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

VELM

In market

HOT WINDOWPrivate credit rails

Vellum Protocol

Amira Cole will not run a sale here. That is why serious people are in the queue.

Renewal — not the round — is the twelve-month test. The people in this queue already know that.

Vellum Protocol — A system of record for private-credit funds and desks: tapes, RFQs, or covenants that update when a borrower files. The buyers already have a book. This is plumbing, not a venue that matches strangers.

Live campaign. 8,420 on the product waitlist — that is demand, not an allocation.

A year from now this will be an obvious company or a missed one. The window decides which.

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

Window

0days

Heat

0/99

Inbound / wk

0asks

Asking now

0live

Named pilots

Redacted on the public page

Live nodes

Appchain · public testnet

Counsel hours

UK promotions · counsel-named

Sentences killed

Before listing

Claims live

11/14

Growth

Our cut

Of any proceeds

Plate Vault · 6682

VELM

The plate

Vault. Edition 6682.

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

VELM · London · Private credit rails

Score

Desk diligence

Pilots

Named, redacted

Waitlist

Product demand

London

Private-credit funds

Sells

Administrator

Administrator co-source

Markets

United Kingdom

Years

Founded 2024

Surfaces

Appchain · public testnet

Complete

File readiness

The wedge

Administrator co-source

They sell a faster close to administrators, not access to a crowd.

Why the desk took it

A real job, not a ticker.

Retail was never in the deck. Rare.

Traction

4 named pilots (redacted).

Founded 2024, headquartered in London. 4 named pilots on file (identities redacted in public). 8,420 on the waitlist, gated — product demand, not a book built. 22 nodes or connected surfaces reported. Desk diligence score 91/100. A treasurer at a bank that already settles — not a crypto-native desk. A dual-control drill exists on paper. We have not watched it live yet — that is the next ask.

Next 12 months

One administrator consuming marks daily.

Closed RFQ wires do this slowly. Vellum Protocol does it as a record. Seat plus event. If they ever attach a token as the unit of account, the file stops.

The brief

How a serious reader should hold this.

Most Private credit rails 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.

The bet is narrow. A named London buyer already has budget for this invoice. Vellum Protocol wins if it is cheaper than the internal build and cleaner than the protocol pitch. It loses if a founder later wants a public book. The window is the time you have to decide which it is.

A dual-control drill sits on paper. Keys, title, or NAV liability sit with a named licensed party — not Vellum Protocol. The architecture says so. We have not watched the drill live. That is the next ask, not a slogan.

From ops

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

From the pilot

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

From the screen

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.

Miss 19 days and you are explaining to your IC why you read it after it closed.

Counsel hours on file: enough that a later reader can tell this was not improvised.

Open the diligence or watch it close. There is not a third option that still counts as early.

Window remaining

0days

When this window closes, the campaign is archive.

Sentences killed: 17
Counsel hours on file: 67
Asks / week: 1,053
Our cut: 0% of proceeds

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

This company

Vellum Protocol

Open-source looks free until the auditor asks who attests. Vellum Protocol has an answer.

In the same conversation

eFront
Allvue
Closed RFQ wires
Not an on-chain lending pool

The bet

Why this company exists.

They sell a faster close to administrators, not access to a crowd.

Allocators want daily marks and covenant visibility. Banks want to originate without building a chain team. The first honest tape that does not pretend to be an exchange will be paid for as software.

Private credit AUM is measured in trillions. The software take-rate is small. The switching cost, once a tape is the record, is not.

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: United Kingdom, EEA professional. Off-limits: United States retail, Global public. A US person hearing an offering communication is a US problem even if the company sits in London. Blocking an IP and taking a US Telegram admin is not a block.

How it works

01A loan or covenant event is written once
02Permissioned counterparties see what they are allowed to see
03Marks and RFQs stay inside named desks
04No public order book, no retail
05Default and amendment events are first-class, not a PDF in a side channel
06The legal source of truth stays with the incumbent register, admin, or custodian.

In the same conversation as

eFront
Allvue
Closed RFQ wires
Not an on-chain lending pool

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%
Hiring the operator who already does this job at a licensed firm.
Claims & campaign ops
27%
Keeping the public story from running ahead of the claims register.
Control environment
18%
Adapter work against the incumbent register, admin, or custodian.
Named operators
18%
The remaining certifications and the second named market.

Operating week

What “in market” actually looks like.

