The wedge
Per NAV event
Shadow books do not survive an audit. This only ships if the admin signs.
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
VETS
Screened
SCREENEDNAV opsVetch Vault
Counsel is live. The waitlist is a short list. The public sale is not.
Counsel has a live path. The waitlist is a short list. This pad still takes 0% of proceeds.
Vetch Vault — An operational layer for funds: NAV events, share-class records, books an AIFM can defend. The administrator remains the administrator. This is co-sourced infrastructure, not a tokenised fund on a public board.
Screened, not yet in sprint. Treat every number as provisional. Calendar access is not automatic.
Heat 44 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.
Stage
upcoming
Window
0days
Heat
0/99
Inbound / wk
0asks
Asking now
0live
Named pilots
0
Redacted on the public page
Live nodes
0
Internal NAV oracles
Counsel hours
0
Undetermined — not a path
Sentences killed
0
Before listing
Claims live
0/7
Sprint
Our cut
0%
Of any proceeds
Plate Horizon · 1058
VETS
The plate
Horizon. Edition 1058.
A unique plate for Vetch Vault. Geometry, orbit, and edition belong to this company — no other listing on the board shares it.
VETS · Lagos · NAV ops
Score
0
Desk diligence
Pilots
0
Named, redacted
Stage
upcoming
upcoming
HQ
Lagos
Fund administrators
Sells
Per
Per NAV event
Markets
0
Lagos
Years
0
Founded 2024
Surfaces
0
Internal NAV oracles
Complete
0
File readiness
Why the desk took it
Early — still a question.
Unit-as-token was refused in notes. We will not reverse that.
Traction
One named pilot (redacted).
Founded 2024, headquartered in Lagos. One named pilot on file (redacted in public). 4 nodes or connected surfaces reported. Desk diligence score 80/100. A national registry counterpart, not a scrape. No public APY, no public book, no ‘how to buy’ on any surface we could find.
Next 12 months
Daily NAV in one live fund.
SS&C and Apex are the admin. This is the event layer they can defend. Per-event pricing so a pilot can start without a transformation programme.
The brief
How a serious reader should hold this.
You can wait for a sticker. The named customer did not. They are writing into this record while the rest of the market argues about a comment period.
The bet is narrow. A named Lagos buyer already has budget for this invoice. Vetch Vault 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.
US traffic was taken off the public surfaces in the first working session. Vetch Vault did not argue. Adult companies do not costume a US offering.
From the founder
Fixed fee. Deposit to start. 0% of proceeds. Token-only pay is declined. Percentage of raise is declined.
From the pilot
A dual-control drill exists on paper. Production evidence is the next artefact, not a tweet.
From counsel
The legal source of truth stays with the incumbent register, admin, or custodian. Vetch Vault does not attest to its own facts.
The window
Miss this and you read the archive.
Founders who want a pack this tight apply. Readers who wait get a closed stamp.
Restricted markets stay dark. Named markets are live. That discipline is the scarce thing.
We do not allocate. We do not take a cut. We will not hold the window open for you.
Window remaining
0days
When this window closes, the campaign is archive.
- Sentences killed
- 17
- Counsel hours on file
- 12
- Asks / week
- 12
- 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 Vault
Services firms hide in ‘platform’ language. Vetch Vault sells a seat plus an event. Named.
In the same conversation
- SS&C
- Apex
- Citi TA
- Not a public tokenised fund
The bet
Why this company exists.
Shadow books do not survive an audit. This only ships if the admin signs.
Shadow books do not survive an audit. This only ships if the admin signs.
Allocators want faster marks. Administrators cannot staff that with people. A dual-record (their books + this event) is how they sleep.
Fund administration is a fee business measured in basis points of AUM. A faster close is retained business.
Versus the field
The incumbent brand sells the relationship. Vetch Vault 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 Undetermined — not a path. Proposed Regulation Crypto Assets is not treated as a calendar slot. Build as if it never opens.
