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

SEDQ

In diligence

IN MOTIONMunicipal records

Sedge Holt

Heat 39. 26 asks this week. 0% of any raise comes here.

A dual-control drill is on paper. A named licensed party holds the liability. That is rarer than a waitlist.

Sedge Holt — Permissioned infrastructure sold to firms that already operate in this market. The chain is a method. The customer is an institution. A public token sale is not the business.

In a 14-day diligence sprint (day 8). This is when the story, the customers and the legal path get written down — or the file stops.

They unpublish in an hour. They will not wait for your committee to finish reading.

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

Civic ledger

Counsel hours

Not offering — locked

Sentences killed

Before listing

Claims live

2/6

Sprint

Our cut

Of any proceeds

Plate Ledger · 6227

SEDQ

The plate

Ledger. Edition 6227.

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

SEDQ · Helsinki · Municipal records

Score

Desk diligence

Pilots

Named, redacted

Sprint

Day 8 of 14

Helsinki

Named institutional customers in a named geography

Sells

Annual

Annual software

Markets

Helsinki

Years

Founded 2021

Surfaces

Civic ledger

Complete

File readiness

The wedge

Annual software

A crowd sale dressed as infrastructure is the thing this pad declines.

Why the desk took it

A real job, not a ticker.

A named geography, not ‘global retail’.

Traction

2 named pilots (redacted).

Founded 2021, headquartered in Helsinki. 2 named pilots on file (identities redacted in public). 9 nodes or connected surfaces reported. Desk diligence score 75/100. Sprint day 8 of 14. A named Helsinki administrator who already signs the pack (redacted). Counsel is named, even if the memo is still a draft. Unnamed counsel is how files die.

Next 12 months

One paying customer.

Incumbent ops vendors are slow. Internal builds are slower. They win if they are cheaper than the internal build, not cheaper than a protocol.

The brief

How a serious reader should hold this.

Helsinki is not a backdrop. It is the jurisdiction where a named customer can be sued, called, and asked a question on a recorded line. Sedge Holt chose it for that reason. Counterparties who still think this is a ‘global’ story are already late.

The bet is narrow. A named Helsinki buyer already has budget for this invoice. Sedge Holt 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.

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

From the screen

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

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.

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.

The window

Miss this and you read the archive.

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

Budget exists on a line the board can see. That is why the window is this quarter.

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

Window

Closed

Closed. History only — not a place to buy.

Sentences killed: 18
Counsel hours on file: 26
Asks / week: 26
Our cut: 0% of proceeds

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

This company

Sedge Holt

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

In the same conversation

Incumbent ops vendors
Internal builds
Public tokens (the thing to avoid)

The bet

Why this company exists.

A crowd sale dressed as infrastructure is the thing this pad declines.

Boards will fund replacement of a known ops cost. They will not fund a crowd sale dressed as infrastructure.

The customer’s existing ops budget is the TAM that matters.

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: Helsinki. Off-limits: EU retail. A US person hearing an offering communication is a US problem even if the company sits in Helsinki. Blocking an IP and taking a US Telegram admin is not a block.

How it works

01A job the customer already does is moved onto a shared record
02Access is permissioned
03Revenue is software or a service fee
04No public allocation on this pad
05Kill of a public sentence is an hour, not a committee.

In the same conversation as

Incumbent ops vendors
Internal builds
Public tokens (the thing to avoid)

If they raise

Where the money would actually go.

Not a token float. A budget against work. RCA Pad still takes 0% of proceeds.

Named operators
31%
A counsel memo that can survive a later reader.
Claims & campaign ops
25%
Adapter work against the incumbent register, admin, or custodian.
Certifications & adapters
16%
The remaining certifications and the second named market.
Counsel & perimeter
28%
Keeping the public story from running ahead of the claims register.

Operating week

What “in market” actually looks like.

SatDarkNo creators. No threads. Restricted geos stay dark.
FriKill switchRehearse unpublish in 24 hours. If it takes a committee, it is not a switch.
ThuCustomerNamed pilot (redacted) sees the same record the auditor saw.
TueExceptionsOvernight breaks post back into the customer’s case system. No side book.

The wedge

Why this one, not the other one.

They sell: Annual software
Who pays: A named Helsinki administrator who already signs the pack (redacted).
Unit economics: They win if they are cheaper than the internal build, not cheaper than a protocol.
Moat on file: A named institutional customer, even if redacted.
Switching cost: Permissioned connectivity is the moat. Public endpoints would erase it.
Vs the comps: Incumbent ops vendors are slow. Internal builds are slower.
Why we listed it: A named geography, not ‘global retail’.

Next twelve months

What has to be true.

One paying customer.

Counsel is named, even if the memo is still a draft. Unnamed counsel is how files die.

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

Traction

What you can verify today.

Operating notes for Civic ledger
No token contract listed as a public sale
Named founder; customer still a conversation
Helsinki 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.”

Product79
Customers62
Legal path62
Tech maturity63
Demand50
Market access44

Risks

What can kill it.

The one that actually kills it

The founder wants a public book

The moment Sedge Holt asks this pad to allocate, sell, or complete funding, the listing ends. That is not a moral project. It is how a services firm stays a services firm.

No customer

A lab without a named buyer is a paper.

Token as business model

If the only revenue is a token, this is the wrong pad.

Path

Counsel has to name how this is offered, or it stays not-offering.

Geography

Retail and unnamed markets are off until someone writes them on.

No customer

A lab without a named buyer is a paper. Sedge Holt has to show one.

Single-customer gravity

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

Ask these next

01Is the waitlist demand for a product, or a queue for a coin?
02If RCA Pad disappeared tomorrow, could the customer still run the job?
03Where do keys, title, or NAV liability sit — and is that person licensed?
04What does renewal look like if no round ever happens?
05Which geography is actually locked, and which is a hope?
06What happens if a founder later wants a public token?

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: Sedge Holt 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.

Helsinkinamed
EU retailrestricted

Team

Who runs it.

Yara NovakChief executive
Zara CostaChief compliance

Stack

Civic ledger
Municipal records
Disclosure templates
Audit log

Who can decide

The technical founder is on the record as Chief compliance. Contractors in undisclosed jurisdictions are written down as a fact, not hidden. Facts can be managed. Hiding them is how companies die in diligence.

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 Holt does not sell a token to the public on this pad	Posture lock	live
The product is municipal records sold to institutions	Architecture + customer type	live
Civic ledger 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	Desk file	draft
No public token is sold on this pad	Engagement terms + posture lock	live
Customers contemplated: Helsinki	Named markets on the file	live

On the record

Day 0 lockKick-offSep
Claim inventoryPackSep
Audience matrix draftPackSep

Operating log

11 Sep 12:20
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.