The wedge
Bank seat
Issuing a stablecoin to settle would put them in a different perimeter.
VELMVellum Protocol8,420 waitlistKITEKite Ledger2,190 waitlistPLSDPalisade ID1,640 waitlistNRTLNorthlineDay 8 of 14SABLSable RailDay 5 of 14QULLQuill MarketsDay 11 of 14CDWLCinder Well6,947 waitlistHRTNHartline8,787 waitlistOBSNObsidian Rail4,416 waitlistFENLFen Clearing1,060 waitlistLUMNLumen Books5,510 waitlistRDCTRedact ID6,485 waitlistHRBNHarbor NAV6,973 waitlistQLTDQuilt1,876 waitlistNMBMNimbus Match7,864 waitlistBRASBrass4,166 waitlistSLSTSolstice Credit9,342 waitlistWLTRWillow Transfer7,031 waitlistEMBREmber Registry2,487 waitlistNQAYNorth Quay2,013 waitlistKLNSKiln4,412 waitlistGLSHGlass HouseDay 8 of 14IRNPIron PierDay 1 of 14PLFRPale FireDay 3 of 14VELMVellum Protocol8,420 waitlistKITEKite Ledger2,190 waitlistPLSDPalisade ID1,640 waitlistNRTLNorthlineDay 8 of 14SABLSable RailDay 5 of 14QULLQuill MarketsDay 11 of 14CDWLCinder Well6,947 waitlistHRTNHartline8,787 waitlistOBSNObsidian Rail4,416 waitlistFENLFen Clearing1,060 waitlistLUMNLumen Books5,510 waitlistRDCTRedact ID6,485 waitlistHRBNHarbor NAV6,973 waitlistQLTDQuilt1,876 waitlistNMBMNimbus Match7,864 waitlistBRASBrass4,166 waitlistSLSTSolstice Credit9,342 waitlistWLTRWillow Transfer7,031 waitlistEMBREmber Registry2,487 waitlistNQAYNorth Quay2,013 waitlistKLNSKiln4,412 waitlistGLSHGlass HouseDay 8 of 14IRNPIron PierDay 1 of 14PLFRPale FireDay 3 of 14
Board
SEDJ
Screened
SCREENEDWholesale FXSedge Gate
a short list already asked. The window is a few days. After that, archive.
A named Madrid customer is already on the record. The public still thinks this is a deck.
Sedge Gate — 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.
Screened, not yet in sprint. Treat every number as provisional. Calendar access is not automatic.
Archive is free. Live access is timed. Sedge Gate 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.
Stage
upcoming
Window
Closed
Heat
0/99
Inbound / wk
0asks
Asking now
0live
Named pilots
0
Still a question
Live nodes
0
Permissioned FX rail
Counsel hours
0
Not offering — locked
Sentences killed
0
Before listing
Claims live
1/4
Sprint
Our cut
0%
Of any proceeds
Plate Vault · 6317
SEDJ
The plate
Vault. Edition 6317.
A unique plate for Sedge Gate. Geometry, orbit, and edition belong to this company — no other listing on the board shares it.
SEDJ · Madrid · Wholesale FX
Score
0
Desk diligence
Pilots
0
Named, redacted
Stage
upcoming
upcoming
HQ
Madrid
Banks
Sells
Bank
Bank seat
Markets
0
Madrid
Years
0
Founded 2023
Surfaces
0
Permissioned FX rail
Complete
0
File readiness
Why the desk took it
Early — still a question.
Retail was never in the deck.
Traction
One named pilot (redacted).
Founded 2023, headquartered in Madrid. One named pilot on file (redacted in public). 3 nodes or connected surfaces reported. Desk diligence score 75/100. A national registry counterpart, not a scrape. A dual-control drill exists on paper. We have not watched it live yet — that is the next ask.
Next 12 months
After-hours window with a fail drill.
360T and FXall are the screens. This is the after-hours rail. 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.
In Madrid, the person who signs the monthly pack already has a vendor. Sedge Gate is not asking them to believe in a token. It is asking them to move one job — the one that currently lives in a spreadsheet, a fax, or a person who is about to retire — onto a record that can be shown to counsel. The queue to read that record is already not empty.
Sedge Gate exists because the incumbent brand will not staff the unglamorous middle of Wholesale FX. 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.
US traffic was taken off the public surfaces in the first working session. Sedge Gate did not argue. Adult companies do not costume a US offering.
From the pilot
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 ops
Fixed fee. Deposit to start. 0% of proceeds. Token-only pay is declined. Percentage of raise is declined.
