The wedge
Per statement
APY on a public page would make this a different, usually worse, company.
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
TRNV
Screened
SCREENEDVault infrastructureTarn Vault
The incumbent copy takes a year. The named customer is already writing.
Ibrahim Krüger will not run a public sale on this pad. The listing exists because of that sentence.
Tarn 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.
If you needed a reason to open diligence tonight: a short list other people already did.
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
zk testnet
Counsel hours
0
Not offering — locked
Sentences killed
0
Before listing
Claims live
0/5
Sprint
Our cut
0%
Of any proceeds
Plate Vault · 6994
TRNV
The plate
Vault. Edition 6994.
A unique plate for Tarn Vault. Geometry, orbit, and edition belong to this company — no other listing on the board shares it.
TRNV · Zurich · Vault infrastructure
Score
0
Desk diligence
Pilots
0
Named, redacted
Stage
upcoming
upcoming
HQ
Zurich
Asset managers
Sells
Per
Per statement
Markets
0
Switzerland
Years
0
Founded 2025
Surfaces
0
zk testnet
Complete
0
File readiness
Why the desk took it
Early — still a question.
No APY on any surface we could find.
Traction
One named pilot (redacted).
Founded 2025, headquartered in Zurich. One named pilot on file (redacted in public). 4 nodes or connected surfaces reported. Desk diligence score 78/100. A named Zurich administrator who already signs the pack (redacted). Architecture says keys / title / NAV liability sit with a named licensed party — not Tarn Vault.
Next 12 months
One auditor-signed extract.
Public vault tokens are the thing this is not. 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.
In Zurich, the person who signs the monthly pack already has a vendor. Tarn Vault is not asking them to believe in a token. It is asking them to move one job — the one that currently lives in a spreadsheet, a fax, or a person who is about to retire — onto a record that can be shown to counsel. The queue to read that record is already not empty.
If you leave this page without opening the claims table, you have read marketing. The scarce version of Tarn Vault is the version that survives counsel. It is on a clock.
A sentence went public and came down in under an hour. Ibrahim Krüger treated the kill as an operating skill, not a PR event. Files that cannot do this do not stay listed.
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 counsel
US persons are outside the audience. A form that asks “are you accredited?” without verification is not an exemption.
From the founder
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.
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.
Certification is in motion. After it lands, the price of the seat is not the question — access is.
Read it once, properly, while the number is still green. Then decide.
Window remaining
0days
When this window closes, the campaign is archive.
- Sentences killed
- 16
- Counsel hours on file
- 8
- Asks / week
- 9
- Our cut
- 0% of proceeds
We would rather be archive-clean than live-loud. The waitlist showed up anyway.
This company
Tarn Vault
Open-source looks free until the auditor asks who attests. Tarn Vault has an answer.
In the same conversation
- Fund admins
- Custodian reporting
- Public ‘vault tokens’ (the thing this is not)
The bet
Why this company exists.
APY on a public page would make this a different, usually worse, company.
APY on a public page would make this a different, usually worse, company.
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.
The live path is Not offering — locked. Proposed Regulation Crypto Assets is not treated as a calendar slot. Build as if it never opens.
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
- 06A named counterparty verifies; Tarn Vault does not attest to its own facts.
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.
Second market
35%
Adapter work against the incumbent register, admin, or custodian.
Claims & campaign ops
21%
Hiring the operator who already does this job at a licensed firm.
Counsel & perimeter
15%
Dual-control drills, key ceremonies, and the person who owns them.
Certifications & adapters
29%
A counsel memo that can survive a later reader.
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.
- ThuCustomerNamed pilot (redacted) sees the same record the auditor saw.
- FriKill switchRehearse unpublish in 24 hours. If it takes a committee, it is not a switch.
The wedge
Why this one, not the other one.
- They sell
- Per statement
- Who pays
- A named Zurich administrator who already signs the pack (redacted).
- Unit economics
- Bps on a job that already has a budget line. A public coin would not make the invoice larger.
- Moat on file
- Auditor engagement letter — not a tweet.
- Switching cost
- Permissioned connectivity is the moat. Public endpoints would erase it.
- Vs the comps
- Public vault tokens are the thing this is not.
- Why we listed it
- No APY on any surface we could find.
Next twelve months
What has to be true.
One auditor-signed extract.
Architecture says keys / title / NAV liability sit with a named licensed party — not Tarn 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 2025, headquartered in Zurich. One named pilot on file (redacted in public). 4 nodes or connected surfaces reported. Desk diligence score 78/100. A named Zurich administrator who already signs the pack (redacted). Architecture says keys / title / NAV liability sit with a named licensed party — not Tarn Vault.
- Architecture paper — no production customer on the public file
- No token contract listed as a public sale
- Pilot letters on file, identities redacted
- 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.”
- Product24
- Customers40
- Legal path62
- Tech maturity40
- Demand10
- 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.
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. Tarn Vault has to prove the real one.
Facts vs theatre
A proof of a fake book is still a fake book. Tarn Vault has to attach to the real one, in Zurich.
Ask these next
- 01Which incumbent can copy this in a quarter, and what would they have to migrate?
- 02Who is the first named paying customer — not a letter of intent?
- 03Who can unpublish a public sentence in 24 hours, by name?
- 04Has counsel written the perimeter in a memo you can file?
- 05If RCA Pad disappeared tomorrow, could the customer still run the job?
- 06What does renewal look like if no round ever happens?
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
- Tarn Vault AG
- 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.
- Switzerlandnamed
- EEA professionalnamed
- United States retailrestricted
Team
Who runs it.
- Ibrahim KrügerChief executive
- Mei NgChief technology
Stack
- zk testnet
- Vault infrastructure
- Approval trail
- Audit log
Named with them
- Helix Audit
Who can decide
The technical founder is on the record as Chief technology. 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 |
|---|---|---|
| Tarn Vault does not sell a token to the public on this pad | Posture lock | live |
| The product is vault infrastructure sold to institutions | Architecture + customer type | draft |
| zk testnet 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 |
| Pilot identities redacted in public | 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 | draft |
On the record
- Application APP-4576ScreenSep
- Counsel questionPathSep
Operating log
07 Sep 9:00
Application scored. Tarn Vault is not a calendar slot.
11 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.