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

VETH

Screened

SCREENEDListing agent ops

Vetch Yard

a few days until this conversation is history.

Pilots are named and redacted. The waitlist is not. a short list people already asked.

Vetch Yard — Permissioned infrastructure sold to firms that already operate in this market. The chain is a method. The customer is an institution. A public token sale is not the business.

Screened, not yet in sprint. Treat every number as provisional. Calendar access is not automatic.

Archive is free. Live access is timed. Vetch Yard is timed.

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

Redacted on the public page

Live nodes

Agent register

Counsel hours

Not offering — locked

Sentences killed

Before listing

Claims live

1/5

Sprint

Our cut

Of any proceeds

Plate Ledger · 3900

VETH

The plate

Ledger. Edition 3900.

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

VETH · Seoul · Listing agent ops

Score

Desk diligence

Pilots

Named, redacted

Stage

upcoming

Seoul

Named institutional customers in a named geography

Sells

Seat

Markets

Seoul

Years

Founded 2026

Surfaces

Agent register

Complete

File readiness

The wedge

Seat

Vetch Yard sells a replacement for a known ops cost.

Why the desk took it

Early — still a question.

A named geography, not ‘global retail’.

Traction

One named pilot (redacted).

Founded 2026, headquartered in Seoul. One named pilot on file (redacted in public). 1 nodes or connected surfaces reported. Desk diligence score 63/100. An AIFM whose auditor has seen the dual-record. They killed their own ‘token as fee’ sentence before we asked. Rare, and it scored.

Next 12 months

Counsel-named path, or a locked not-offering.

A public token as the product is the wrong pad. Bps on a job that already has a budget line. A public coin would not make the invoice larger.

The brief

How a serious reader should hold this.

Before the waitlist, before the window, there was a refusal. Vetch Yard would not let a public sale sit on this page. That is why a company in Listing agent ops is listed here at all — and why the people who wanted a coin left, and the people who wanted the product stayed.

If you leave this page without opening the claims table, you have read marketing. The scarce version of Vetch Yard is the version that survives counsel. It is on a clock.

US traffic was taken off the public surfaces in the first working session. Vetch Yard did not argue. Adult companies do not costume a US offering.

From the screen

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.

From counsel

A dual-control drill exists on paper. Production evidence is the next artefact, not a tweet.

From the pilot

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

The window

Miss this and you read the archive.

You can read twelve thinner companies. Or this one, once, while the window is open.

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: 7
Counsel hours on file: 6
Asks / week: 7
Our cut: 0% of proceeds

The auditor has seen the dual-record. Switching now is a new conversation. That is the lock.
Oskar Ribeiro, Chief executive

This company

Vetch Yard

The copycats will arrive after certification. That is why the window is now.

In the same conversation

Incumbent ops vendors
Internal builds
Public tokens (the thing to avoid)

The bet

Why this company exists.

Vetch Yard sells a replacement for a known ops cost.

Boards will fund replacement of a known ops cost. They will not fund a crowd sale dressed as infrastructure.

The customer’s existing ops budget is the TAM that matters.

Versus the field

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

The live path is Not offering — locked. Proposed Regulation Crypto Assets is not treated as a calendar slot. Build as if it never opens.

How it works

01A job the customer already does is moved onto a shared record
02Access is permissioned
03Revenue is software or a service fee
04No public allocation on this pad
05A named counterparty verifies; Vetch Yard does not attest to its own facts.

In the same conversation as

Incumbent ops vendors
Internal builds
Public tokens (the thing to avoid)

If they raise

Where the money would actually go.

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

Named operators
32%
A counsel memo that can survive a later reader.
Counsel & perimeter
23%
Keeping the public story from running ahead of the claims register.
Control environment
17%
The remaining certifications and the second named market.
Claims & campaign ops
28%
Hiring the operator who already does this job at a licensed firm.

Operating week

What “in market” actually looks like.

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.
MonClaimsEvery public sentence checked against the register. Anything extra is unpublished.
TueExceptionsOvernight breaks post back into the customer’s case system. No side book.

The wedge

Why this one, not the other one.

They sell: Seat
Who pays: An AIFM whose auditor has seen the dual-record.
Unit economics: Bps on a job that already has a budget line. A public coin would not make the invoice larger.
Moat on file: A named institutional customer, even if redacted.
Switching cost: Network effects only if a second named counterparty writes. One customer is a service firm.
Vs the comps: A public token as the product is the wrong pad.
Why we listed it: A named geography, not ‘global retail’.

Next twelve months

What has to be true.

Counsel-named path, or a locked not-offering.

They killed their own ‘token as fee’ sentence before we asked. Rare, and it scored.

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

Traction

What you can verify today.

Architecture paper — no production customer on the public file
No token contract listed as a public sale
Pilot letters on file, identities redacted
Seoul 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.”

Product23
Customers40
Legal path62
Tech maturity31
Demand10
Market access44

Risks

What can kill it.

The one that actually kills it

Counsel is a slide

Unnamed counsel is how companies die in diligence. Not offering — locked has to be a memo you can file, not a slogan on the hero.

No customer

A lab without a named buyer is a paper.

Token as business model

If the only revenue is a token, this is the wrong pad.

Path

Counsel has to name how this is offered, or it stays not-offering.

Geography

Retail and unnamed markets are off until someone writes them on.

No customer

A lab without a named buyer is a paper. Vetch Yard has to show one.

Token relapse

A later round that wants a public token puts Vetch Yard in a different perimeter. The file treats that as a hard stop.

Ask these next

01Who is the first named paying customer — not a letter of intent?
02Has counsel written the perimeter in a memo you can file?
03Where do keys, title, or NAV liability sit — and is that person licensed?
04Which geography is actually locked, and which is a hope?
05Which incumbent can copy this in a quarter, and what would they have to migrate?
06Is the waitlist demand for a product, or a queue for a coin?

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 Yard 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.

Seoulnamed
Global publicrestricted

Team

Who runs it.

Oskar RibeiroChief executive
Elena ColeChief executive

Stack

Agent register
Listing agent ops
Approval trail
Audit log

Named with them

Clearline

Who can decide

The technical founder is on the record as Chief executive. Contractors in undisclosed jurisdictions are written down as a fact, not hidden. Facts can be managed. Hiding them is how companies die in diligence.

If the first customer renews, the adapter work pays for itself. If they do not, Vetch Yard 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 Yard does not sell a token to the public on this pad	Posture lock	live
The product is listing agent ops sold to institutions	Architecture + customer type	draft
Agent register 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	Desk file	draft
No public token is sold on this pad	Engagement terms + posture lock	live
Customers contemplated: Seoul	Named markets on the file	draft

On the record

Application APP-4954ScreenSep
Counsel questionPathSep

Operating log

08 Sep 9:00
Application scored. Vetch Yard is not a calendar slot.
10 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.

Launch your own How an RCAICO works

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