The wedge
Per statement
The wedge is 2022: allocators asked for proof and got demos.
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
SEDS
Screened
SCREENEDPrime brokerage opsSedge Vault
Heat 48. 1 asks this week. 0% of any raise comes here.
Counsel has a live path. The waitlist is a short list. This pad still takes 0% of proceeds.
Sedge Vault — 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.
The named customer already picked. The waitlist is everyone who was late to that fact.
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
0days
Heat
0/99
Inbound / wk
0asks
Asking now
0live
Named pilots
0
Redacted on the public page
Live nodes
0
Prime adapters
Counsel hours
0
Not offering — locked
Sentences killed
0
Before listing
Claims live
0/5
Sprint
Our cut
0%
Of any proceeds
Plate Concentric · 6352
SEDS
The plate
Concentric. Edition 6352.
A unique plate for Sedge Vault. Geometry, orbit, and edition belong to this company — no other listing on the board shares it.
SEDS · Vilnius · Prime brokerage ops
Score
0
Desk diligence
Pilots
0
None on file
Stage
upcoming
upcoming
HQ
Vilnius
Asset managers
Sells
Per
Per statement
Markets
0
Vilnius
Years
0
Founded 2023
Surfaces
0
Prime adapters
Complete
0
File readiness
Why the desk took it
Early — still a question.
No APY on any surface we could find.
Traction
No paying pilot on the public file.
Founded 2023, headquartered in Vilnius. No named paying pilot on the file yet — that is the first question. 2 nodes or connected surfaces reported. Desk diligence score 68/100. A warehouse or port that has written a live event. Architecture says keys / title / NAV liability sit with a named licensed party — not Sedge Vault.
Next 12 months
Production book, not a demo circuit.
Fund admins already report. This is a proof they can attach. 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.
Vilnius 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 Vault chose it for that reason. Counterparties who still think this is a ‘global’ story are already late.
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.
On a Tuesday in Vilnius, an exception posts back into the customer’s existing case system. Nobody opens a side spreadsheet. That is the product: the night someone in ops does not stay late.
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
The legal source of truth stays with the incumbent register, admin, or custodian. Sedge Vault does not attest to its own facts.
From counsel
Fixed fee. Deposit to start. 0% of proceeds. Token-only pay is declined. Percentage of raise is declined.
The window
Miss this and you read the archive.
Miss 3 days and you are explaining to your IC why you read it after it closed.
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 remaining
0days
When this window closes, the campaign is archive.
- Sentences killed
- 10
- Counsel hours on file
- 7
- Asks / week
- 1
- 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 Vault
The copycats will arrive after certification. That is why the window is now.
In the same conversation
- Fund admins
- Custodian reporting
- Public ‘vault tokens’ (the thing this is not)
The bet
Why this company exists.
The wedge is 2022: allocators asked for proof and got demos.
The wedge is 2022: allocators asked for proof and got demos.
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: Vilnius. Off-limits: EU retail, United States. A US person hearing an offering communication is a US problem even if the company sits in Vilnius. 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
- 05A proof or extract is produced for a named counterparty only
- 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.
Certifications & adapters
30%
Keeping the public story from running ahead of the claims register.
Named operators
20%
A counsel memo that can survive a later reader.
Control environment
19%
Dual-control drills, key ceremonies, and the person who owns them.
Counsel & perimeter
31%
The remaining certifications and the second named market.
Operating week
What “in market” actually looks like.
- WedCounselPerimeter diffs. If the site drifted from the memo, the site moves — not the memo.
- SatDarkNo creators. No threads. Restricted geos stay dark.
- 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
- Per statement
- Who pays
- A warehouse or port that has written a live event.
- Unit economics
- Bps on a job that already has a budget line. A public coin would not make the invoice larger.
- Moat on file
- Named custodian. Keys are not at the startup.
- Switching cost
- Network effects only if a second named counterparty writes. One customer is a service firm.
- Vs the comps
- Fund admins already report. This is a proof they can attach.
- Why we listed it
- No APY on any surface we could find.
Next twelve months
What has to be true.
Production book, not a demo circuit.
Architecture says keys / title / NAV liability sit with a named licensed party — not Sedge Vault.
If they raise, it is to hire the remaining certifications and the second market — not to float a coin.
Traction
What you can verify today.
Founded 2023, headquartered in Vilnius. No named paying pilot on the file yet — that is the first question. 2 nodes or connected surfaces reported. Desk diligence score 68/100. A warehouse or port that has written a live event. Architecture says keys / title / NAV liability sit with a named licensed party — not Sedge Vault.
- Architecture paper — no production customer on the public file
- No token contract listed as a public sale
- Pilot letters on file, identities redacted
- Vilnius 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.”
- Product15
- Customers18
- Legal path62
- Tech maturity34
- Demand10
- Market access44
Risks
What can kill it.
The one that actually kills it
The named customer is a letter of intent
Pilots that cannot be named, even redacted, are theatre. One paying seat that an auditor has seen is worth more than a waitlist of a short list.
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.
Proof theatre
A zk circuit of a fake book is still a fake book. Sedge Vault has to prove the real one.
Incumbent feature
The administrator, CCP, scheme or custodian can ship this as a checkbox. Sedge Vault has to be cheaper or faster before that happens.
Ask these next
- 01Who can unpublish a public sentence in 24 hours, by name?
- 02Which incumbent can copy this in a quarter, and what would they have to migrate?
- 03Has counsel written the perimeter in a memo you can file?
- 04What happens if a founder later wants a public token?
- 05What does renewal look like if no round ever happens?
- 06Is the waitlist demand for a product, or a queue for a coin?
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 Vault 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.
- Vilniusnamed
- EU retailrestricted
- United Statesrestricted
Team
Who runs it.
- Oskar ChoChief executive
Stack
- Prime adapters
- Prime brokerage ops
- Disclosure templates
- Audit log
Named with them
- Northbridge Counsel
Who can decide
Oskar Cho (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 Vault does not sell a token to the public on this pad | Posture lock | live |
| The product is prime brokerage ops sold to institutions | Architecture + customer type | draft |
| Prime adapters 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 | No board minute | draft |
| No public token is sold on this pad | Engagement terms + posture lock | live |
| Customers contemplated: Vilnius | Named markets on the file | draft |
On the record
- Application APP-4627ScreenSep
- Counsel questionPathSep
Operating log
02 Sep 10:00
Application scored. Sedge Vault is not a calendar slot.
10 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.