The wedge
Fund seat
Revocation is the product. Anyone can issue; almost no one can take it back.
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
VETX
In diligence
IN MOTIONTransfer agencyVetch House
Nadia Ellison will not run a sale here. That is why serious people are in the queue.
Closed files are history. Live files have a clock. Vetch House has a few days.
Vetch House — An attestation graph: a fund or investor proves one fact (accredited, name, share-class) to a transfer agent or administrator without handing over the whole file. Selective disclosure is the product.
In a 14-day diligence sprint (day 6). This is when the story, the customers and the legal path get written down — or the file stops.
Most Transfer agency applications this quarter were declined. You are looking at one that was not.
Diligence, not a prospectus. RCA Pad does not allocate, take orders, or close funding. If this company raises, it raises with its own counsel.
Sprint day
0/14
Window
Closed
Heat
0/99
Inbound / wk
0asks
Asking now
0live
Named pilots
0
Redacted on the public page
Live nodes
0
TA adapters
Counsel hours
0
Not offering — locked
Sentences killed
0
Before listing
Claims live
4/8
Sprint
Our cut
0%
Of any proceeds
Plate Orbit · 1399
VETX
The plate
Orbit. Edition 1399.
A unique plate for Vetch House. Geometry, orbit, and edition belong to this company — no other listing on the board shares it.
VETX · Zurich · Transfer agency
Score
0
Desk diligence
Pilots
0
Named, redacted
Sprint
0
Day 6 of 14
HQ
Zurich
Fund administrators
Sells
Fund
Fund seat
Markets
0
Switzerland
Years
0
Founded 2022
Surfaces
0
TA adapters
Complete
0
File readiness
Why the desk took it
A real job, not a ticker.
US retail identity was taken off before we asked.
Traction
One named pilot (redacted).
Founded 2022, headquartered in Zurich. One named pilot on file (redacted in public). 8 nodes or connected surfaces reported. Desk diligence score 88/100. Sprint day 6 of 14. An AIFM whose auditor has seen the dual-record. A redacted engagement letter landed in week one. That is why the desk took the meeting.
Next 12 months
Liability sentence in writing: who is wrong when a fact is wrong.
Jumio does not speak share-class. 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 Transfer agency 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.
Vetch House exists because the incumbent brand will not staff the unglamorous middle of Transfer agency. 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 Vetch House. 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 pilot
Fixed fee. Deposit to start. 0% of proceeds. Token-only pay is declined. Percentage of raise is declined.
From ops
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.
The decline pile in Transfer agency is full of companies that looked the same on slide one. This one is listed.
Counsel hours on file: enough that a later reader can tell this was not improvised.
If you are a founder who wants a pack like this: apply. If you are a buyer: call them — not us.
Window
Closed
Closed. History only — not a place to buy.
- Sentences killed
- 15
- Counsel hours on file
- 89
- Asks / week
- 23
- Our cut
- 0% of proceeds
US came off the site in the first session. We did not argue. We are not children.
This company
Vetch House
The copycats will arrive after certification. That is why the window is now.
In the same conversation
- Onfido / Jumio for people
- Fund-admin KYC teams
- W3C attestations
- Not a ‘passport token’
The bet
Why this company exists.
Revocation is the product. Anyone can issue; almost no one can take it back.
Revocation is the product. Anyone can issue; almost no one can take it back.
Transfer agents and AIFMs are being asked for faster onboarding without becoming identity companies. Attestations they can revoke are the compromise.
Fund onboarding cost is a known line item. A 20–40% cut in cycle time is a budget, not a vision deck.
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: Switzerland, EEA professional. Off-limits: Mainland China retail. A US person hearing an offering communication is a US problem even if the company sits in Zurich. Blocking an IP and taking a US Telegram admin is not a block.
How it works
- 01A fact is attested by a party the recipient already trusts
- 02The holder discloses only the field requested
- 03The rest of the file stays dark
- 04Revocation is a first-class event
- 05The recipient never sees the rest of the file — selective disclosure is enforced, not promised
- 06The legal source of truth stays with the incumbent register, admin, or custodian.
In the same conversation as
- Onfido / Jumio for people
- Fund-admin KYC teams
- W3C attestations
- Not a ‘passport token’
If they raise
Where the money would actually go.
Not a token float. A budget against work. RCA Pad still takes 0% of proceeds.
Control environment
37%
Hiring the operator who already does this job at a licensed firm.
Second market
28%
A counsel memo that can survive a later reader.
Claims & campaign ops
19%
The remaining certifications and the second named market.
