The wedge
Custodian seat
Sedge Kiln sells the middle office of custody, not the keys.
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
SEDK
Screened
SCREENEDQualified custody opsSedge Kiln
A named Lisbon buyer is on the record. You are still reading the public page.
They killed 4 public sentences before we listed them. Thin files do not get that far.
Sedge Kiln — 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.
Most Qualified custody ops 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.
Stage
upcoming
Window
Closed
Heat
0/99
Inbound / wk
0asks
Asking now
0live
Named pilots
0
Still a question
Live nodes
0
Custody accounting
Counsel hours
0
Not offering — locked
Sentences killed
0
Before listing
Claims live
0/6
Sprint
Our cut
0%
Of any proceeds
Plate Horizon · 8714
SEDK
The plate
Horizon. Edition 8714.
A unique plate for Sedge Kiln. Geometry, orbit, and edition belong to this company — no other listing on the board shares it.
SEDK · Lisbon · Qualified custody ops
Score
0
Desk diligence
Pilots
0
Named, redacted
Stage
upcoming
upcoming
HQ
Lisbon
Asset managers
Sells
Custodian
Custodian seat
Markets
0
Lisbon
Years
0
Founded 2023
Surfaces
0
Custody accounting
Complete
0
File readiness
Why the desk took it
Early — still a question.
They walked in with a custodian, not a retail waitlist.
Traction
One named pilot (redacted).
Founded 2023, headquartered in Lisbon. One named pilot on file (redacted in public). Desk diligence score 58/100. Two licensed PSPs on a paid pilot — identities off the public file. They killed their own ‘token as fee’ sentence before we asked. Rare, and it scored.
Next 12 months
One qualified custodian in production recon.
BitGo and Coinbase Prime are custodians. This is the book they might buy. Annual software against an ops cost the board can see. Switching cost is the record, not the brand.
The brief
How a serious reader should hold this.
You can wait for a sticker. The named customer did not. They are writing into this record while the rest of the market argues about a comment period.
Read this as an operating company, not a round. Counsel has a posture: Not offering — locked. Restricted markets stay dark. RCA Pad takes 0% if they ever raise. That combination is why inbound did not need a ticker.
US traffic was taken off the public surfaces in the first working session. Sedge Kiln did not argue. Adult companies do not costume a US offering.
From the founder
US persons are outside the audience. A form that asks “are you accredited?” without verification is not an exemption.
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.
From ops
A dual-control drill exists on paper. Production evidence is the next artefact, not a tweet.
The window
Miss this and you read the archive.
If the window closes you still have the pack — as history. Not as a live conversation.
A supervisor is already forcing a perimeter. Houses that pick software over a coin will buy this now.
Read it once, properly, while the number is still green. Then decide.
Window
Closed
Closed. History only — not a place to buy.
- Sentences killed
- 4
- Counsel hours on file
- 9
- Asks / week
- 12
- Our cut
- 0% of proceeds
I will take thirty minutes and decide budget. If that person is not me, we should not be listed.
This company
Sedge Kiln
Not the incumbent brand. Sedge Kiln sells the job the brand will not staff.
In the same conversation
- Fund admins
- Custodian reporting
- Public ‘vault tokens’ (the thing this is not)
The bet
Why this company exists.
Sedge Kiln sells the middle office of custody, not the keys.
Sedge Kiln sells the middle office of custody, not the keys.
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.
Named: Lisbon. Off-limits: Global public. A US person hearing an offering communication is a US problem even if the company sits in Lisbon. Blocking an IP and taking a US Telegram admin is not a block.
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
- 05Positions are accounted; the licensed custodian still holds
- 06Retail and unnamed geographies are structurally off the form, not only in the footer.
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.
Claims & campaign ops
29%
The remaining certifications and the second named market.
Certifications & adapters
22%
Dual-control drills, key ceremonies, and the person who owns them.
Named operators
15%
Adapter work against the incumbent register, admin, or custodian.
Control environment
34%
Keeping the public story from running ahead of the claims register.
Operating week
What “in market” actually looks like.
- ThuCustomerNamed pilot (redacted) sees the same record the auditor saw.
- MonClaimsEvery public sentence checked against the register. Anything extra is unpublished.
- TueExceptionsOvernight breaks post back into the customer’s case system. No side book.
- SunOwnersWho can decide messaging and budget on a recorded line. If the answer is nobody, stop.
The wedge
Why this one, not the other one.
- They sell
- Custodian seat
- Who pays
- Two licensed PSPs on a paid pilot — identities off the public file.
- Unit economics
- Annual software against an ops cost the board can see. Switching cost is the record, not the brand.
- Moat on file
- SOC report language already in a draft.
- Switching cost
- The customer’s auditor has seen this book. Switching means a new auditor conversation.
- Vs the comps
- BitGo and Coinbase Prime are custodians. This is the book they might buy.
- Why we listed it
- They walked in with a custodian, not a retail waitlist.
Next twelve months
What has to be true.
One qualified custodian in production recon.
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.
Founded 2023, headquartered in Lisbon. One named pilot on file (redacted in public). Desk diligence score 58/100. Two licensed PSPs on a paid pilot — identities off the public file. They killed their own ‘token as fee’ sentence before we asked. Rare, and it scored.
- Architecture paper — no production customer on the public file
- No token contract listed as a public sale
- Pilot letters on file, identities redacted
- Lisbon 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.”
- Product29
- Customers40
- Legal path62
- Tech maturity28
- 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.
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.
Accidental custody
One key on a Sedge Kiln box and the licence problem is immediate. The architecture has to make that impossible.
Single-customer gravity
If the first named buyer is also the only buyer, Sedge Kiln is a services shop with a ledger. Ask for the second.
Ask these next
- 01What happens if a founder later wants a public token?
- 02Who can unpublish a public sentence in 24 hours, by name?
- 03Who is the first named paying customer — not a letter of intent?
- 04Which geography is actually locked, and which is a hope?
- 05Has counsel written the perimeter in a memo you can file?
- 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
- Sedge Kiln 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.
- Lisbonnamed
- Global publicrestricted
Team
Who runs it.
- Tomás AdeyemiChief executive
- Oskar KrügerFinance
Stack
- Custody accounting
- Qualified custody ops
- Disclosure templates
- Approval trail
Named with them
- Northbridge Counsel
Who can decide
Tomás Adeyemi (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.
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 Kiln does not sell a token to the public on this pad | Posture lock | live |
| The product is qualified custody ops sold to institutions | Architecture + customer type | draft |
| Custody accounting 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 |
| Pilot identities redacted in public | No board minute | draft |
| No public token is sold on this pad | Engagement terms + posture lock | live |
| Customers contemplated: Lisbon | Named markets on the file | draft |
On the record
- Application APP-4949ScreenSep
- Counsel questionPathSep
Operating log
03 Sep 9:00
Application scored. Sedge Kiln 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.