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

UMBZ

Closed
CLOSEDReinsurance records

Umber North

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

A dual-control drill is on paper. A named licensed party holds the liability. That is rarer than a waitlist.

Umber North — A permissioned netting engine for trading venues and brokers that are already licensed. It reduces what has to settle. It is not a new CCP, and it is not a collateral token.

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

0

Redacted on the public page

Live nodes

0

Treaty book

Counsel hours

0

Ireland · closed private round

Sentences killed

0

Before listing

Claims live

0/15

Build

Our cut

0%

Of any proceeds

Plate Lattice · 9228

UMBZ

The plate

Lattice. Edition 9228.

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

UMBZ · Dublin · Reinsurance records

Score

0

Desk diligence

Pilots

0

Named, redacted

Stage

completed

completed

HQ

Dublin

Licensed venues

Sells

Carrier

Carrier seat

Markets

0

Ireland

Years

0

Founded 2021

Surfaces

0

Treaty book

Complete

0

File readiness

The wedge

Carrier seat

The wedge is bordereaux: still email, still late, still wrong.

Why the desk took it

A real job, not a ticker.

US surplus-lines posture was flagged as a counsel question. Correct.

Traction

3 named pilots (redacted).

Founded 2021, headquartered in Dublin. 3 named pilots on file (identities redacted in public). 14 nodes or connected surfaces reported. Desk diligence score 82/100. Two licensed PSPs on a paid pilot — identities off the public file. A redacted engagement letter landed in week one. That is why the desk took the meeting.

Next 12 months

Bordereau cycle running without a side spreadsheet.

An insurance DAO is not this file. They win if they are cheaper than the internal build, not cheaper than a protocol.

The brief

How a serious reader should hold this.

Dublin is not a backdrop. It is the jurisdiction where a named customer can be sued, called, and asked a question on a recorded line. Umber North chose it for that reason. Counterparties who still think this is a ‘global’ story are already late.

Umber North exists because the incumbent brand will not staff the unglamorous middle of Reinsurance records. 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 Umber North. The architecture says so. We have not watched the drill live. That is the next ask, not a slogan.

From the founder

Fixed fee. Deposit to start. 0% of proceeds. Token-only pay is declined. Percentage of raise is declined.

From the screen

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. Umber North does not attest to its own facts.

The window

Miss this and you read the archive.

You can read twelve thinner companies. Or this one, once, while the window is open.

0% of proceeds. Fixed fee. The incentive is a clean campaign — not a raise.

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
10
Counsel hours on file
83
Asks / week
3
Our cut
0% of proceeds

Do not put a participate button on our page. If you do, we leave.

Amira Holm, Chief executive

This company

Umber North

Open-source looks free until the auditor asks who attests. Umber North has an answer.

In the same conversation

  • LCH / Eurex (incumbent CCPs)
  • Caldastone-style utilities
  • Not a DeFi clearinghouse

The bet

Why this company exists.

The wedge is bordereaux: still email, still late, still wrong.

The wedge is bordereaux: still email, still late, still wrong.

T+1 and capital rules make gross settlement expensive. Venues will buy netting as a service before they will buy a new licence.

Post-trade cost is a line on every broker P&L. A 10% cut in settlement fails is a CFO conversation.

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

How it works

  1. 01Members post positions they already hold
  2. 02The engine nets what the rulebook allows
  3. 03Only the residual hits the existing settlement rail
  4. 04Collateral as a token is an exclusion on this file
  5. 05Claim and premium events update the same slip the markets already signed
  6. 06Retail and unnamed geographies are structurally off the form, not only in the footer.

In the same conversation as

  • LCH / Eurex (incumbent CCPs)
  • Caldastone-style utilities
  • Not a DeFi clearinghouse

If they raise

Where the money would actually go.

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

  • Counsel & perimeter

    33%

    Keeping the public story from running ahead of the claims register.

  • Named operators

    28%

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

  • Claims & campaign ops

    19%

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

  • Second market

    20%

    The remaining certifications and the second named market.

Operating week

What “in market” actually looks like.

  1. MonClaimsEvery public sentence checked against the register. Anything extra is unpublished.
  2. TueExceptionsOvernight breaks post back into the customer’s case system. No side book.
  3. ThuCustomerNamed pilot (redacted) sees the same record the auditor saw.
  4. SatDarkNo creators. No threads. Restricted geos stay dark.

The wedge

Why this one, not the other one.

They sell
Carrier seat
Who pays
Two licensed PSPs on a paid pilot — identities off the public file.
Unit economics
They win if they are cheaper than the internal build, not cheaper than a protocol.
Moat on file
Claim events post back into the carrier’s existing system.
Switching cost
Once the record is the record, the incumbent copy has to migrate history. That is the year.
Vs the comps
An insurance DAO is not this file.
Why we listed it
US surplus-lines posture was flagged as a counsel question. Correct.

Next twelve months

What has to be true.

Bordereau cycle running without a side spreadsheet.

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

Capital would fund the adapter work and a named counsel memo, not a public sale.

Traction

What you can verify today.

Founded 2021, headquartered in Dublin. 3 named pilots on file (identities redacted in public). 14 nodes or connected surfaces reported. Desk diligence score 82/100. Two licensed PSPs on a paid pilot — identities off the public file. A redacted engagement letter landed in week one. That is why the desk took the meeting.

  • Operating notes for Treaty book
  • No token contract listed as a public sale
  • Named founder; customer still a conversation
  • Dublin 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
  • Customers84
  • Legal path84
  • Tech maturity70
  • 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.

CCP perimeter

If a regulator reads this as clearing, the licence problem is existential.

Collateral token

That ask has been refused on files like this. It should stay refused.

Member default

Who eats the loss? If the answer is ‘the protocol’, there is no protocol that can.

Incumbent freeze-out

CCPs can copy the netting logic faster than a startup can collect members.

Not a carrier

If Umber North looks like it is taking risk, it needs a licence. The file says it does not. Keep it that way.

Incumbent feature

The administrator, CCP, scheme or custodian can ship this as a checkbox. Umber North has to be cheaper or faster before that happens.

Ask these next

  1. 01Who can unpublish a public sentence in 24 hours, by name?
  2. 02Has counsel written the perimeter in a memo you can file?
  3. 03Is the waitlist demand for a product, or a queue for a coin?
  4. 04What does renewal look like if no round ever happens?
  5. 05Who is the first named paying customer — not a letter of intent?
  6. 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
Umber North DAC
Path on file
Ireland · closed private round
Posture
Window closed
Pack
Build

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.

  • Irelandnamed
  • EEA professionalnamed
  • Public residual claimsrestricted
  • United Statesrestricted

Team

Who runs it.

  • Amira HolmChief executive
  • Nia SatoChief compliance

Stack

  • Treaty book
  • Reinsurance records
  • Disclosure templates

Named with them

  • Northbridge Counsel
  • 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.

StatementEvidenceStatus
Umber North does not sell a token to the public on this padPosture lockwithdrawn
The product is reinsurance records sold to institutionsArchitecture + customer typewithdrawn
Treaty book 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: Ireland, EEA professionalNamed 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

    Umber North 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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