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.
SatDarkNo creators. No threads. Restricted geos stay dark.
TueExceptionsOvernight breaks post back into the customer’s case system. No side book.

The wedge

Why this one, not the other one.

They sell: Administrator co-source
Who pays: A treasurer at a bank that already settles — not a crypto-native desk.
Unit economics: Seat plus event. If they ever attach a token as the unit of account, the file stops.
Moat on file: Four origination desks already post into a closed tape.
Switching cost: Network effects only if a second named counterparty writes. One customer is a service firm.
Vs the comps: Closed RFQ wires do this slowly. Vellum Protocol does it as a record.
Why we listed it: Retail was never in the deck. Rare.

Next twelve months

What has to be true.

One administrator consuming marks daily.

A dual-control drill exists on paper. We have not watched it live yet — that is the next ask.

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

Traction

What you can verify today.

Public testnet since March 2026 — 14 permissioned nodes
Helix Audit review in progress; methodology on file
Two private-credit administrators in a closed pilot
No token contract on any public explorer

Readiness

Six things a serious buyer asks. 100 is “ready to take to counsel and a customer.”

Product71
Customers96
Legal path84
Tech maturity94
Demand82
Market access68

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 8,420.

Marketplace slip

The moment this looks like a public book, it is a venue. This pad will not list that.

Data rights

Who owns the tape when a fund leaves? If that is unsigned, the enterprise value is a conversation.

Credit cycle

A default cluster will test whether the product is a record or a reputation.

Retail

Retail is prohibited. Any ‘access token’ story is a different company.

Data rights on exit

If a fund leaves and the tape stays, who owns the history? Unsigned, the enterprise value is a conversation.

Incumbent feature

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

Ask these next

01Is the waitlist demand for a product, or a queue for a coin?
02Has counsel written the perimeter in a memo you can file?
03What does renewal look like if no round ever happens?
04What happens if a founder later wants a public token?
05Who can unpublish a public sentence in 24 hours, by name?
06If RCA Pad disappeared tomorrow, could the customer still run the job?

Structure

How money would actually move.

If this company raises, it raises with its own counsel and providers. The waitlist is a product list. It is not a round, a book, or an allocation on RCA Pad. We do not take a cut.

Entity: Vellum Markets Ltd · England & Wales
Path on file: UK promotions · counsel-named
Posture: No public sale
Pack: Growth

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.

United Kingdomnamed
EEA professionalnamed
United States retailrestricted
Global publicrestricted

Team

Who runs it.

Amira ColeChief executive
Tomás RibeiroChief technology

Stack

Appchain
Isolated sequencers
Fund-admin adapters
ISO 20022 maps

Named with them

Northbridge Counsel
Helix Audit
Clearline

Who can decide

Amira Cole (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.

If the first customer renews, the adapter work pays for itself. If they do not, Vellum Protocol is a services firm with a slide. The twelve-month test is renewal, not waitlist.

Claims with evidence

Statements with evidence.

Statement	Evidence	Status
Testnet live since March 2026	Explorer snapshot + node list	live
Independent security review in progress	Helix engagement letter	live
No public token sale	Counsel lock 21 Jul	live
Two administrators in a closed pilot	Redacted letters	live
Mainnet in Q4 2026	No board minute	draft
No public token is sold on this pad	Engagement terms + posture lock	live
Customers contemplated: United Kingdom, EEA professional	Named markets on the file	live
Appchain · public testnet is infrastructure — not a listed asset	Desk snapshot	live

On the record

Sprint pack v3Pack12 Jun
UK promotions memo (counsel)Path21 Jul
Claims register liveRegister04 Aug
Creator brief · set 02Brief02 Sep
Waitlist copy lockSurface08 Sep

Operating log

11 Sep 09:14
Takedown SLA tested on a creator draft. Passed.
10 Sep 16:02
Waitlist crossed 8,400. No purchase language in the drip.
08 Sep 11:40
Claim 12 held — ‘mainnet Q4’ lacks a date.
04 Sep 08:22
Growth week 6 report issued to the desk.

Path to now

Jun
Sprint pack accepted
Narrative, matrix, claims register locked.
Jul
Counsel names the path
UK promotions. Retail remains off the file.
Aug
Campaign live
Waitlist only. Register is the spine.
Oct
Checkpoint
Read-out. Retain or close.

Not a subscription

This is not a sale page.

If this company raises, it raises with its own counsel and providers. The waitlist is a product list. It is not a round, a book, or an allocation on RCA Pad. We do not take a cut. 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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