The wedge
Fund seat
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
VET6
In diligence
IN MOTIONVault infrastructureVetch Works
Counsel is live. The waitlist is a short list. The public sale is not.
They killed 15 public sentences before we listed them. Thin files do not get that far.
Vetch Works — 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.
In a 14-day diligence sprint (day 4). This is when the story, the customers and the legal path get written down — or the file stops.
Closed stamp is coming. a few days is the number. There is not a second number.
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
zk testnet
Counsel hours
0
Not offering — locked
Sentences killed
0
Before listing
Claims live
2/9
Sprint
Our cut
0%
Of any proceeds
Plate Lattice · 5675
VET6
The plate
Lattice. Edition 5675.
A unique plate for Vetch Works. Geometry, orbit, and edition belong to this company — no other listing on the board shares it.
VET6 · Barcelona · Vault infrastructure
Score
0
Desk diligence
Pilots
0
Named, redacted
Sprint
0
Day 4 of 14
HQ
Barcelona
Asset managers
Sells
Fund
Fund seat
Markets
0
Barcelona
Years
0
Founded 2022
Surfaces
0
zk testnet
Complete
0
File readiness
Why the desk took it
A real job, not a ticker.
Custodian is named, even if redacted.
Traction
One named pilot (redacted).
Founded 2022, headquartered in Barcelona. One named pilot on file (redacted in public). 8 nodes or connected surfaces reported. Desk diligence score 77/100. Sprint day 4 of 14. Two licensed PSPs on a paid pilot — identities off the public file. A dual-control drill exists on paper. We have not watched it live yet — that is the next ask.
Next 12 months
One auditor-signed extract.
Fund admins already report. This is a proof they can attach. 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 first sentence Ibrahim Santos would not let us publish was the exciting one. What remains is slower — and scarcer: Vetch Works Ltd selling Vault infrastructure as software, from Barcelona, to a buyer who already pays someone else to do this badly. That buyer is named. You are not, yet.
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.
On a Tuesday in Barcelona, 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 founder
The legal source of truth stays with the incumbent register, admin, or custodian. Vetch Works does not attest to its own facts.
From ops
A dual-control drill exists on paper. Production evidence is the next artefact, not a tweet.
From the pilot
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.
If the window closes you still have the pack — as history. Not as a live conversation.
Certification is in motion. After it lands, the price of the seat is not the question — access is.
We do not allocate. We do not take a cut. We will not hold the window open for you.
Window
Closed
Closed. History only — not a place to buy.
- Sentences killed
- 15
- Counsel hours on file
- 35
- Asks / week
- 16
- Our cut
- 0% of proceeds
The auditor has seen the dual-record. Switching now is a new conversation. That is the lock.
This company
Vetch Works
The protocol pitch is the thing this company has already refused.
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 Works 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.
Barcelona 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
- 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
- 06The legal source of truth stays with the incumbent register, admin, or custodian.
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.
Counsel & perimeter
31%
Adapter work against the incumbent register, admin, or custodian.
Second market
22%
Hiring the operator who already does this job at a licensed firm.
Certifications & adapters
16%
A counsel memo that can survive a later reader.
Named operators
31%
Dual-control drills, key ceremonies, and the person who owns them.
Operating week
What “in market” actually looks like.
- 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.
- SatDarkNo creators. No threads. Restricted geos stay dark.
The wedge
Why this one, not the other one.
- They sell
- Fund seat
- Who pays
- Two licensed PSPs on a paid pilot — identities off the public file.
- 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
- The customer’s auditor has seen this book. Switching means a new auditor conversation.
- Vs the comps
- Fund admins already report. This is a proof they can attach.
- Why we listed it
- Custodian is named, even if redacted.
Next twelve months
What has to be true.
One auditor-signed extract.
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 2022, headquartered in Barcelona. One named pilot on file (redacted in public). 8 nodes or connected surfaces reported. Desk diligence score 77/100. Sprint day 4 of 14. Two licensed PSPs on a paid pilot — identities off the public file. A dual-control drill exists on paper. We have not watched it live yet — that is the next ask.
- Operating notes for zk testnet
- No token contract listed as a public sale
- Named founder; customer still a conversation
- Barcelona 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.”
- Product69
- Customers40
- Legal path62
- Tech maturity60
- Demand34
- 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 Barcelona story becomes a fact pattern. The restricted list exists for a reason: Global public, United States.
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 Works has to prove the real one.
Token relapse
A later round that wants a public token puts Vetch Works in a different perimeter. The file treats that as a hard stop.
Ask these next
- 01Which geography is actually locked, and which is a hope?
- 02Is the waitlist demand for a product, or a queue for a coin?
- 03Who can unpublish a public sentence in 24 hours, by name?
- 04Has counsel written the perimeter in a memo you can file?
- 05If RCA Pad disappeared tomorrow, could the customer still run the job?
- 06Which incumbent can copy this in a quarter, and what would they have to migrate?
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 Works 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.
- Barcelonanamed
- Global publicrestricted
- United Statesrestricted
Team
Who runs it.
- Ibrahim SantosChief executive
- Jonah SatoChief technology
Stack
- zk testnet
- Vault infrastructure
- Takedown SLA
- Audit log
Named with them
- Northbridge Counsel
- Helix Audit
- Meridian Tax
Who can decide
The technical founder is on the record as Chief technology. Contractors in undisclosed jurisdictions are written down as a fact, not hidden. Facts can be managed. Hiding them is how companies die in diligence.
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 Works does not sell a token to the public on this pad | Posture lock | live |
| The product is vault infrastructure sold to institutions | Architecture + customer type | live |
| zk testnet 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 |
| Pilot identities redacted in public | No board minute | draft |
| No public token is sold on this pad | Engagement terms + posture lock | live |
| Customers contemplated: Barcelona | Named markets on the file | live |
On the record
- Day 0 lockKick-offSep
- Claim inventoryPackSep
- Audience matrix draftPackSep
Operating log
11 Sep 11:36
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.