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

STVC

In diligence

IN MOTIONShare-class ops

Stave

Pilots named (redacted). Waitlist not. a short list names. Your move.

Inbound this week: 31. That is demand for a job someone already pays for — not a book.

Stave — An operational layer for funds: NAV events, share-class records, books an AIFM can defend. The administrator remains the administrator. This is co-sourced infrastructure, not a tokenised fund on a public board.

In a 14-day diligence sprint (day 10). This is when the story, the customers and the legal path get written down — or the file stops.

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.

Sprint day

0/14

Window

0days

Heat

0/99

Inbound / wk

0asks

Asking now

0live

Named pilots

Redacted on the public page

Live nodes

Share-class ledger

Counsel hours

Not offering — locked

Sentences killed

Before listing

Claims live

4/9

Sprint

Our cut

Of any proceeds

Plate Vault · 9115

STVC

The plate

Vault. Edition 9115.

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

STVC · Copenhagen · Share-class ops

Score

Desk diligence

Pilots

Named, redacted

Sprint

Day 10 of 14

Copenhagen

Fund administrators

Sells

Per

Per NAV event

Markets

Copenhagen

Years

Founded 2025

Surfaces

Share-class ledger

Complete

File readiness

The wedge

Per NAV event

Shadow books do not survive an audit. This only ships if the admin signs.

Why the desk took it

A real job, not a ticker.

Unit-as-token was refused in notes. We will not reverse that.

Traction

2 named pilots (redacted).

Founded 2025, headquartered in Copenhagen. 2 named pilots on file (identities redacted in public). 7 nodes or connected surfaces reported. Desk diligence score 75/100. Sprint day 10 of 14. A national registry counterpart, not a scrape. No public APY, no public book, no ‘how to buy’ on any surface we could find.

Next 12 months

Counsel on the unit — security or not — in writing.

Citi TA will not be replaced. It might consume this. They win if they are cheaper than the internal build, not cheaper than a protocol.

The brief

How a serious reader should hold this.

Before the waitlist, before the window, there was a refusal. Stave would not let a public sale sit on this page. That is why a company in Share-class ops is listed here at all — and why the people who wanted a coin left, and the people who wanted the product stayed.

Stave exists because the incumbent brand will not staff the unglamorous middle of Share-class ops. 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 dual-control drill sits on paper. Keys, title, or NAV liability sit with a named licensed party — not Stave. The architecture says so. We have not watched the drill live. That is the next ask, not a slogan.

From the pilot

This communication is not an offer. Participation mechanics do not exist on this pad. If a later reader treats the public stack as the offer, the stack was already wrong.

From the founder

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

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.

The window

Miss this and you read the archive.

The decline pile in Share-class ops is full of companies that looked the same on slide one. This one is listed.

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

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

Window remaining

0days

When this window closes, the campaign is archive.

Sentences killed: 13
Counsel hours on file: 26
Asks / week: 31
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.
Hiro Ribeiro, Chief executive

This company

Stave

Twelve Share-class ops decks look the same. One of them has a Copenhagen customer on the record.

In the same conversation

SS&C
Apex
Citi TA
Not a public tokenised fund

The bet

Why this company exists.

Shadow books do not survive an audit. This only ships if the admin signs.

Allocators want faster marks. Administrators cannot staff that with people. A dual-record (their books + this event) is how they sleep.

Fund administration is a fee business measured in basis points of AUM. A faster close is retained business.

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.

Copenhagen 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

01Administrator remains source of truth
02Events (NAV, subscription, share-class) are signed and timestamped
03Investors and auditors query what they are allowed to see
04The fund unit is not listed here as a token you can buy
05Investors and auditors query only what they are allowed to see
06The legal source of truth stays with the incumbent register, admin, or custodian.

In the same conversation as

SS&C
Apex
Citi TA
Not a public tokenised fund

If they raise

Where the money would actually go.

Not a token float. A budget against work. RCA Pad still takes 0% of proceeds.

Second market
37%
The remaining certifications and the second named market.
Named operators
20%
Dual-control drills, key ceremonies, and the person who owns them.
Certifications & adapters
19%
Hiring the operator who already does this job at a licensed firm.
Control environment
24%
A counsel memo that can survive a later reader.

Operating week

What “in market” actually looks like.

MonClaimsEvery public sentence checked against the register. Anything extra is unpublished.
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 NAV event
Who pays: A national registry counterpart, not a scrape.
Unit economics: They win if they are cheaper than the internal build, not cheaper than a protocol.
Moat on file: Named administrator on the engagement letter.
Switching cost: The customer’s auditor has seen this book. Switching means a new auditor conversation.
Vs the comps: Citi TA will not be replaced. It might consume this.
Why we listed it: Unit-as-token was refused in notes. We will not reverse that.

Next twelve months

What has to be true.

Counsel on the unit — security or not — in writing.

No public APY, no public book, no ‘how to buy’ on any surface we could find.

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 Share-class ledger
No token contract listed as a public sale
Named founder; customer still a conversation
Copenhagen 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.”

Product64
Customers62
Legal path62
Tech maturity57
Demand58
Market access44

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 Copenhagen story becomes a fact pattern. The restricted list exists for a reason: United States retail, United States.

Unit token

A share-class token sold to the public is a securities offering. This pad will not run that as a sale.

Admin of record

If the admin has not signed, this is a shadow book. Shadow books do not survive an audit.

NAV liability

Who is wrong when the number is wrong? That sentence has to exist.

Distribution

Using this layer as a public subscription journey is a different file — and usually the wrong house.

Shadow book

If the administrator has not signed, Stave is a copy of a spreadsheet. Copies do not survive the audit.

Single-customer gravity

If the first named buyer is also the only buyer, Stave is a services shop with a ledger. Ask for the second.

Ask these next

01Which incumbent can copy this in a quarter, and what would they have to migrate?
02Is the waitlist demand for a product, or a queue for a coin?
03Who is the first named paying customer — not a letter of intent?
04Where do keys, title, or NAV liability sit — and is that person licensed?
05What does renewal look like if no round ever happens?
06Has counsel written the perimeter in a memo you can file?

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: Stave 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.

Copenhagennamed
United States retailrestricted
United Statesrestricted

Team

Who runs it.

Hiro RibeiroChief executive
Rafa AdeyemiChief executive

Stack

Share-class ledger
Share-class ops
Audit log
Approval trail

Named with them

Helix Audit

Who can decide

Hiro Ribeiro (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
Stave does not sell a token to the public on this pad	Posture lock	live
The product is share-class ops sold to institutions	Architecture + customer type	live
Share-class ledger 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	No board minute	draft
No public token is sold on this pad	Engagement terms + posture lock	live
Customers contemplated: Copenhagen	Named markets on the file	live

On the record

Day 0 lockKick-offSep
Claim inventoryPackSep
Audience matrix draftPackSep

Operating log

11 Sep 11:10
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.