The wedge
Fund seat
The wedge is repeating KYC at every gate of the same allocator.
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
VETR
Screened
SCREENEDSelective disclosureVetch Span
If you read one Selective disclosure company this quarter, make it this one.
a short list names asked to be first. None of them bought a token here. They asked for the product.
Vetch Span — 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.
Screened, not yet in sprint. Treat every number as provisional. Calendar access is not automatic.
If you needed a reason to open diligence tonight: a short list other people already did.
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
Redacted on the public page
Live nodes
0
Attestation graph
Counsel hours
0
Not offering — locked
Sentences killed
0
Before listing
Claims live
0/7
Sprint
Our cut
0%
Of any proceeds
Plate Vault · 9198
VETR
The plate
Vault. Edition 9198.
A unique plate for Vetch Span. Geometry, orbit, and edition belong to this company — no other listing on the board shares it.
VETR · Mexico City · Selective disclosure
Score
0
Desk diligence
Pilots
0
Named, redacted
Stage
upcoming
upcoming
HQ
Mexico City
Fund administrators
Sells
Fund
Fund seat
Markets
0
Mexico City
Years
0
Founded 2024
Surfaces
0
Attestation graph
Complete
0
File readiness
Why the desk took it
Early — still a question.
They named the attester. Most decks do not.
Traction
One named pilot (redacted).
Founded 2024, headquartered in Mexico City. One named pilot on file (redacted in public). 2 nodes or connected surfaces reported. Desk diligence score 67/100. A named Mexico City administrator who already signs the pack (redacted). A dual-control drill exists on paper. We have not watched it live yet — that is the next ask.
Next 12 months
Liability sentence in writing: who is wrong when a fact is wrong.
A ‘passport token’ is usually a security in costume. 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.
The decline pile in Selective disclosure is not a rumour. It is how this board stays readable. Vetch Span is what survived. That is the sell.
The bet is narrow. A named Mexico City buyer already has budget for this invoice. Vetch Span 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.
On a Tuesday in Mexico City, 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 ops
The legal source of truth stays with the incumbent register, admin, or custodian. Vetch Span 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 counsel
We will not describe this as Reg CA-compliant, MiCA-stickered, or FCA-authorised. Issuers retain their own counsel in every relevant jurisdiction.
The window
Miss this and you read the archive.
You can read twelve thinner companies. Or this one, once, while the window is open.
A supervisor is already forcing a perimeter. Houses that pick software over a coin will buy this now.
Read it once, properly, while the number is still green. Then decide.
Window
Closed
Closed. History only — not a place to buy.
- Sentences killed
- 9
- Counsel hours on file
- 13
- Asks / week
- 9
- 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 Span
The protocol pitch is the thing this company has already refused.
In the same conversation
- Onfido / Jumio for people
- Fund-admin KYC teams
- W3C attestations
- Not a ‘passport token’
The bet
Why this company exists.
The wedge is repeating KYC at every gate of the same allocator.
The wedge is repeating KYC at every gate of the same allocator.
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
L2 wrappers are cheaper. They are also a different perimeter — and declined here. Vetch Span is priced as software against an invoice that already exists.
Mexico City being the city does not make local retail a default audience. Communications capable of inducing investment activity still have a promotions problem.
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
- 06Exceptions post back into the customer’s existing case system — no side spreadsheet.
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.
Second market
34%
The remaining certifications and the second named market.
Control environment
18%
Hiring the operator who already does this job at a licensed firm.
Claims & campaign ops
17%
Adapter work against the incumbent register, admin, or custodian.
Counsel & perimeter
31%
Dual-control drills, key ceremonies, and the person who owns them.
Operating week
What “in market” actually looks like.
- ThuCustomerNamed pilot (redacted) sees the same record the auditor saw.
- MonClaimsEvery public sentence checked against the register. Anything extra is unpublished.
- WedCounselPerimeter diffs. If the site drifted from the memo, the site moves — not the memo.
- 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
- A named Mexico City administrator who already signs the pack (redacted).
- 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
- The attester is a party the recipient already trusts — not Vetch Span.
- Switching cost
- Scheme maps, ISO, LMA language, registry adapters — eighteen months of unglamorous work.
- Vs the comps
- A ‘passport token’ is usually a security in costume.
- Why we listed it
- They named the attester. Most decks do not.
Next twelve months
What has to be true.
Liability sentence in writing: who is wrong when a fact is wrong.
A dual-control drill exists on paper. We have not watched it live yet — that is the next ask.
They have not asked us to run a sale. That ask would close the file.
Traction
What you can verify today.
Founded 2024, headquartered in Mexico City. One named pilot on file (redacted in public). 2 nodes or connected surfaces reported. Desk diligence score 67/100. A named Mexico City administrator who already signs the pack (redacted). A dual-control drill exists on paper. We have not watched it live yet — that is the next ask.
- Architecture paper — no production customer on the public file
- No token contract listed as a public sale
- Named founder; customer still a conversation
- Mexico City 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 maturity34
- 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 Mexico City story becomes a fact pattern. The restricted list exists for a reason: Global public.
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 Span is the attester, this is a database with extra steps. The graph only matters if someone else signs.
Token relapse
A later round that wants a public token puts Vetch Span in a different perimeter. The file treats that as a hard stop.
Ask these next
- 01What does renewal look like if no round ever happens?
- 02If RCA Pad disappeared tomorrow, could the customer still run the job?
- 03Which incumbent can copy this in a quarter, and what would they have to migrate?
- 04Which geography is actually locked, and which is a hope?
- 05Who is the first named paying customer — not a letter of intent?
- 06Who can unpublish a public sentence in 24 hours, by name?
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 Span 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.
- Mexico Citynamed
- Global publicrestricted
Team
Who runs it.
- Jonah VogelChief executive
- Hannah AdeyemiMarkets
Stack
- Attestation graph
- Selective disclosure
- Takedown SLA
- Approval trail
Named with them
- Helix Audit
Who can decide
Jonah Vogel (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, Vetch Span is a services firm with a slide. The twelve-month test is renewal, not waitlist.
Claims with evidence
Statements with evidence.
| Statement | Evidence | Status |
|---|---|---|
| Vetch Span does not sell a token to the public on this pad | Posture lock | live |
| The product is selective disclosure sold to institutions | Architecture + customer type | draft |
| Attestation graph 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 |
| 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: Mexico City | Named markets on the file | draft |
On the record
- Application APP-4270ScreenSep
- Counsel questionPathSep
Operating log
03 Sep 15:00
Application scored. Vetch Span 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.