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

SILL

Closed

CLOSEDDvP rails

Sill

Window closed. a short list asked while it was live. You are reading history.

Inbound this week: 0. That is demand for a job someone already pays for — not a book.

Sill — 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.

Closed on this board. Any capital event was completed with the issuer’s own providers. RCA Pad took 0%.

Closed. The live conversation is over. The pack remains as archive.

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

completed

Window

Closed

Heat

0/99

Inbound / wk

0asks

Asking now

0live

Named pilots

Redacted on the public page

Live nodes

Permissioned DvP

Counsel hours

Germany · closed private round

Sentences killed

Before listing

Claims live

0/11

Sprint

Our cut

Of any proceeds

Plate Concentric · 3958

SILL

The plate

Concentric. Edition 3958.

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

SILL · Frankfurt · DvP rails

Score

Desk diligence

Pilots

Named, redacted

Stage

completed

Frankfurt

Banks

Sells

Per

Per settled obligation

Markets

Germany

Years

Founded 2026

Surfaces

Permissioned DvP

Complete

File readiness

The wedge

Per settled obligation

They will connect a rail before they will issue a coin. That is the company.

Why the desk took it

A real job, not a ticker.

Finality law was in the application.

Traction

2 named pilots (redacted).

Founded 2026, headquartered in Frankfurt. 2 named pilots on file (identities redacted in public). 19 nodes or connected surfaces reported. Desk diligence score 88/100. A coverholder or carrier running one binder on this record. A redacted engagement letter landed in week one. That is why the desk took the meeting.

Next 12 months

Two banks, live DvP, even a small notional.

RTGS upgrades are coming. Sill has to be a feature they buy, not a rival they block. 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. Sill is what survived. That is the sell.

Sill exists because the incumbent brand will not staff the unglamorous middle of DvP rails. The product is that middle. The token, if it ever exists, is not the product — and is not for sale here. The people in the queue already understood the difference.

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

From the screen

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.

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.

The incumbent will still be slow in a year. The window will not.

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 0 days of a live conversation.

Window

Closed

Closed. History only — not a place to buy.

Sentences killed: 14
Counsel hours on file: 46
Asks / week: 0
Our cut: 0% of proceeds

We did not come here to sell a token. We came here so a named customer could read a pack that survives counsel.
Zara Holm, Chief executive

This company

Sill

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

In the same conversation

CLS
Fnality
RTGS upgrades
Not a public L1

The bet

Why this company exists.

They will connect a rail before they will issue a coin. That is the company.

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

L2 wrappers are cheaper. They are also a different perimeter — and declined here. Sill is priced as software against an invoice that already exists.

The live path is Germany · closed private round. Proposed Regulation Crypto Assets is not treated as a calendar slot. Build as if it never opens.

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
38%
Hiring the operator who already does this job at a licensed firm.
Second market
23%
The remaining certifications and the second named market.
Control environment
14%
Keeping the public story from running ahead of the claims register.
Counsel & perimeter
25%
Dual-control drills, key ceremonies, and the person who owns them.

Operating week

What “in market” actually looks like.

SatDarkNo creators. No threads. Restricted geos stay dark.
WedCounselPerimeter diffs. If the site drifted from the memo, the site moves — not the memo.
MonClaimsEvery public sentence checked against the register. Anything extra is unpublished.
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 settled obligation
Who pays: A coverholder or carrier running one binder on this record.
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: Permissioned connectivity is the moat. Public endpoints would erase it.
Vs the comps: RTGS upgrades are coming. Sill has to be a feature they buy, not a rival they block.
Why we listed it: Finality law was in the application.

Next twelve months

What has to be true.

Two banks, live DvP, even a small notional.

A redacted engagement letter landed in week one. That is why the desk took the meeting.

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.

Operating notes for Permissioned DvP
No token contract listed as a public sale
Pilot letters on file, identities redacted
Frankfurt is the operating centre
The waitlist, if any, is a product list — not a book
Raise, if any, closed with issuer providers

Readiness

Six things a serious buyer asks. 100 is “ready to take to counsel and a customer.”

Product95
Customers62
Legal path84
Tech maturity85
Demand10
Market access68

Risks

What can kill it.

The one that actually kills it

A second geography without a lock

Extending the record into a market that is still restricted is how a clean Frankfurt story becomes a fact pattern. The restricted list exists for a reason: United States retail, United States.

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, Sill is in the e-money / deposit perimeter. That is a different company.

Token relapse

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

Ask these next

01Has counsel written the perimeter in a memo you can file?
02If RCA Pad disappeared tomorrow, could the customer still run the job?
03What does renewal look like if no round ever happens?
04Is the waitlist demand for a product, or a queue for a coin?
05What happens if a founder later wants a public token?
06Which incumbent can copy this in a quarter, and what would they have to migrate?

Structure

How money would actually move.

Window closed. Tombstone is theirs. Archive is ours. 0% of proceeds.

Entity: Sill GmbH
Path on file: Germany · closed private round
Posture: Window closed
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.

Germanynamed
EEA professionalnamed
United States retailrestricted
United Statesrestricted

Team

Who runs it.

Zara HolmChief executive
Hannah NovakChief compliance

Stack

Permissioned DvP
DvP rails
Takedown SLA
Disclosure templates

Named with them

Helix Audit

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
Sill does not sell a token to the public on this pad	Posture lock	withdrawn
The product is dvp rails sold to institutions	Architecture + customer type	withdrawn
Permissioned DvP is the method — not a listed asset	Desk snapshot	withdrawn
Retail buyers are out of scope	Named markets lock	withdrawn
Any raise completes with the issuer’s counsel and providers — not on RCA Pad	Fixed-fee terms	withdrawn
Production date for the chain layer is not committed	No board minute	withdrawn
No public token is sold on this pad	Engagement terms + posture lock	withdrawn
Customers contemplated: Germany, EEA professional	Named markets on the file	withdrawn

On the record

Final registerArchiveAug
Close reportReportAug
Tombstone copyArchiveAug

Operating log

19 Aug 10:00
Close report. 0% of proceeds.
12 Aug 18:00
Sill archived. Live claims withdrawn.
11 Aug 09:30
Final creator pass. Residual claims pulled.

Path to now

Open
File
Before any public sentence.
Close
Archive
We did not take a cut.

Not a subscription

This is not a sale page.

Window closed. Tombstone is theirs. Archive is ours. 0% of proceeds. 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.