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

SEDY

In diligence

IN MOTIONDvP rails

Sedge Line

a few days until this conversation is history.

Closed files are history. Live files have a clock. Sedge Line has a few days.

Sedge Line — 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.

In a 14-day diligence sprint (day 1). This is when the story, the customers and the legal path get written down — or the file stops.

7 live counterparties in the thread. The public page is the overflow.

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

Permissioned DvP

Counsel hours

Not offering — locked

Sentences killed

Before listing

Claims live

2/7

Sprint

Our cut

Of any proceeds

Plate Concentric · 5710

SEDY

The plate

Concentric. Edition 5710.

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

SEDY · Zurich · DvP rails

Score

Desk diligence

Pilots

Named, redacted

Sprint

Day 1 of 14

Zurich

Banks

Sells

Bank

Bank connector

Markets

Switzerland

Years

Founded 2022

Surfaces

Permissioned DvP

Complete

File readiness

The wedge

Bank connector

Sedge Line sells a treasurer a night without fails.

Why the desk took it

A real job, not a ticker.

They did not pitch a token as the rail’s unit.

Traction

One named pilot (redacted).

Founded 2022, headquartered in Zurich. One named pilot on file (redacted in public). 3 nodes or connected surfaces reported. Desk diligence score 82/100. Sprint day 1 of 14. 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

Two banks, live DvP, even a small notional.

A public L1 is a different threat model and a different statute. 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.

The decline pile in DvP rails is not a rumour. It is how this board stays readable. Sedge Line is what survived. That is the sell.

If you leave this page without opening the claims table, you have read marketing. The scarce version of Sedge Line is the version that survives counsel. It is on a clock.

A sentence went public and came down in under an hour. Mei Ellison treated the kill as an operating skill, not a PR event. Files that cannot do this do not stay listed.

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 ops

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

From the pilot

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

The window

Miss this and you read the archive.

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

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: 3
Counsel hours on file: 59
Asks / week: 10
Our cut: 0% of proceeds

US came off the site in the first session. We did not argue. We are not children.
Mei Ellison, Chief executive

This company

Sedge Line

A generalist vendor copies the slide. They cannot copy the named record.

In the same conversation

CLS
Fnality
RTGS upgrades
Not a public L1

The bet

Why this company exists.

Sedge Line sells a treasurer a night without fails.

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

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.

Zurich being the city does not make local retail a default audience. Communications capable of inducing investment activity still have a promotions problem.

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
05Kill of a public sentence is an hour, not a committee.

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.

Certifications & adapters
33%
The remaining certifications and the second named market.
Counsel & perimeter
28%
A counsel memo that can survive a later reader.
Second market
16%
Adapter work against the incumbent register, admin, or custodian.
Named operators
23%
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.
WedCounselPerimeter diffs. If the site drifted from the memo, the site moves — not the memo.
TueExceptionsOvernight breaks post back into the customer’s case system. No side book.
SatDarkNo creators. No threads. Restricted geos stay dark.

The wedge

Why this one, not the other one.

They sell: Bank connector
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: Legal opinion on finality in the governing law.
Switching cost: Once the record is the record, the incumbent copy has to migrate history. That is the year.
Vs the comps: A public L1 is a different threat model and a different statute.
Why we listed it: They did not pitch a token as the rail’s unit.

Next twelve months

What has to be true.

Two banks, live DvP, even a small notional.

A dual-control drill exists on paper. We have not watched it live yet — that is the next ask.

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

Traction

What you can verify today.

Operating notes for Permissioned DvP
No token contract listed as a public sale
Named founder; customer still a conversation
Zurich 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.”

Product30
Customers40
Legal path62
Tech maturity45
Demand22
Market access68

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.

Money issuance

If the rail issues a settlement asset, Sedge Line is in the e-money / deposit perimeter. That is a different company.

Token relapse

A later round that wants a public token puts Sedge Line in a different perimeter. The file treats that as a hard stop.

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?
03If RCA Pad disappeared tomorrow, could the customer still run the job?
04Is the waitlist demand for a product, or a queue for a coin?
05What happens if a founder later wants a public token?
06Who can unpublish a public sentence in 24 hours, by name?

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 Line AG
Path on file: Not offering — locked
Posture: Private only
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 States retailrestricted

Team

Who runs it.

Mei EllisonChief executive
Siobhán ShahHead of product

Stack

Permissioned DvP
DvP rails
Takedown SLA
Approval trail

Named with them

Helix Audit
Meridian Tax

Who can decide

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

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 Line does not sell a token to the public on this pad	Posture lock	live
The product is dvp rails sold to institutions	Architecture + customer type	live
Permissioned DvP 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: Switzerland, EEA professional	Named markets on the file	live

On the record

Day 0 lockKick-offSep
Claim inventoryPackSep
Audience matrix draftPackSep

Operating log

11 Sep 16:43
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.