The wedge
Bank connector
They will connect a rail before they will issue a coin. That is the 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
VETC
Screened
SCREENEDCorporate treasuryVetch Forge
Skip it and you read a PDF. Counterparties who matter will have already called.
US was taken off the public stack on day one. Adult companies do that. Then the waitlist filled anyway.
Vetch Forge — 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.
Closed stamp is coming. a few days is the number. There is not a second number.
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
Closed
Heat
0/99
Inbound / wk
0asks
Asking now
0live
Named pilots
0
Still a question
Live nodes
0
Treasury ledger
Counsel hours
0
Not offering — locked
Sentences killed
0
Before listing
Claims live
1/6
Sprint
Our cut
0%
Of any proceeds
Plate Concentric · 1260
VETC
The plate
Concentric. Edition 1260.
A unique plate for Vetch Forge. Geometry, orbit, and edition belong to this company — no other listing on the board shares it.
VETC · Montreal · Corporate treasury
Score
0
Desk diligence
Pilots
0
None on file
Stage
upcoming
upcoming
HQ
Montreal
Banks
Sells
Bank
Bank connector
Markets
0
Montreal
Years
0
Founded 2023
Surfaces
0
Treasury ledger
Complete
0
File readiness
Why the desk took it
Early — still a question.
Finality law was in the application.
Traction
No paying pilot on the public file.
Founded 2023, headquartered in Montreal. No named paying pilot on the file yet — that is the first question. 3 nodes or connected surfaces reported. Desk diligence score 74/100. A treasurer at a bank that already settles — not a crypto-native desk. Counsel is named, even if the memo is still a draft. Unnamed counsel is how files die.
Next 12 months
Finality opinion from a named firm.
RTGS upgrades are coming. Vetch Forge has to be a feature they buy, not a rival they block. 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.
Most Corporate treasury 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.
If you leave this page without opening the claims table, you have read marketing. The scarce version of Vetch Forge is the version that survives counsel. It is on a clock.
On a Tuesday in Montreal, an exception posts back into the customer’s existing case system. Nobody opens a side spreadsheet. That is the product: the night someone in ops does not stay late.
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 the founder
The legal source of truth stays with the incumbent register, admin, or custodian. Vetch Forge does not attest to its own facts.
From the screen
A dual-control drill exists on paper. Production evidence is the next artefact, not a tweet.
The window
Miss this and you read the archive.
The decline pile in Corporate treasury is full of companies that looked the same on slide one. This one is listed.
a short list 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
- 11
- Asks / week
- 1
- Our cut
- 0% of proceeds
I will take thirty minutes and decide budget. If that person is not me, we should not be listed.
This company
Vetch Forge
Open-source looks free until the auditor asks who attests. Vetch Forge has an answer.
In the same conversation
- CLS
- Fnality
- RTGS upgrades
- Not a public L1
The bet
Why this company exists.
They will connect a rail before they will issue a coin. That is the company.
They will connect a rail before they will issue a coin. That is the company.
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.
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
- 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
- 05The legal source of truth stays with the incumbent register, admin, or custodian.
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.
Certifications & adapters
40%
Hiring the operator who already does this job at a licensed firm.
Second market
24%
Dual-control drills, key ceremonies, and the person who owns them.
Named operators
19%
Adapter work against the incumbent register, admin, or custodian.
Control environment
17%
Keeping the public story from running ahead of the claims register.
Operating week
What “in market” actually looks like.
- ThuCustomerNamed pilot (redacted) sees the same record the auditor saw.
- WedCounselPerimeter diffs. If the site drifted from the memo, the site moves — not the memo.
- SatDarkNo creators. No threads. Restricted geos stay dark.
- 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
- Bank connector
- Who pays
- A treasurer at a bank that already settles — not a crypto-native desk.
- 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
- Legal opinion on finality in the governing law.
- Switching cost
- Once the record is the record, the incumbent copy has to migrate history. That is the year.
- Vs the comps
- RTGS upgrades are coming. Vetch Forge has to be a feature they buy, not a rival they block.
- Why we listed it
- Finality law was in the application.
Next twelve months
What has to be true.
Finality opinion from a named firm.
Counsel is named, even if the memo is still a draft. Unnamed counsel is how files die.
Capital would fund the adapter work and a named counsel memo, not a public sale.
Traction
What you can verify today.
Founded 2023, headquartered in Montreal. No named paying pilot on the file yet — that is the first question. 3 nodes or connected surfaces reported. Desk diligence score 74/100. A treasurer at a bank that already settles — not a crypto-native desk. 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
- Montreal 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.”
- Product15
- Customers18
- Legal path62
- Tech maturity37
- Demand10
- Market access44
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 Montreal story becomes a fact pattern. The restricted list exists for a reason: Mainland China retail, United States.
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.
Money issuance
If the rail issues a settlement asset, Vetch Forge is in the e-money / deposit perimeter. That is a different company.
Facts vs theatre
A proof of a fake book is still a fake book. Vetch Forge has to attach to the real one, in Montreal.
Ask these next
- 01If RCA Pad disappeared tomorrow, could the customer still run the job?
- 02Is the waitlist demand for a product, or a queue for a coin?
- 03What happens if a founder later wants a public token?
- 04Has counsel written the perimeter in a memo you can file?
- 05Which incumbent can copy this in a quarter, and what would they have to migrate?
- 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
- Vetch Forge Ltd
- Path on file
- Not offering — locked
- Posture
- Private only
- 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.
- Montrealnamed
- Mainland China retailrestricted
- United Statesrestricted
Team
Who runs it.
- Eva OkaforChief executive
- Ines KhanFinance
Stack
- Treasury ledger
- Corporate treasury
- Approval trail
- Disclosure templates
Named with them
- Helix Audit
Who can decide
Eva Okafor came in named. The team is not a handle. Vetch Forge Ltd exists, founded 2023, headquartered in Montreal. Anonymity would have been an automatic decline.
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 |
|---|---|---|
| Vetch Forge does not sell a token to the public on this pad | Posture lock | live |
| The product is corporate treasury sold to institutions | Architecture + customer type | draft |
| Treasury ledger 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 | No board minute | draft |
| No public token is sold on this pad | Engagement terms + posture lock | live |
| Customers contemplated: Montreal | Named markets on the file | draft |
On the record
- Application APP-4214ScreenSep
- Counsel questionPathSep
Operating log
06 Sep 13:00
Application scored. Vetch Forge 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.