RCA Pad
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

TORS

Closed
CLOSEDVault infrastructure

Tor

Window closed. 4,467 asked while it was live. You are reading history.

Closed files are history. Live files have a clock. Tor has 0 days.

Tor — 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.

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.

Waitlist

0

Window

Closed

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

Berlin · closed private round

Sentences killed

0

Before listing

Claims live

0/16

Sprint

Our cut

0%

Of any proceeds

Plate Ledger · 4688

TORS

The plate

Ledger. Edition 4688.

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

TORS · Berlin · Vault infrastructure

Score

0

Desk diligence

Pilots

0

Named, redacted

Waitlist

0

Product demand

HQ

Berlin

Asset managers

Sells

Auditor

Auditor extract

Markets

0

Berlin

Years

0

Founded 2026

Surfaces

0

zk testnet

Complete

0

File readiness

The wedge

Auditor extract

APY on a public page would make this a different, usually worse, company.

Why the desk took it

A real job, not a ticker.

They called zk a method in the application. Correct.

Traction

4 named pilots (redacted).

Founded 2026, headquartered in Berlin. 4 named pilots on file (identities redacted in public). 4,467 on the waitlist, gated — product demand, not a book built. 18 nodes or connected surfaces reported. Desk diligence score 72/100. A coverholder or carrier running one binder on this record. Architecture says keys / title / NAV liability sit with a named licensed party — not Tor.

Next 12 months

Still no yield marketed to the public.

Fund admins already report. This is a proof they can attach. They sell a fee the customer already pays a slower vendor for. TAM is that invoice, not a token float.

The brief

How a serious reader should hold this.

You can wait for a sticker. The named customer did not. They are writing into this record while the rest of the market argues about a comment period.

Tor exists because the incumbent brand will not staff the unglamorous middle of Vault infrastructure. 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. Rafa Ellison treated the kill as an operating skill, not a PR event. Files that cannot do this do not stay listed.

From ops

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

A dual-control drill exists on paper. Production evidence is the next artefact, not a tweet.

From the pilot

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.

If the window closes you still have the pack — as history. Not as a live conversation.

4,467 people did not join a waitlist for a ticker. They joined for a job.

Read it once, properly, while the number is still green. Then decide.

Window

Closed

Closed. History only — not a place to buy.

Sentences killed
13
Counsel hours on file
20
Asks / week
558
Our cut
0% of proceeds

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

Rafa Ellison, Chief executive

This company

Tor

A generalist vendor copies the slide. They cannot copy the named record.

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

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

Berlin 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

  1. 01Positions are accounted in a book the manager already runs
  2. 02A proof or extract is produced for a named counterparty
  3. 03Yield is not marketed to the public on this pad
  4. 04zk, if present, is a method — not a ticker
  5. 05A proof or extract is produced for a named counterparty only
  6. 06The legal source of truth stays with the incumbent register, admin, or custodian.

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.

  • Named operators

    30%

    Hiring the operator who already does this job at a licensed firm.

  • Second market

    25%

    Dual-control drills, key ceremonies, and the person who owns them.

  • Certifications & adapters

    20%

    Adapter work against the incumbent register, admin, or custodian.

  • Claims & campaign ops

    25%

    A counsel memo that can survive a later reader.

Operating week

What “in market” actually looks like.

  1. SunOwnersWho can decide messaging and budget on a recorded line. If the answer is nobody, stop.
  2. FriKill switchRehearse unpublish in 24 hours. If it takes a committee, it is not a switch.
  3. WedCounselPerimeter diffs. If the site drifted from the memo, the site moves — not the memo.
  4. ThuCustomerNamed pilot (redacted) sees the same record the auditor saw.

The wedge

Why this one, not the other one.

They sell
Auditor extract
Who pays
A coverholder or carrier running one binder on this record.
Unit economics
They sell a fee the customer already pays a slower vendor for. TAM is that invoice, not a token float.
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
They called zk a method in the application. Correct.

Next twelve months

What has to be true.

Still no yield marketed to the public.

Architecture says keys / title / NAV liability sit with a named licensed party — not Tor.

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

Traction

What you can verify today.

Founded 2026, headquartered in Berlin. 4 named pilots on file (identities redacted in public). 4,467 on the waitlist, gated — product demand, not a book built. 18 nodes or connected surfaces reported. Desk diligence score 72/100. A coverholder or carrier running one binder on this record. Architecture says keys / title / NAV liability sit with a named licensed party — not Tor.

  • Operating notes for zk testnet
  • No token contract listed as a public sale
  • Named founder; customer still a conversation
  • Berlin 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
  • Customers96
  • Legal path84
  • Tech maturity82
  • Demand62
  • 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 Berlin story becomes a fact pattern. The restricted list exists for a reason: Mainland China retail, United States.

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. Tor has to prove the real one.

Single-customer gravity

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

Ask these next

  1. 01Who can unpublish a public sentence in 24 hours, by name?
  2. 02If RCA Pad disappeared tomorrow, could the customer still run the job?
  3. 03Which incumbent can copy this in a quarter, and what would they have to migrate?
  4. 04Is the waitlist demand for a product, or a queue for a coin?
  5. 05Who is the first named paying customer — not a letter of intent?
  6. 06Where do keys, title, or NAV liability sit — and is that person licensed?

Structure

How money would actually move.

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

Entity
Tor Ltd
Path on file
Berlin · 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.

  • Berlinnamed
  • United Kingdomnamed
  • Mainland China retailrestricted
  • United Statesrestricted

Team

Who runs it.

  • Rafa EllisonChief executive
  • Rafa KhanMarkets

Stack

  • zk testnet
  • Vault infrastructure
  • Takedown SLA
  • Audit log

Named with them

  • Clearline
  • Meridian Tax

Who can decide

Rafa Ellison (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.

StatementEvidenceStatus
Tor does not sell a token to the public on this padPosture lockwithdrawn
The product is vault infrastructure sold to institutionsArchitecture + customer typewithdrawn
zk testnet is the method — not a listed assetDesk snapshotwithdrawn
Retail buyers are out of scopeNamed markets lockwithdrawn
Any raise completes with the issuer’s counsel and providers — not on RCA PadFixed-fee termswithdrawn
Production date for the chain layer is not committedNo board minutewithdrawn
No public token is sold on this padEngagement terms + posture lockwithdrawn
Customers contemplated: Berlin, United KingdomNamed markets on the filewithdrawn

On the record

  1. Final registerArchiveAug
  2. Close reportReportAug
  3. Tombstone copyArchiveAug

Operating log

  1. 19 Aug 10:00

    Close report. 0% of proceeds.

  2. 12 Aug 18:00

    Tor archived. Live claims withdrawn.

  3. 11 Aug 09:30

    Final creator pass. Residual claims pulled.

Path to now

  1. Open

    File

    Before any public sentence.

  2. 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

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