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

WILC

Closed

CLOSEDReinsurance records

Willow Desk

Window closed. 3,739 asked while it was live. You are reading history.

They killed 11 public sentences before we listed them. Thin files do not get that far.

Willow Desk — A permissioned netting engine for trading venues and brokers that are already licensed. It reduces what has to settle. It is not a new CCP, and it is not a collateral token.

Closed on this board. Any capital event was completed with the issuer’s own providers. RCA Pad took 0%.

Closed. The live conversation is over. The pack remains as archive.

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

Treaty book

Counsel hours

Tallinn · closed private round

Sentences killed

Before listing

Claims live

0/11

Sprint

Our cut

Of any proceeds

Plate Orbit · 6824

WILC

The plate

Orbit. Edition 6824.

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

WILC · Tallinn · Reinsurance records

Score

Desk diligence

Pilots

Named, redacted

Waitlist

Product demand

Tallinn

Licensed venues

Sells

Per

Per bordereau cycle

Markets

Tallinn

Years

Founded 2025

Surfaces

Treaty book

Complete

File readiness

The wedge

Per bordereau cycle

The wedge is bordereaux: still email, still late, still wrong.

Why the desk took it

A real job, not a ticker.

No policy-as-token in the revenue model.

Traction

3 named pilots (redacted).

Founded 2025, headquartered in Tallinn. 3 named pilots on file (identities redacted in public). 3,739 on the waitlist, gated — product demand, not a book built. 16 nodes or connected surfaces reported. Desk diligence score 81/100. A coverholder or carrier running one binder on this record. No public APY, no public book, no ‘how to buy’ on any surface we could find.

Next 12 months

Bordereau cycle running without a side spreadsheet.

Guidewire is the system of record. This is the slip between markets. Seat plus event. If they ever attach a token as the unit of account, the file stops.

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.

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. Willow Desk did not argue. Adult companies do not costume a US offering.

From ops

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

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

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

The window

Miss this and you read the archive.

The next Reinsurance records company on this board will not have this waitlist, this HQ, or this counsel posture.

Switching cost is the auditor conversation. Once it happens, you are late.

Open the diligence or watch it close. There is not a third option that still counts as early.

Window

Closed

Closed. History only — not a place to buy.

Sentences killed: 11
Counsel hours on file: 51
Asks / week: 467
Our cut: 0% of proceeds

Renewal is the round. If nobody renews, there is no company. A token would not fix that.
Lars Diaz, Chief executive

This company

Willow Desk

A L2 wrapper is cheaper. It is also a different perimeter — and declined here.

In the same conversation

LCH / Eurex (incumbent CCPs)
Caldastone-style utilities
Not a DeFi clearinghouse

The bet

Why this company exists.

The wedge is bordereaux: still email, still late, still wrong.

T+1 and capital rules make gross settlement expensive. Venues will buy netting as a service before they will buy a new licence.

Post-trade cost is a line on every broker P&L. A 10% cut in settlement fails is a CFO conversation.

Versus the field

A generalist vendor can copy the slide in a quarter. They cannot copy the named record, the scheme map, or the auditor conversation. That is the year they would have to buy.

The live path is Tallinn · closed private round. Proposed Regulation Crypto Assets is not treated as a calendar slot. Build as if it never opens.

How it works

01Members post positions they already hold
02The engine nets what the rulebook allows
03Only the residual hits the existing settlement rail
04Collateral as a token is an exclusion on this file
05Claim and premium events update the same slip the markets already signed
06The legal source of truth stays with the incumbent register, admin, or custodian.

In the same conversation as

LCH / Eurex (incumbent CCPs)
Caldastone-style utilities
Not a DeFi clearinghouse

If they raise

Where the money would actually go.

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

Control environment
30%
The remaining certifications and the second named market.
Named operators
23%
Hiring the operator who already does this job at a licensed firm.
Counsel & perimeter
17%
Dual-control drills, key ceremonies, and the person who owns them.
Second market
30%
Adapter work against the incumbent register, admin, or custodian.