From the screen
The legal source of truth stays with the incumbent register, admin, or custodian. Sedge Gate does not attest to its own facts.
The window
Miss this and you read the archive.
You can read twelve thinner companies. Or this one, once, while the window is open.
0% of proceeds. Fixed fee. The incentive is a clean campaign — not a raise.
Open the diligence or watch it close. There is not a third option that still counts as early.
Window
Closed
Closed. History only — not a place to buy.
- Sentences killed
- 14
- Counsel hours on file
- 4
- Asks / week
- 9
- Our cut
- 0% of proceeds
Our TAM is an invoice the customer already pays. A coin would not make it larger. It would make the licence harder.
This company
Sedge Gate
Services firms hide in ‘platform’ language. Sedge Gate sells a seat plus an event. Named.
In the same conversation
- CLS
- Fnality
- RTGS upgrades
- Not a public L1
The bet
Why this company exists.
Issuing a stablecoin to settle would put them in a different perimeter.
Issuing a stablecoin to settle would put them in a different perimeter.
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. Sedge Gate 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
- 05Matches stay inside named desks; cash still settles where it already settles
- 06The 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.
Second market
28%
Keeping the public story from running ahead of the claims register.
Named operators
19%
Hiring the operator who already does this job at a licensed firm.
Certifications & adapters
17%
The remaining certifications and the second named market.
Control environment
36%
Adapter work against the incumbent register, admin, or custodian.
Operating week
What “in market” actually looks like.
- WedCounselPerimeter diffs. If the site drifted from the memo, the site moves — not the memo.
- 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.
- TueExceptionsOvernight breaks post back into the customer’s case system. No side book.
The wedge
Why this one, not the other one.
- They sell
- Bank seat
- Who pays
- A national registry counterpart, not a scrape.
- Unit economics
- Bps on a job that already has a budget line. A public coin would not make the invoice larger.
- Moat on file
- Two banks quoting inside the permissioned room.
- Switching cost
- Scheme maps, ISO, LMA language, registry adapters — eighteen months of unglamorous work.
- Vs the comps
- 360T and FXall are the screens. This is the after-hours rail.
- Why we listed it
- Retail was never in the deck.
Next twelve months
What has to be true.
After-hours window with a fail drill.
A dual-control drill exists on paper. We have not watched it live yet — that is the next ask.
A round, if any, sits with their providers. This pad does not take the order.
Traction
What you can verify today.
Founded 2023, headquartered in Madrid. One named pilot on file (redacted in public). 3 nodes or connected surfaces reported. Desk diligence score 75/100. A national registry counterpart, not a scrape. A dual-control drill exists on paper. We have not watched it live yet — that is the next ask.
- Architecture paper — no production customer on the public file
- No token contract listed as a public sale
- Named founder; customer still a conversation
- Madrid 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.”
- Product24
- Customers40
- Legal path62
- Tech maturity37
- Demand10
- Market access44
Risks
What can kill it.
The one that actually kills it
The unit of account becomes a token
Seat plus event. If they attach a token as the unit of account, this company is a different company — and not one we will operate a campaign for.
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.
Issuing the cash
If Sedge Gate issues a stablecoin to make this atomic, the company becomes an e-money problem.
Token relapse
A later round that wants a public token puts Sedge Gate in a different perimeter. The file treats that as a hard stop.
Ask these next
- 01If RCA Pad disappeared tomorrow, could the customer still run the job?
- 02What happens if a founder later wants a public token?
- 03Where do keys, title, or NAV liability sit — and is that person licensed?
- 04Has counsel written the perimeter in a memo you can file?
- 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.
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
- Sedge Gate 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.
- Madridnamed
- Global publicrestricted
- United Statesrestricted
Team
Who runs it.
- Luca DiazChief executive
- Claire NairChief technology
Stack
- Permissioned FX rail
- Wholesale FX
- Audit log
- Takedown SLA
Named with them
- Helix Audit
Who can decide
Luca Diaz (Chief executive) will take a 30-minute call and decide budget. If the only person who can accept “we are not opening a sale” is a silent co-founder in another time zone, this company would not be on the board.
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 |
|---|---|---|
| Sedge Gate does not sell a token to the public on this pad | Posture lock | live |
| The product is wholesale fx sold to institutions | Architecture + customer type | draft |
| Permissioned FX rail 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: Madrid | Named markets on the file | draft |
On the record
- Application APP-4828ScreenSep
- Counsel questionPathSep
Operating log
01 Sep 18:00
Application scored. Sedge Gate 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.
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.