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

SEDC

Closed

CLOSEDReinsurance records

Sedge Desk

Window closed. a short list asked while it was live. You are reading history.

The window is 0 days. After that Sedge Desk archives. Diligence does not reopen as a live conversation.

Sedge Desk — A permissioned netting engine for trading venues and brokers that are already licensed. It reduces what has to settle. It is not a new CCP, and it is not a collateral token.

Closed on this board. Any capital event was completed with the issuer’s own providers. RCA Pad took 0%.

Closed. The live conversation is over. The pack remains as archive.

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

completed

Window

Closed

Heat

0/99

Inbound / wk

0asks

Asking now

0live

Named pilots

Redacted on the public page

Live nodes

Treaty book

Counsel hours

Switzerland · closed private round

Sentences killed

Before listing

Claims live

0/15

Sprint

Our cut

Of any proceeds

Plate Meridian · 9825

SEDC

The plate

Meridian. Edition 9825.

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

SEDC · Zurich · Reinsurance records

Score

Desk diligence

Pilots

Named, redacted

Stage

completed

Zurich

Licensed venues

Sells

Per

Per binder

Markets

Switzerland

Years

Founded 2025

Surfaces

Treaty book

Complete

File readiness

The wedge

Per binder

Sedge Desk is replacing the PDF slip, not the carrier.

Why the desk took it

A real job, not a ticker.

No policy-as-token in the revenue model.

Traction

2 named pilots (redacted).

Founded 2025, headquartered in Zurich. 2 named pilots on file (identities redacted in public). 11 nodes or connected surfaces reported. Desk diligence score 78/100. A qualified custodian reconciling against this book. No public APY, no public book, no ‘how to buy’ on any surface we could find.

Next 12 months

Counsel on whether the record is a regulated contract.

Guidewire is the system of record. This is the slip between markets. Per-event pricing so a pilot can start without a transformation programme.

The brief

How a serious reader should hold this.

The decline pile in Reinsurance records is not a rumour. It is how this board stays readable. Sedge Desk is what survived. That is the sell.

Read this as an operating company, not a round. Counsel has a posture: Switzerland · closed private round. Restricted markets stay dark. RCA Pad takes 0% if they ever raise. That combination is why inbound did not need a ticker.

A dual-control drill sits on paper. Keys, title, or NAV liability sit with a named licensed party — not Sedge Desk. The architecture says so. We have not watched the drill live. That is the next ask, not a slogan.

From the pilot

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

From ops

The legal source of truth stays with the incumbent register, admin, or custodian. Sedge Desk does not attest to its own facts.

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.

Founders who want a pack this tight apply. Readers who wait get a closed stamp.

Switching cost is the auditor conversation. Once it happens, you are late.

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: 7
Counsel hours on file: 83
Asks / week: 2
Our cut: 0% of proceeds

If RCA Pad ever asked for a cut of a raise, we would walk. That is in the first email.
Ibrahim Moreau, Chief executive

This company

Sedge Desk

Twelve Reinsurance records decks look the same. One of them has a Zurich customer on the record.

In the same conversation

LCH / Eurex (incumbent CCPs)
Caldastone-style utilities
Not a DeFi clearinghouse

The bet

Why this company exists.

Sedge Desk is replacing the PDF slip, not the carrier.

T+1 and capital rules make gross settlement expensive. Venues will buy netting as a service before they will buy a new licence.

Post-trade cost is a line on every broker P&L. A 10% cut in settlement fails is a CFO conversation.

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.

Named: Switzerland, EEA professional, United Kingdom. Off-limits: Global public. A US person hearing an offering communication is a US problem even if the company sits in Zurich. Blocking an IP and taking a US Telegram admin is not a block.

How it works

01Members post positions they already hold
02The engine nets what the rulebook allows
03Only the residual hits the existing settlement rail
04Collateral as a token is an exclusion on this file
05Claim and premium events update the same slip the markets already signed
06The legal source of truth stays with the incumbent register, admin, or custodian.

In the same conversation as

LCH / Eurex (incumbent CCPs)
Caldastone-style utilities
Not a DeFi clearinghouse

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
31%
Adapter work against the incumbent register, admin, or custodian.
Control environment
23%
The remaining certifications and the second named market.
Claims & campaign ops
21%
Hiring the operator who already does this job at a licensed firm.
Certifications & adapters
25%
A counsel memo that can survive a later reader.

