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

SEDN

In market

IN MARKETHealth-claims tape

Sedge Pike

The incumbent copy takes a year. The named customer is already writing.

If this pad disappeared tomorrow, the customer could still run the job. That is why they are here.

Sedge Pike — 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.

Live campaign. 3,668 on the product waitlist — that is demand, not an allocation.

A year from now this will be an obvious company or a missed one. The window decides which.

Diligence, not a prospectus. RCA Pad does not allocate, take orders, or close funding. If this company raises, it raises with its own counsel.

Waitlist

Window

Closed

Heat

0/99

Inbound / wk

0asks

Asking now

0live

Named pilots

Redacted on the public page

Live nodes

Claims book

Counsel hours

Norway · counsel-named

Sentences killed

Before listing

Claims live

7/10

Growth

Our cut

Of any proceeds

Plate Lattice · 9903

SEDN

The plate

Lattice. Edition 9903.

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

SEDN · Oslo · Health-claims tape

Score

Desk diligence

Pilots

Named, redacted

Waitlist

Product demand

Oslo

Licensed venues

Sells

Member

Member seat

Markets

Norway

Years

Founded 2024

Surfaces

Claims book

Complete

File readiness

The wedge

Member seat

The wedge is T+1: gross settlement got expensive overnight.

Why the desk took it

A real job, not a ticker.

They did not claim to be a CCP. Counsel will still ask.

Traction

3 named pilots (redacted).

Founded 2024, headquartered in Oslo. 3 named pilots on file (identities redacted in public). 3,668 on the waitlist, gated — product demand, not a book built. 14 nodes or connected surfaces reported. Desk diligence score 92/100. A coverholder or carrier running one binder on this record. They killed their own ‘token as fee’ sentence before we asked. Rare, and it scored.

Next 12 months

Two members netting live, or stop.

A DeFi clearinghouse is a different, usually unlicensed, business. They win if they are cheaper than the internal build, not cheaper than a protocol.

The brief

How a serious reader should hold this.

Most Health-claims tape decks start with a market size. This one starts with a job: a person at a licensed firm, a record they cannot currently prove, and a calendar that does not wait for a proposed US rule. The calendar is the window. The window is the scarce thing.

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

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

From the screen

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 founder

Fixed fee. Deposit to start. 0% of proceeds. Token-only pay is declined. Percentage of raise is declined.

From counsel

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

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.

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

We do not allocate. We do not take a cut. We will not hold the window open for you.

Window

Closed

Closed. History only — not a place to buy.

Sentences killed: 10
Counsel hours on file: 82
Asks / week: 459
Our cut: 0% of proceeds

Renewal is the round. If nobody renews, there is no company. A token would not fix that.
Rafa Mbeki, Chief executive

This company

Sedge Pike

Twelve Health-claims tape decks look the same. One of them has a Oslo 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.

The wedge is T+1: gross settlement got expensive overnight.

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

The incumbent brand sells the relationship. Sedge Pike 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.

Oslo 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

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
05Only the residual hits the existing settlement rail — gross never leaves the venue
06Kill of a public sentence is an hour, not a committee.

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.

Control environment
34%
A counsel memo that can survive a later reader.
Named operators
28%
Keeping the public story from running ahead of the claims register.
Claims & campaign ops
16%
Dual-control drills, key ceremonies, and the person who owns them.
Counsel & perimeter
22%
Adapter work against the incumbent register, admin, or custodian.

Operating week

What “in market” actually looks like.

FriKill switchRehearse unpublish in 24 hours. If it takes a committee, it is not a switch.
SatDarkNo creators. No threads. Restricted geos stay dark.
SunOwnersWho can decide messaging and budget on a recorded line. If the answer is nobody, stop.
MonClaimsEvery public sentence checked against the register. Anything extra is unpublished.

The wedge

Why this one, not the other one.

They sell: Member seat
Who pays: A coverholder or carrier running one binder on this record.
Unit economics: They win if they are cheaper than the internal build, not cheaper than a protocol.
Moat on file: Members already post positions to the incumbent CCP; this sits beside it.
Switching cost: Network effects only if a second named counterparty writes. One customer is a service firm.
Vs the comps: A DeFi clearinghouse is a different, usually unlicensed, business.
Why we listed it: They did not claim to be a CCP. Counsel will still ask.

Next twelve months

What has to be true.

Two members netting live, or stop.

They killed their own ‘token as fee’ sentence before we asked. Rare, and it scored.

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

Traction

What you can verify today.

Operating notes for Claims book
No token contract listed as a public sale
Pilot letters on file, identities redacted
Oslo 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.”

Product70
Customers96
Legal path84
Tech maturity88
Demand58
Market access68

Risks

What can kill it.

The one that actually kills it

Counsel is a slide

Unnamed counsel is how companies die in diligence. Norway · counsel-named has to be a memo you can file, not a slogan on the hero.

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.

CCP copy

The incumbent can ship the same netting as a feature. Sedge Pike has to be cheaper or faster before that happens.

Incumbent feature

The administrator, CCP, scheme or custodian can ship this as a checkbox. Sedge Pike has to be cheaper or faster before that happens.

Ask these next

01Is the waitlist demand for a product, or a queue for a coin?
02Which geography is actually locked, and which is a hope?
03Which incumbent can copy this in a quarter, and what would they have to migrate?
04Who can unpublish a public sentence in 24 hours, by name?
05What happens if a founder later wants a public token?
06Who is the first named paying customer — not a letter of intent?

Structure

How money would actually move.

If this company raises, it raises with its own counsel and providers. The waitlist is a product list. It is not a round, a book, or an allocation on RCA Pad. We do not take a cut.

Entity: Sedge Pike AS
Path on file: Norway · counsel-named
Posture: No public sale
Pack: Growth

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.

Norwaynamed
EEA professionalnamed
Public residual claimsrestricted
United Statesrestricted

Team

Who runs it.

Rafa MbekiChief executive
Tomás KhanHead of product

Stack

Claims book
Health-claims tape
Disclosure templates

Named with them

Helix Audit
Clearline

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.

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 Pike does not sell a token to the public on this pad	Posture lock	live
The product is health-claims tape sold to institutions	Architecture + customer type	live
Claims book 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
Pilot identities redacted in public	No board minute	draft
No public token is sold on this pad	Engagement terms + posture lock	live
Customers contemplated: Norway, EEA professional	Named markets on the file	live

On the record

Sprint packPackJun
Counsel lockPathJul
Claims register liveRegisterAug
Creator briefBriefSep

Operating log

11 Sep 09:34
Takedown SLA idle-tested.
08 Sep 11:40
A claim held for missing evidence.
04 Sep 08:22
Weekly report issued to the desk.
01 Sep 14:08
Creator set on disclosure. No buy language.

Path to now

Sprint
Pack accepted
Narrative, matrix, claims locked.
Path
Counsel names it
Or the file stays not-offering.
Live
Campaign
Waitlist and register. No purchase journey.

Not a subscription

This is not a sale page.

If this company raises, it raises with its own counsel and providers. The waitlist is a product list. It is not a round, a book, or an allocation on RCA Pad. We do not take a cut. 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.