Counsel & perimeter
16%
Adapter work against the incumbent register, admin, or custodian.
Operating week
What “in market” actually looks like.
- ThuCustomerNamed pilot (redacted) sees the same record the auditor saw.
- SunOwnersWho can decide messaging and budget on a recorded line. If the answer is nobody, stop.
- FriKill switchRehearse unpublish in 24 hours. If it takes a committee, it is not a switch.
- TueExceptionsOvernight breaks post back into the customer’s case system. No side book.
The wedge
Why this one, not the other one.
- They sell
- Fund seat
- Who pays
- An AIFM whose auditor has seen the dual-record.
- Unit economics
- Seat plus event. If they ever attach a token as the unit of account, the file stops.
- Moat on file
- The attester is a party the recipient already trusts — not Vetch House.
- Switching cost
- The customer’s auditor has seen this book. Switching means a new auditor conversation.
- Vs the comps
- Jumio does not speak share-class.
- Why we listed it
- US retail identity was taken off before we asked.
Next twelve months
What has to be true.
Liability sentence in writing: who is wrong when a fact is wrong.
A redacted engagement letter landed in week one. That is why the desk took the meeting.
A round, if any, sits with their providers. This pad does not take the order.
Traction
What you can verify today.
Founded 2022, headquartered in Zurich. One named pilot on file (redacted in public). 8 nodes or connected surfaces reported. Desk diligence score 88/100. Sprint day 6 of 14. An AIFM whose auditor has seen the dual-record. A redacted engagement letter landed in week one. That is why the desk took the meeting.
- Operating notes for TA adapters
- No token contract listed as a public sale
- Pilot letters on file, identities redacted
- Zurich 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.”
- Product68
- Customers40
- Legal path62
- Tech maturity60
- Demand42
- Market access68
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 Zurich story becomes a fact pattern. The restricted list exists for a reason: Mainland China retail.
Who attests
If the attester is the company itself, this is a database with extra steps.
Portability theatre
A graph nobody else reads is a PDF with a hash.
US
US retail identity products are a different statute. Many of these files keep the US off.
Utility token
Paying for attestations in a native token is usually a securities problem in costume.
Self-attestation
If Vetch House is the attester, this is a database with extra steps. The graph only matters if someone else signs.
Incumbent feature
The administrator, CCP, scheme or custodian can ship this as a checkbox. Vetch House has to be cheaper or faster before that happens.
Ask these next
- 01Who can unpublish a public sentence in 24 hours, by name?
- 02Where do keys, title, or NAV liability sit — and is that person licensed?
- 03What does renewal look like if no round ever happens?
- 04Has counsel written the perimeter in a memo you can file?
- 05Is the waitlist demand for a product, or a queue for a coin?
- 06What happens if a founder later wants a public token?
Structure
How money would actually move.
Sprint is diligence, not a raise. A pack at the end is a file the company can take to its own lawyers and investors. RCA Pad does not complete funding.
- Entity
- Vetch House AG
- 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.
- Switzerlandnamed
- EEA professionalnamed
- Mainland China retailrestricted
Team
Who runs it.
- Nadia EllisonChief executive
- Noam KhanFinance
Stack
- TA adapters
- Transfer agency
- Takedown SLA
- Audit log
Named with them
- Clearline
Who can decide
Nadia Ellison came in named. The team is not a handle. Vetch House AG exists, founded 2022, headquartered in Zurich. Anonymity would have been an automatic decline.
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 House does not sell a token to the public on this pad | Posture lock | live |
| The product is transfer agency sold to institutions | Architecture + customer type | live |
| TA adapters is the method — not a listed asset | Desk snapshot | live |
| 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 |
| Production date for the chain layer is not committed | No board minute | draft |
| No public token is sold on this pad | Engagement terms + posture lock | live |
| Customers contemplated: Switzerland, EEA professional | Named markets on the file | live |
On the record
- Day 0 lockKick-offSep
- Claim inventoryPackSep
- Audience matrix draftPackSep
Operating log
11 Sep 14:11
Workshop. Funnel has no purchase step.
08 Sep 09:00
Kick-off. Exclusions recorded.
09 Sep 16:20
A claim killed for missing evidence.
Path to now
D0
Kick-off
Geographies, owners, SLA, exclusions.
D14
Read-out
Accept the pack or stop.
Not a subscription
This is not a sale page.
Sprint is diligence, not a raise. A pack at the end is a file the company can take to its own lawyers and investors. RCA Pad does not complete funding. 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.