Operating week

What “in market” actually looks like.

SatDarkNo creators. No threads. Restricted geos stay dark.
WedCounselPerimeter diffs. If the site drifted from the memo, the site moves — not the memo.
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 binder
Who pays: A qualified custodian reconciling against this book.
Unit economics: Per-event pricing so a pilot can start without a transformation programme.
Moat on file: Claim events post back into the carrier’s existing system.
Switching cost: Permissioned connectivity is the moat. Public endpoints would erase it.
Vs the comps: Guidewire is the system of record. This is the slip between markets.
Why we listed it: No policy-as-token in the revenue model.

Next twelve months

What has to be true.

Counsel on whether the record is a regulated contract.

No public APY, no public book, no ‘how to buy’ on any surface we could find.

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

Traction

What you can verify today.

Operating notes for Treaty book
No token contract listed as a public sale
Pilot letters on file, identities redacted
Zurich is the operating centre
The waitlist, if any, is a product list — not a book
Raise, if any, closed with issuer providers

Readiness

Six things a serious buyer asks. 100 is “ready to take to counsel and a customer.”

Product95
Customers62
Legal path84
Tech maturity61
Demand10
Market access90

Risks

What can kill it.

The one that actually kills it

A second geography without a lock

Extending the record into a market that is still restricted is how a clean Zurich story becomes a fact pattern. The restricted list exists for a reason: Global public.

CCP perimeter

If a regulator reads this as clearing, the licence problem is existential.

Collateral token

That ask has been refused on files like this. It should stay refused.

Member default

Who eats the loss? If the answer is ‘the protocol’, there is no protocol that can.

Incumbent freeze-out

CCPs can copy the netting logic faster than a startup can collect members.

Not a carrier

If Sedge Desk looks like it is taking risk, it needs a licence. The file says it does not. Keep it that way.

Single-customer gravity

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

Ask these next

01Which geography is actually locked, and which is a hope?
02Which incumbent can copy this in a quarter, and what would they have to migrate?
03What happens if a founder later wants a public token?
04If RCA Pad disappeared tomorrow, could the customer still run the job?
05Has counsel written the perimeter in a memo you can file?
06Is the waitlist demand for a product, or a queue for a coin?

Structure

How money would actually move.

Window closed. Tombstone is theirs. Archive is ours. 0% of proceeds.

Entity: Sedge Desk AG
Path on file: Switzerland · closed private round
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 Kingdomnamed
Global publicrestricted

Team

Who runs it.

Ibrahim MoreauChief executive
Elena IbrahimHead of product

Stack

Treaty book
Reinsurance records
Approval trail
Takedown SLA

Named with them

Helix Audit
Clearline

Who can decide

Ibrahim Moreau came in named. The team is not a handle. Sedge Desk AG exists, founded 2025, headquartered in Zurich. 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
Sedge Desk does not sell a token to the public on this pad	Posture lock	withdrawn
The product is reinsurance records sold to institutions	Architecture + customer type	withdrawn
Treaty book is the method — not a listed asset	Desk snapshot	withdrawn
Retail buyers are out of scope	Named markets lock	withdrawn
Any raise completes with the issuer’s counsel and providers — not on RCA Pad	Fixed-fee terms	withdrawn
Production date for the chain layer is not committed	No board minute	withdrawn
No public token is sold on this pad	Engagement terms + posture lock	withdrawn
Customers contemplated: Switzerland, EEA professional, United Kingdom	Named markets on the file	withdrawn

On the record

Final registerArchiveAug
Close reportReportAug
Tombstone copyArchiveAug

Operating log

19 Aug 10:00
Close report. 0% of proceeds.
12 Aug 18:00
Sedge Desk archived. Live claims withdrawn.
11 Aug 09:30
Final creator pass. Residual claims pulled.

Path to now

Open
File
Before any public sentence.
Close
Archive
We did not take a cut.

Not a subscription

This is not a sale page.

Window closed. Tombstone is theirs. Archive is ours. 0% of proceeds. 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

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