Operating week

What “in market” actually looks like.

FriKill switchRehearse unpublish in 24 hours. If it takes a committee, it is not a switch.
TueExceptionsOvernight breaks post back into the customer’s case system. No side book.
SatDarkNo creators. No threads. Restricted geos stay dark.
SunOwnersWho can decide messaging and budget on a recorded line. If the answer is nobody, stop.

The wedge

Why this one, not the other one.

They sell: Per bordereau cycle
Who pays: A coverholder or carrier running one binder on this record.
Unit economics: Seat plus event. If they ever attach a token as the unit of account, the file stops.
Moat on file: Lloyd’s-adjacent process knowledge — not a generic ledger.
Switching cost: Network effects only if a second named counterparty writes. One customer is a service firm.
Vs the comps: Guidewire is the system of record. This is the slip between markets.
Why we listed it: No policy-as-token in the revenue model.

Next twelve months

What has to be true.

Bordereau cycle running without a side spreadsheet.

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.

Operating notes for Treaty book
No token contract listed as a public sale
Pilot letters on file, identities redacted
Tallinn is the operating centre
The waitlist, if any, is a product list — not a book
Raise, if any, closed with issuer providers

Readiness

Six things a serious buyer asks. 100 is “ready to take to counsel and a customer.”

Product95
Customers96
Legal path84
Tech maturity76
Demand59
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.

CCP perimeter

If a regulator reads this as clearing, the licence problem is existential.

Collateral token

That ask has been refused on files like this. It should stay refused.

Member default

Who eats the loss? If the answer is ‘the protocol’, there is no protocol that can.

Incumbent freeze-out

CCPs can copy the netting logic faster than a startup can collect members.

Not a carrier

If Willow Desk looks like it is taking risk, it needs a licence. The file says it does not. Keep it that way.

Token relapse

A later round that wants a public token puts Willow Desk 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?
02What does renewal look like if no round ever happens?
03Has counsel written the perimeter in a memo you can file?
04Is the waitlist demand for a product, or a queue for a coin?
05What happens if a founder later wants a public token?
06Where do keys, title, or NAV liability sit — and is that person licensed?

Structure

How money would actually move.

Window closed. Tombstone is theirs. Archive is ours. 0% of proceeds.

Entity: Willow Desk Ltd
Path on file: Tallinn · closed private round
Posture: Window closed
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.

Tallinnnamed
United States retailrestricted
United Statesrestricted

Team

Who runs it.

Lars DiazChief executive

Stack

Treaty book
Reinsurance records
Disclosure templates
Takedown SLA

Named with them

Northbridge Counsel
Clearline
Meridian Tax

Who can decide

Lars Diaz came in named. The team is not a handle. Willow Desk Ltd exists, founded 2025, headquartered in Tallinn. Anonymity would have been an automatic decline.

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
Willow Desk does not sell a token to the public on this pad	Posture lock	withdrawn
The product is reinsurance records sold to institutions	Architecture + customer type	withdrawn
Treaty book is the method — not a listed asset	Desk snapshot	withdrawn
Retail buyers are out of scope	Named markets lock	withdrawn
Any raise completes with the issuer’s counsel and providers — not on RCA Pad	Fixed-fee terms	withdrawn
Production date for the chain layer is not committed	Desk file	withdrawn
No public token is sold on this pad	Engagement terms + posture lock	withdrawn
Customers contemplated: Tallinn	Named markets on the file	withdrawn

On the record

Final registerArchiveAug
Close reportReportAug
Tombstone copyArchiveAug

Operating log

19 Aug 10:00
Close report. 0% of proceeds.
12 Aug 18:00
Willow Desk archived. Live claims withdrawn.
11 Aug 09:30
Final creator pass. Residual claims pulled.

Path to now

Open
File
Before any public sentence.
Close
Archive
We did not take a cut.

Not a subscription

This is not a sale page.

Window closed. Tombstone is theirs. Archive is ours. 0% of proceeds. 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

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