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

VET4

In market

HOT WINDOWPermissioned interop

Vetch Stack

Certification is in motion. After it lands, access is the scarce thing — not price.

Pilots are named and redacted. The waitlist is not. 9,498 people already asked.

Vetch Stack — Attestation packets and IBC-style messages between chains that are not public. Banks and funds that already live behind a firewall use this to talk to each other without opening a public bridge.

Live campaign. 9,498 on the product waitlist — that is demand, not an allocation.

Heat 88 of 99. Hot windows do not stay hot. They close.

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

Closed

Heat

0/99

Inbound / wk

0asks

Asking now

0live

Named pilots

Redacted on the public page

Live nodes

Cosmos SDK · permissioned

Counsel hours

Madrid · counsel-named

Sentences killed

Before listing

Claims live

8/9

Build

Our cut

Of any proceeds

Plate Horizon · 9132

VET4

The plate

Horizon. Edition 9132.

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

VET4 · Madrid · Permissioned interop

Score

Desk diligence

Pilots

Named, redacted

Waitlist

Product demand

Madrid

Banks

Sells

Per

Per packet

Markets

Madrid

Years

Founded 2022

Surfaces

Cosmos SDK · permissioned

Complete

File readiness

The wedge

Per packet

The wedge is island chains: every extra permissioned deployment is an integration budget.

Why the desk took it

A real job, not a ticker.

Security review of the verifier is on file, even if draft.

Traction

5 named pilots (redacted).

Founded 2022, headquartered in Madrid. 5 named pilots on file (identities redacted in public). 9,498 on the waitlist, gated — product demand, not a book built. 19 nodes or connected surfaces reported. Desk diligence score 89/100. A coverholder or carrier running one binder on this record. Counsel is named, even if the memo is still a draft. Unnamed counsel is how files die.

Next 12 months

A verifier a third party has actually run.

A wrapped asset inside the packet makes this a bridge. It must 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.

The decline pile in Permissioned interop is not a rumour. It is how this board stays readable. Vetch Stack is what survived. That is the sell.

The bet is narrow. A named Madrid buyer already has budget for this invoice. Vetch Stack 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 Madrid, 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 screen

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

From ops

Fixed fee. Deposit to start. 0% of proceeds. Token-only pay is declined. Percentage of raise is declined.

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.

The decline pile in Permissioned interop is full of companies that looked the same on slide one. This one is listed.

Budget exists on a line the board can see. That is why the window is this quarter.

Read it once, properly, while the number is still green. Then decide.

Window

Closed

Closed. History only — not a place to buy.

Sentences killed: 14
Counsel hours on file: 55
Asks / week: 1,187
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.
Hannah Cole, Chief executive

This company

Vetch Stack

The protocol pitch is the thing this company has already refused.

In the same conversation

R3 Corda network maps
Hyperledger interop
Public IBC (different threat model)

The bet

Why this company exists.

The wedge is island chains: every extra permissioned deployment is an integration budget.

Every permissioned chain is an island. The second chain a bank turns on creates the ticket. The third creates the vendor.

Every extra permissioned deployment is a new integration budget. This product is that budget.

Versus the field

L2 wrappers are cheaper. They are also a different perimeter — and declined here. Vetch Stack is priced as software against an invoice that already exists.

The live path is Madrid · counsel-named. Proposed Regulation Crypto Assets is not treated as a calendar slot. Build as if it never opens.

How it works

01A fact is packed as an attestation, not a free-floating asset
02The counterparty chain verifies the packet
03Assets do not ‘bridge’; messages do
04Public connectivity is off unless counsel names it
05The counterparty chain verifies the packet; assets do not ‘bridge’
06Exceptions post back into the customer’s existing case system — no side spreadsheet.

In the same conversation as

R3 Corda network maps
Hyperledger interop
Public IBC (different threat model)

If they raise

Where the money would actually go.

Not a token float. A budget against work. RCA Pad still takes 0% of proceeds.

Claims & campaign ops
39%
A counsel memo that can survive a later reader.
Named operators
23%
The remaining certifications and the second named market.
Counsel & perimeter
19%
Keeping the public story from running ahead of the claims register.
Certifications & adapters
19%
Dual-control drills, key ceremonies, and the person who owns them.

Operating week

What “in market” actually looks like.

TueExceptionsOvernight breaks post back into the customer’s case system. No side book.
WedCounselPerimeter diffs. If the site drifted from the memo, the site moves — not the memo.
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 packet
Who pays: A coverholder or carrier running one binder on this record.
Unit economics: They win if they are cheaper than the internal build, not cheaper than a protocol.
Moat on file: Verifier is independently reviewable — not a black box they run.
Switching cost: Permissioned connectivity is the moat. Public endpoints would erase it.
Vs the comps: A wrapped asset inside the packet makes this a bridge. It must not.
Why we listed it: Security review of the verifier is on file, even if draft.

Next twelve months

What has to be true.

A verifier a third party has actually run.

Counsel is named, even if the memo is still a draft. Unnamed counsel is how files die.

Growth money would extend the record to a second geography, still permissioned.

Traction

What you can verify today.

Operating notes for Cosmos SDK · permissioned
No token contract listed as a public sale
Named founder; customer still a conversation
Madrid 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.”

Product77
Customers96
Legal path84
Tech maturity94
Demand87
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 Madrid story becomes a fact pattern. The restricted list exists for a reason: United States retail, United States.

Bridge in costume

If value moves as a wrapped asset, this is a bridge. Bridges have a history.

Who verifies

A packet nobody independently checks is email.

Public leak

One public endpoint and the threat model is gone.

Standard war

If a bigger FMI publishes the same packet, this is a feature, not a company.

Bridge in costume

If value moves as a wrapped asset, Vetch Stack inherits every bridge post-mortem. Kill that design.

Incumbent feature

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

Ask these next

01Which geography is actually locked, and which is a hope?
02What does renewal look like if no round ever happens?
03Which incumbent can copy this in a quarter, and what would they have to migrate?
04Who can unpublish a public sentence in 24 hours, by name?
05Has counsel written the perimeter in a memo you can file?
06Who is the first named paying customer — not a letter of intent?

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: Vetch Stack Ltd
Path on file: Madrid · counsel-named
Posture: No public sale
Pack: Build

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.

Madridnamed
United States retailrestricted
United Statesrestricted

Team

Who runs it.

Hannah ColeChief executive
Lars AdeyemiMarkets

Stack

Cosmos SDK · permissioned
Permissioned interop
Approval trail
Takedown SLA

Named with them

Helix Audit
Meridian Tax

Who can decide

Hannah 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, Vetch Stack 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 Stack does not sell a token to the public on this pad	Posture lock	live
The product is permissioned interop sold to institutions	Architecture + customer type	live
Cosmos SDK · permissioned 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: Madrid	Named markets on the file	live

On the record

Sprint packPackJun
Counsel lockPathJul
Claims register liveRegisterAug
Creator briefBriefSep

Operating log

11 Sep 09:14
Takedown SLA idle-tested.
08 Sep 11:40
A claim held for missing evidence.
04 Sep 08:22
Weekly report issued to the desk.
01 Sep 14:08
Creator set on disclosure. No buy language.

Path to now

Sprint
Pack accepted
Narrative, matrix, claims locked.
Path
Counsel names it
Or the file stays not-offering.
Live
Campaign
Waitlist and register. No purchase journey.

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

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.