The wedge
Bank connector
The wedge is T+1 and 24/7 FX: overnight risk became visible.
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
WICK
Screened
SCREENEDSettlementWick
They killed 9 sentences to get listed. That is the product you are about to miss.
Seats of attention are not infinite. 10 counterparties are in the live thread. You are not — yet.
Wick — A permissioned DvP rail: cash against asset between banks, FMIs or funds that already have accounts with each other. It is the moment of exchange, not a new listed asset.
Screened, not yet in sprint. Treat every number as provisional. Calendar access is not automatic.
10 live counterparties in the thread. The public page is the overflow.
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
Still a question
Live nodes
0
Permissioned settlement
Counsel hours
0
Undetermined — not a path
Sentences killed
0
Before listing
Claims live
1/4
Sprint
Our cut
0%
Of any proceeds
Plate Horizon · 7308
WICK
The plate
Horizon. Edition 7308.
A unique plate for Wick. Geometry, orbit, and edition belong to this company — no other listing on the board shares it.
WICK · Wick · Settlement
Score
0
Desk diligence
Pilots
0
Named, redacted
Stage
upcoming
upcoming
HQ
Wick
Banks
Sells
Bank
Bank connector
Markets
0
Wick
Years
0
Founded 2021
Surfaces
0
Permissioned settlement
Complete
0
File readiness
Why the desk took it
Early — still a question.
Finality law was in the application.
Traction
One named pilot (redacted).
Founded 2021, headquartered in Wick. One named pilot on file (redacted in public). 1 nodes or connected surfaces reported. Desk diligence score 66/100. An AIFM whose auditor has seen the dual-record. No public APY, no public book, no ‘how to buy’ on any surface we could find.
Next 12 months
Two banks, live DvP, even a small notional.
A public L1 is a different threat model and a different statute. Annual software against an ops cost the board can see. Switching cost is the record, not the brand.
The brief
How a serious reader should hold this.
Before the waitlist, before the window, there was a refusal. Wick would not let a public sale sit on this page. That is why a company in Settlement is listed here at all — and why the people who wanted a coin left, and the people who wanted the product stayed.
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.
US traffic was taken off the public surfaces in the first working session. Wick did not argue. Adult companies do not costume a US offering.
From the founder
We will not describe this as Reg CA-compliant, MiCA-stickered, or FCA-authorised. Issuers retain their own counsel in every relevant jurisdiction.
From the screen
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. Wick 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.
The comment period is not a path. This company is priced as if that is already true.
Read it once, properly, while the number is still green. Then decide.
Window remaining
0days
When this window closes, the campaign is archive.
- Sentences killed
- 9
- Counsel hours on file
- 5
- Asks / week
- 11
- Our cut
- 0% of proceeds
We did not come here to sell a token. We came here so a named customer could read a pack that survives counsel.
This company
Wick
Open-source looks free until the auditor asks who attests. Wick has an answer.
In the same conversation
- CLS
- Fnality
- RTGS upgrades
- Not a public L1
The bet
Why this company exists.
The wedge is T+1 and 24/7 FX: overnight risk became visible.
The wedge is T+1 and 24/7 FX: overnight risk became visible.
T+1, 24/7 FX and on-chain funds make overnight risk visible. Banks will connect a rail before they will issue a coin.
Wholesale settlement is a volume business. Even a sliver of fails avoided is a number a treasurer recognises.
Versus the field
L2 wrappers are cheaper. They are also a different perimeter — and declined here. Wick is priced as software against an invoice that already exists.
Named: Wick. Off-limits: Global public. A US person hearing an offering communication is a US problem even if the company sits in Wick. Blocking an IP and taking a US Telegram admin is not a block.
How it works
- 01Two permissioned parties lock an agreed obligation
- 02Asset and cash move together, or not at all
- 03Existing accounts are the source of funds
- 04No public chain sale of the rail’s token
- 05Kill of a public sentence is an hour, not a committee.
In the same conversation as
- CLS
- Fnality
- RTGS upgrades
- Not a public L1
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
33%
Adapter work against the incumbent register, admin, or custodian.
Counsel & perimeter
23%
A counsel memo that can survive a later reader.
Certifications & adapters
16%
Keeping the public story from running ahead of the claims register.
Named operators
28%
Dual-control drills, key ceremonies, and the person who owns them.
Operating week
What “in market” actually looks like.
- MonClaimsEvery public sentence checked against the register. Anything extra is unpublished.
- ThuCustomerNamed pilot (redacted) sees the same record the auditor saw.
- 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.
The wedge
Why this one, not the other one.
- They sell
- Bank connector
- Who pays
- An AIFM whose auditor has seen the dual-record.
- Unit economics
- Annual software against an ops cost the board can see. Switching cost is the record, not the brand.
- Moat on file
- Two named banks in a live DvP, even if small.
- Switching cost
- Network effects only if a second named counterparty writes. One customer is a service firm.
- Vs the comps
- A public L1 is a different threat model and a different statute.
- Why we listed it
- Finality law was in the application.
Next twelve months
What has to be true.
Two banks, live DvP, even a small notional.
No public APY, no public book, no ‘how to buy’ on any surface we could find.
Growth money would extend the record to a second geography, still permissioned.
Traction
What you can verify today.
Founded 2021, headquartered in Wick. One named pilot on file (redacted in public). 1 nodes or connected surfaces reported. Desk diligence score 66/100. An AIFM whose auditor has seen the dual-record. 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
- Pilot letters on file, identities redacted
- Wick 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 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. Undetermined — not a path has to be a memo you can file, not a slogan on the hero.
Money issuance
If the rail issues a settlement asset, it is in the e-money / deposit perimeter.
Legal finality
Atomic in software is not final in court. Ask which law says it is.
Incumbent RTGS
Central banks are not asleep. A feature can become a standard.
Public token
Listing the rail’s unit is a sale. This pad does not run that sale.
Money issuance
If the rail issues a settlement asset, Wick is in the e-money / deposit perimeter. That is a different company.
Incumbent feature
The administrator, CCP, scheme or custodian can ship this as a checkbox. Wick has to be cheaper or faster before that happens.
Ask these next
- 01Which incumbent can copy this in a quarter, and what would they have to migrate?
- 02Which geography is actually locked, and which is a hope?
- 03Has counsel written the perimeter in a memo you can file?
- 04Who is the first named paying customer — not a letter of intent?
- 05Who can unpublish a public sentence in 24 hours, by name?
- 06What happens if a founder later wants a public token?
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
- Wick 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.
- Wicknamed
- Global publicrestricted
Team
Who runs it.
- Marcus AdeyemiChief executive
- Devon NgChief compliance
Stack
- Permissioned settlement
- Settlement
- Disclosure templates
Who can decide
Marcus Adeyemi came in named. The team is not a handle. Wick Ltd exists, founded 2021, headquartered in Wick. Anonymity would have been an automatic decline.
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 |
|---|---|---|
| Wick does not sell a token to the public on this pad | Posture lock | live |
| The product is settlement sold to institutions | Architecture + customer type | draft |
| Permissioned settlement 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 |
| Pilot identities redacted in public | Desk file | draft |
| No public token is sold on this pad | Engagement terms + posture lock | live |
| Customers contemplated: Wick | Named markets on the file | draft |
On the record
- Application APP-4973ScreenSep
- Counsel questionPathSep
Operating log
05 Sep 17:00
Application scored. Wick 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.