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

WILH

Screened

SCREENEDWholesale FX

Willow Gate

Certification is in motion. After it lands, access is the scarce thing — not price.

a short list names asked to be first. None of them bought a token here. They asked for the product.

Willow Gate — 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.

If you needed a reason to open diligence tonight: a short list other people already did.

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

Still a question

Live nodes

Permissioned FX rail

Counsel hours

Not offering — locked

Sentences killed

Before listing

Claims live

1/5

Sprint

Our cut

Of any proceeds

Plate Signal · 7915

WILH

The plate

Signal. Edition 7915.

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

WILH · Luxembourg · Wholesale FX

Score

Desk diligence

Pilots

Named, redacted

Stage

upcoming

Luxembourg

Banks

Sells

Bank

Bank seat

Markets

Luxembourg

Years

Founded 2021

Surfaces

Permissioned FX rail

Complete

File readiness

The wedge

Bank seat

The wedge is weekend FX: 24/5 still leaks P&L.

Why the desk took it

Early — still a question.

Retail was never in the deck.

Traction

One named pilot (redacted).

Founded 2021, headquartered in Luxembourg. One named pilot on file (redacted in public). 1 nodes or connected surfaces reported. Desk diligence score 65/100. Two licensed PSPs on a paid pilot — identities off the public file. No public APY, no public book, no ‘how to buy’ on any surface we could find.

Next 12 months

Still no public token as the FX unit.

CLS is the club. Willow Gate has to feed it, not fight it. 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.

Most Wholesale FX decks start with a market size. This one starts with a job: a person at a licensed firm, a record they cannot currently prove, and a calendar that does not wait for a proposed US rule. The calendar is the window. The window is the scarce thing.

Read this as an operating company, not a round. Counsel has a posture: Not offering — locked. Restricted markets stay dark. RCA Pad takes 0% if they ever raise. That combination is why inbound did not need a ticker.

The auditor of a redacted pilot has seen a dual-record. Switching away now means a new auditor conversation. That is the switching cost — not the logo.

From the screen

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 founder

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

From counsel

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

The window

Miss this and you read the archive.

Attention is the scarce asset. 10 asks this week are already spending it.

A supervisor is already forcing a perimeter. Houses that pick software over a coin will buy this now.

The scarce thing is not the company. It is the next a few days of a live conversation.

Window

Closed

Closed. History only — not a place to buy.

Sentences killed: 8
Counsel hours on file: 8
Asks / week: 10
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.
Jonah Voss, Chief executive

This company

Willow Gate

The protocol pitch is the thing this company has already refused.

In the same conversation

CLS
Fnality
RTGS upgrades
Not a public L1

The bet

Why this company exists.

The wedge is weekend FX: 24/5 still leaks P&L.

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

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.

Named: Luxembourg, EEA professional. Off-limits: Mainland China retail. A US person hearing an offering communication is a US problem even if the company sits in Luxembourg. 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
05Matches stay inside named desks; cash still settles where it already settles
06Retail and unnamed geographies are structurally off the form, not only in the footer.

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.

Second market
38%
The remaining certifications and the second named market.
Counsel & perimeter
18%
Hiring the operator who already does this job at a licensed firm.
Control environment
20%
A counsel memo that can survive a later reader.
Named operators
24%
Keeping the public story from running ahead of the claims register.

Operating week

What “in market” actually looks like.

MonClaimsEvery public sentence checked against the register. Anything extra is unpublished.
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.
SatDarkNo creators. No threads. Restricted geos stay dark.

The wedge

Why this one, not the other one.

They sell: Bank seat
Who pays: Two licensed PSPs on a paid pilot — identities off the public file.
Unit economics: Bps on a job that already has a budget line. A public coin would not make the invoice larger.
Moat on file: CLS or local RTGS remains the final cash.
Switching cost: The customer’s auditor has seen this book. Switching means a new auditor conversation.
Vs the comps: CLS is the club. Willow Gate has to feed it, not fight it.
Why we listed it: Retail was never in the deck.

Next twelve months

What has to be true.

Still no public token as the FX unit.

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.

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

Product26
Customers40
Legal path62
Tech maturity31
Demand10
Market access68

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.

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.

Issuing the cash

If Willow Gate issues a stablecoin to make this atomic, the company becomes an e-money problem.

Path silence

If counsel will not name a path and not-offering is not locked, heated waitlist copy is an accidental offering.

Ask these next

01Which incumbent can copy this in a quarter, and what would they have to migrate?
02Who is the first named paying customer — not a letter of intent?
03If RCA Pad disappeared tomorrow, could the customer still run the job?
04Is the waitlist demand for a product, or a queue for a coin?
05What happens if a founder later wants a public token?
06Has counsel written the perimeter in a memo you can file?

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: Willow Gate S.à r.l.
Path on file: Not offering — locked
Posture: Private only
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.

Luxembourgnamed
EEA professionalnamed
Mainland China retailrestricted

Team

Who runs it.

Jonah VossChief executive
Sasha BergChief technology

Stack

Permissioned FX rail
Wholesale FX
Approval trail
Disclosure templates

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.

If the first customer renews, the adapter work pays for itself. If they do not, Willow Gate is a services firm with a slide. The twelve-month test is renewal, not waitlist.

Claims with evidence

Statements with evidence.

Statement	Evidence	Status
Willow Gate does not sell a token to the public on this pad	Posture lock	live
The product is wholesale fx sold to institutions	Architecture + customer type	draft
Permissioned FX rail 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: Luxembourg, EEA professional	Named markets on the file	draft

On the record

Application APP-4693ScreenSep
Counsel questionPathSep

Operating log

07 Sep 11:00
Application scored. Willow Gate 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.

Launch your own How an RCAICO works

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.