How it works
- 01Administrator remains source of truth
- 02Events (NAV, subscription, share-class) are signed and timestamped
- 03Investors and auditors query what they are allowed to see
- 04The fund unit is not listed here as a token you can buy
- 05Investors and auditors query only what they are allowed to see
- 06A named counterparty verifies; Vetch Vault does not attest to its own facts.
In the same conversation as
- SS&C
- Apex
- Citi TA
- Not a public tokenised fund
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
32%
Keeping the public story from running ahead of the claims register.
Second market
20%
The remaining certifications and the second named market.
Named operators
16%
Hiring the operator who already does this job at a licensed firm.
Counsel & perimeter
32%
A counsel memo that can survive a later reader.
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.
- WedCounselPerimeter diffs. If the site drifted from the memo, the site moves — not the memo.
- SatDarkNo creators. No threads. Restricted geos stay dark.
The wedge
Why this one, not the other one.
- They sell
- Per NAV event
- Who pays
- A national registry counterpart, not a scrape.
- Unit economics
- Per-event pricing so a pilot can start without a transformation programme.
- Moat on file
- Auditor has seen the dual-record and not walked out.
- Switching cost
- Once the record is the record, the incumbent copy has to migrate history. That is the year.
- Vs the comps
- SS&C and Apex are the admin. This is the event layer they can defend.
- Why we listed it
- Unit-as-token was refused in notes. We will not reverse that.
Next twelve months
What has to be true.
Daily NAV in one live fund.
No public APY, no public book, no ‘how to buy’ on any surface we could find.
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 Lagos. One named pilot on file (redacted in public). 4 nodes or connected surfaces reported. Desk diligence score 80/100. A national registry counterpart, not a scrape. No public APY, no public book, no ‘how to buy’ on any surface we could find.
- Architecture paper — no production customer on the public file
- No token contract listed as a public sale
- Named founder; customer still a conversation
- Lagos 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.”
- Product28
- Customers40
- Legal path24
- Tech maturity40
- Demand10
- Market access44
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.
Unit token
A share-class token sold to the public is a securities offering. This pad will not run that as a sale.
Admin of record
If the admin has not signed, this is a shadow book. Shadow books do not survive an audit.
NAV liability
Who is wrong when the number is wrong? That sentence has to exist.
Distribution
Using this layer as a public subscription journey is a different file — and usually the wrong house.
Shadow book
If the administrator has not signed, Vetch Vault is a copy of a spreadsheet. Copies do not survive the audit.
Incumbent feature
The administrator, CCP, scheme or custodian can ship this as a checkbox. Vetch Vault has to be cheaper or faster before that happens.
Ask these next
- 01Where do keys, title, or NAV liability sit — and is that person licensed?
- 02Who is the first named paying customer — not a letter of intent?
- 03Is the waitlist demand for a product, or a queue for a coin?
- 04If RCA Pad disappeared tomorrow, could the customer still run the job?
- 05Has counsel written the perimeter in a memo you can file?
- 06Which geography is actually locked, and which is a hope?
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 Vault Ltd
- Path on file
- Undetermined — not a path
- 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.
- Lagosnamed
- Global publicrestricted
- United Statesrestricted
Team
Who runs it.
- Aisha NgChief executive
- Oskar OkaforChief compliance
Stack
- Internal NAV oracles
- NAV ops
- Disclosure templates
- Approval trail
Named with them
- Helix Audit
Who can decide
The technical founder is on the record as Chief compliance. Contractors in undisclosed jurisdictions are written down as a fact, not hidden. Facts can be managed. Hiding them is how companies die in diligence.
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 Vault does not sell a token to the public on this pad | Posture lock | live |
| The product is nav ops sold to institutions | Architecture + customer type | draft |
| Internal NAV oracles 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: Lagos | Named markets on the file | draft |
On the record
- Application APP-4831ScreenSep
- Counsel questionPathSep
Operating log
07 Sep 11:00
Application scored. Vetch Vault 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.