR · Munich · Vault infrastructure

Score

Desk diligence

Pilots

None on file

Stage

upcoming

Munich

Asset managers

Sells

Per

Per statement

Markets

Munich

Years

Founded 2024

Surfaces

zk testnet

Complete

File readiness

The wedge

Per statement

The wedge is 2022: allocators asked for proof and got demos.

Why the desk took it

Early — still a question.

No APY on any surface we could find.

Traction

No paying pilot on the public file.

Founded 2024, headquartered in Munich. No named paying pilot on the file yet — that is the first question. 2 nodes or connected surfaces reported. Desk diligence score 69/100. Four origination desks posting into a closed tape. Architecture says keys / title / NAV liability sit with a named licensed party — not Scaur.

Next 12 months

Production book, not a demo circuit.

Public vault tokens are the thing this is not. Bps on a job that already has a budget line. A public coin would not make the invoice larger.

The brief

How a serious reader should hold this.

Before the waitlist, before the window, there was a refusal. Scaur would not let a public sale sit on this page. That is why a company in Vault infrastructure is listed here at all — and why the people who wanted a coin left, and the people who wanted the product stayed.

Scaur exists because the incumbent brand will not staff the unglamorous middle of Vault infrastructure. 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.

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 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 founder

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.

When the heat drops, the named customer is still named — they just stop taking new calls.

Certification is in motion. After it lands, the price of the seat is not the question — access is.

The scarce thing is not the company. It is the next 2 days of a live conversation.

Window remaining

0days

When this window closes, the campaign is archive.

Sentences killed: 11
Counsel hours on file: 10
Asks / week: 5
Our cut: 0% of proceeds

Renewal is the round. If nobody renews, there is no company. A token would not fix that.
Yara Reilly, Chief executive

This company

Scaur

Services firms hide in ‘platform’ language. Scaur sells a seat plus an event. Named.

In the same conversation

Fund admins
Custodian reporting
Public ‘vault tokens’ (the thing this is not)

The bet

Why this company exists.

The wedge is 2022: allocators asked for proof and got demos.

Allocators asked for proof after 2022. Labs answered with demos. The first vault accounting that an auditor will sign is a business.

Middle-office spend at alternative managers is a budget that survived the last cycle.

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.

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

01Positions are accounted in a book the manager already runs
02A proof or extract is produced for a named counterparty
03Yield is not marketed to the public on this pad
04zk, if present, is a method — not a ticker
05A proof or extract is produced for a named counterparty only
06The legal source of truth stays with the incumbent register, admin, or custodian.

In the same conversation as

Fund admins
Custodian reporting
Public ‘vault tokens’ (the thing this is not)

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
35%
Adapter work against the incumbent register, admin, or custodian.
Named operators
18%
The remaining certifications and the second named market.
Second market
17%
Hiring the operator who already does this job at a licensed firm.
Certifications & adapters
30%
Keeping the public story from running ahead of the claims register.

Operating week

What “in market” actually looks like.

FriKill switchRehearse unpublish in 24 hours. If it takes a committee, it is not a switch.
SunOwnersWho can decide messaging and budget on a recorded line. If the answer is nobody, stop.
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: Per statement
Who pays: Four origination desks posting into a closed tape.
Unit economics: Bps on a job that already has a budget line. A public coin would not make the invoice larger.
Moat on file: Auditor engagement letter — not a tweet.
Switching cost: Permissioned connectivity is the moat. Public endpoints would erase it.
Vs the comps: Public vault tokens are the thing this is not.
Why we listed it: No APY on any surface we could find.

Next twelve months

What has to be true.

Production book, not a demo circuit.

Architecture says keys / title / NAV liability sit with a named licensed party — not Scaur.

Growth money would extend the record to a second geography, still permissioned.

Traction

What you can verify today.

Architecture paper — no production customer on the public file
No token contract listed as a public sale
Named founder; customer still a conversation
Munich 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.”

Product21
Customers18
Legal path24
Tech maturity34
Demand10
Market access44

Risks

What can kill it.

The one that actually kills it

Counsel is a slide

Unnamed counsel is how companies die in diligence. Undetermined — not a path has to be a memo you can file, not a slogan on the hero.

Yield product

If the landing page is APY, this is a different, usually unlicensed, business.

Proof theatre

A zk circuit of a fake book is still a fake book.

Custodian

Who holds the keys? If it is the startup, that is custody.

Audit

No auditor, no statement. Demo is not diligence.

Proof theatre

A zk circuit of a fake book is still a fake book. Scaur has to prove the real one.

Path silence

If counsel will not name a path and not-offering is not locked, heated waitlist copy is an accidental offering.

Ask these next

01Who is the first named paying customer — not a letter of intent?
02Is the waitlist demand for a product, or a queue for a coin?
03Which incumbent can copy this in a quarter, and what would they have to migrate?
04Has counsel written the perimeter in a memo you can file?
05Who can unpublish a public sentence in 24 hours, by name?
06If RCA Pad disappeared tomorrow, could the customer still run the job?

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: Scaur Ltd
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.

Munichnamed
EU retailrestricted

Team

Who runs it.

Yara ReillyChief executive
Hiro ColeHead of product

Stack

zk testnet
Vault infrastructure
Takedown SLA

Named with them

Northbridge Counsel

Who can decide

Yara Reilly came in named. The team is not a handle. Scaur Ltd exists, founded 2024, headquartered in Munich. Anonymity would have been an automatic decline.

Year two is a second named market and the remaining certifications — still permissioned. It is not a public book. A public book would be a different company.

Claims with evidence

Statements with evidence.

Statement	Evidence	Status
Scaur does not sell a token to the public on this pad	Posture lock	live
The product is vault infrastructure sold to institutions	Architecture + customer type	draft
zk testnet 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: Munich	Named markets on the file	draft

On the record

Application APP-4709ScreenSep
Counsel questionPathSep

Operating log

06 Sep 10:00
Application scored. Scaur 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.

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.