The wedge
Per million notional
The wedge is weekend FX: 24/5 still leaks P&L.
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
UMB6
Screened
SCREENEDWholesale FXUmber Works
The incumbent copy takes a year. The named customer is already writing.
Umber Works survived the screen. Most of Wholesale FX did not. That is not a slogan. It is the decline pile.
Umber Works — 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.
Screened, not yet in sprint. Treat every number as provisional. Calendar access is not automatic.
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.
Stage
upcoming
Window
0days
Heat
0/99
Inbound / wk
0asks
Asking now
0live
Named pilots
0
Still a question
Live nodes
0
Permissioned FX rail
Counsel hours
0
Not offering — locked
Sentences killed
0
Before listing
Claims live
0/6
Sprint
Our cut
0%
Of any proceeds
Plate Horizon · 2970
UMB6
The plate
Horizon. Edition 2970.
A unique plate for Umber Works. Geometry, orbit, and edition belong to this company — no other listing on the board shares it.
UMB6 · Austin · Wholesale FX
Score
0
Desk diligence
Pilots
0
Named, redacted
Stage
upcoming
upcoming
HQ
Austin
Banks
Sells
Per
Per million notional
Markets
0
Austin
Years
0
Founded 2025
Surfaces
0
Permissioned FX rail
Complete
0
File readiness
Why the desk took it
Early — still a question.
Retail was never in the deck.
Traction
One named pilot (redacted).
Founded 2025, headquartered in Austin. One named pilot on file (redacted in public). 3 nodes or connected surfaces reported. Desk diligence score 73/100. Four origination desks posting into a closed tape. Counsel is named, even if the memo is still a draft. Unnamed counsel is how files die.
Next 12 months
Two banks quoting live.
A retail FX token is the opposite company. They win if they are cheaper than the internal build, not cheaper than a protocol.
The brief
How a serious reader should hold this.
Most Wholesale FX decks start with a market size. This one starts with a job: a person at a licensed firm, a record they cannot currently prove, and a calendar that does not wait for a proposed US rule. The calendar is the window. The window is the scarce thing.
Umber Works exists because the incumbent brand will not staff the unglamorous middle of Wholesale FX. 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 Works. The architecture says so. We have not watched the drill live. That is the next ask, not a slogan.
From counsel
A dual-control drill exists on paper. Production evidence is the next artefact, not a tweet.
From the founder
The legal source of truth stays with the incumbent register, admin, or custodian. Umber Works does not attest to its own facts.
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.
The window
Miss this and you read the archive.
Founders who want a pack this tight apply. Readers who wait get a closed stamp.
Restricted markets stay dark. Named markets are live. That discipline is the scarce thing.
If you are a founder who wants a pack like this: apply. If you are a buyer: call them — not us.
Window remaining
0days
When this window closes, the campaign is archive.
- Sentences killed
- 13
- Counsel hours on file
- 9
- Asks / week
- 11
- Our cut
- 0% of proceeds
We would rather be archive-clean than live-loud. The waitlist showed up anyway.
This company
Umber Works
Twelve Wholesale FX decks look the same. One of them has a Austin customer on the record.
In the same conversation
- CLS
- Fnality
- RTGS upgrades
- Not a public L1
The bet
Why this company exists.
The wedge is weekend FX: 24/5 still leaks P&L.
The wedge is weekend FX: 24/5 still leaks P&L.
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
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.
Named: Austin. Off-limits: Global public, United States. A US person hearing an offering communication is a US problem even if the company sits in Austin. Blocking an IP and taking a US Telegram admin is not a block.
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
- 05Matches stay inside named desks; cash still settles where it already settles
- 06Retail and unnamed geographies are structurally off the form, not only in the footer.
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.
Claims & campaign ops
35%
Hiring the operator who already does this job at a licensed firm.
Named operators
19%
A counsel memo that can survive a later reader.
Control environment
16%
Dual-control drills, key ceremonies, and the person who owns them.
Certifications & adapters
30%
Adapter work against the incumbent register, admin, or custodian.
Operating week
What “in market” actually looks like.
- SatDarkNo creators. No threads. Restricted geos stay dark.
- FriKill switchRehearse unpublish in 24 hours. If it takes a committee, it is not a switch.
- 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.
The wedge
Why this one, not the other one.
- They sell
- Per million notional
- Who pays
- Four origination desks posting into a closed tape.
- Unit economics
- They win if they are cheaper than the internal build, not cheaper than a protocol.
- Moat on file
- CLS or local RTGS remains the final cash.
- Switching cost
- Permissioned connectivity is the moat. Public endpoints would erase it.
- Vs the comps
- A retail FX token is the opposite company.
- Why we listed it
- Retail was never in the deck.
Next twelve months
What has to be true.
Two banks quoting live.
Counsel is named, even if the memo is still a draft. Unnamed counsel is how files die.
Growth money would extend the record to a second geography, still permissioned.
Traction
What you can verify today.
Founded 2025, headquartered in Austin. One named pilot on file (redacted in public). 3 nodes or connected surfaces reported. Desk diligence score 73/100. Four origination desks posting into a closed tape. Counsel is named, even if the memo is still a draft. Unnamed counsel is how files die.
- Architecture paper — no production customer on the public file
- No token contract listed as a public sale
- Pilot letters on file, identities redacted
- Austin 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.”
- Product28
- Customers40
- Legal path62
- Tech maturity37
- Demand10
- Market access44
Risks
What can kill it.
The one that actually kills it
The named customer is a letter of intent
Pilots that cannot be named, even redacted, are theatre. One paying seat that an auditor has seen is worth more than a waitlist of a short list.
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.
Issuing the cash
If Umber Works issues a stablecoin to make this atomic, the company becomes an e-money problem.
Single-customer gravity
If the first named buyer is also the only buyer, Umber Works is a services shop with a ledger. Ask for the second.
Ask these next
- 01Who is the first named paying customer — not a letter of intent?
- 02Where do keys, title, or NAV liability sit — and is that person licensed?
- 03What does renewal look like if no round ever happens?
- 04Who can unpublish a public sentence in 24 hours, by name?
- 05Which incumbent can copy this in a quarter, and what would they have to migrate?
- 06If RCA Pad disappeared tomorrow, could the customer still run the job?
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
- Umber Works 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.
- Austinnamed
- Global publicrestricted
- United Statesrestricted
Team
Who runs it.
- Rafa EllisonChief executive
Stack
- Permissioned FX rail
- Wholesale FX
- Audit log
Named with them
- Northbridge Counsel
Who can decide
The technical founder is on the record as engineering. Contractors in undisclosed jurisdictions are written down as a fact, not hidden. Facts can be managed. Hiding them is how companies die in diligence.
Year two is a second named market and the remaining certifications — still permissioned. It is not a public book. A public book would be a different company.
Claims with evidence
Statements with evidence.
| Statement | Evidence | Status |
|---|---|---|
| Umber Works does not sell a token to the public on this pad | Posture lock | live |
| The product is wholesale fx sold to institutions | Architecture + customer type | draft |
| Permissioned FX rail 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: Austin | Named markets on the file | draft |
On the record
- Application APP-4157ScreenSep
- Counsel questionPathSep
Operating log
03 Sep 16:00
Application scored. Umber Works 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.