The wedge
Per statement
APY on a public page would make this a different, usually worse, 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
VETG
Screened
SCREENEDPrime brokerage opsVetch Hold
The incumbent copy takes a year. The named customer is already writing.
Tokyo is not a backdrop. It is the city where the customer can be called on a recorded line.
Vetch Hold — 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.
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
Redacted on the public page
Live nodes
0
Prime adapters
Counsel hours
0
Not offering — locked
Sentences killed
0
Before listing
Claims live
0/5
Sprint
Our cut
0%
Of any proceeds
Plate Vault · 3856
VETG
The plate
Vault. Edition 3856.
A unique plate for Vetch Hold. Geometry, orbit, and edition belong to this company — no other listing on the board shares it.
VETG · Tokyo · Prime brokerage ops
Score
0
Desk diligence
Pilots
0
Named, redacted
Stage
upcoming
upcoming
HQ
Tokyo
Asset managers
Sells
Per
Per statement
Markets
0
Tokyo
Years
0
Founded 2022
Surfaces
0
Prime adapters
Complete
0
File readiness
Why the desk took it
Early — still a question.
They called zk a method in the application. Correct.
Traction
One named pilot (redacted).
Founded 2022, headquartered in Tokyo. One named pilot on file (redacted in public). 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
One auditor-signed extract.
Public vault tokens are the thing this is not. They win if they are cheaper than the internal build, not cheaper than a protocol.
The brief
How a serious reader should hold this.
Before the waitlist, before the window, there was a refusal. Vetch Hold would not let a public sale sit on this page. That is why a company in Prime brokerage ops is listed here at all — and why the people who wanted a coin left, and the people who wanted the product stayed.
What you can verify today is smaller than the slide. What you cannot verify is named as a question, not a promise. That is the difference between this company and a pad listing — and why the waitlist is not a coin queue.
US traffic was taken off the public surfaces in the first working session. Vetch Hold did not argue. Adult companies do not costume a US offering.
From the screen
The legal source of truth stays with the incumbent register, admin, or custodian. Vetch Hold does not attest to its own facts.
From ops
US persons are outside the audience. A form that asks “are you accredited?” without verification is not an exemption.
From the founder
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.
The next Prime brokerage ops company on this board will not have this waitlist, this HQ, or this counsel posture.
0% of proceeds. Fixed fee. The incentive is a clean campaign — not a raise.
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
- 13
- Counsel hours on file
- 7
- Asks / week
- 8
- Our cut
- 0% of proceeds
The waitlist is people who want the product. If they wanted a coin they would be on a different pad.
This company
Vetch Hold
The copycats will arrive after certification. That is why the window is now.
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
The incumbent brand sells the relationship. Vetch Hold sells the job the brand will not staff. A protocol pitch is the thing this company has already refused. Open-source looks free until the auditor asks who attests.
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
- 01Positions are accounted in a book the manager already runs
- 02A proof or extract is produced for a named counterparty
- 03Yield is not marketed to the public on this pad
- 04zk, if present, is a method — not a ticker
- 05A proof or extract is produced for a named counterparty only
- 06A named counterparty verifies; Vetch Hold does not attest to its own facts.
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.
Second market
35%
Keeping the public story from running ahead of the claims register.
Named operators
26%
A counsel memo that can survive a later reader.
Counsel & perimeter
15%
Hiring the operator who already does this job at a licensed firm.
Certifications & adapters
24%
The remaining certifications and the second named market.
Operating week
What “in market” actually looks like.
- TueExceptionsOvernight breaks post back into the customer’s case system. No side book.
- SunOwnersWho can decide messaging and budget on a recorded line. If the answer is nobody, stop.
- MonClaimsEvery public sentence checked against the register. Anything extra is unpublished.
- 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
- Per statement
- Who pays
- A treasurer at a bank that already settles — not a crypto-native desk.
- Unit economics
- They win if they are cheaper than the internal build, not cheaper than a protocol.
- 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
- Public vault tokens are the thing this is not.
- Why we listed it
- They called zk a method in the application. Correct.
Next twelve months
What has to be true.
One auditor-signed extract.
Counsel is named, even if the memo is still a draft. Unnamed counsel is how files die.
They have not asked us to run a sale. That ask would close the file.
Traction
What you can verify today.
Founded 2022, headquartered in Tokyo. One named pilot on file (redacted in public). 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
- Named founder; customer still a conversation
- Tokyo 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.”
- Product24
- Customers40
- Legal path62
- Tech maturity37
- 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.
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. Vetch Hold has to prove the real one.
Incumbent feature
The administrator, CCP, scheme or custodian can ship this as a checkbox. Vetch Hold has to be cheaper or faster before that happens.
Ask these next
- 01Which geography is actually locked, and which is a hope?
- 02Where do keys, title, or NAV liability sit — and is that person licensed?
- 03Which incumbent can copy this in a quarter, and what would they have to migrate?
- 04Is the waitlist demand for a product, or a queue for a coin?
- 05If RCA Pad disappeared tomorrow, could the customer still run the job?
- 06Who is the first named paying customer — not a letter of intent?
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 Hold 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.
- Tokyonamed
- United Kingdomnamed
- United States retailrestricted
- United Statesrestricted
Team
Who runs it.
- Noam VossChief executive
Stack
- Prime adapters
- Prime brokerage ops
- Disclosure templates
Named with them
- Northbridge Counsel
Who can decide
Noam Voss (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.
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 |
|---|---|---|
| Vetch Hold does not sell a token to the public on this pad | Posture lock | live |
| The product is prime brokerage ops sold to institutions | Architecture + customer type | draft |
| Prime adapters 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: Tokyo, United Kingdom | Named markets on the file | draft |
On the record
- Application APP-4788ScreenSep
- Counsel questionPathSep
Operating log
09 Sep 11:00
Application scored. Vetch Hold is not a calendar slot.
10 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.