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

WILU

Screened

SCREENEDISDA ops

Willow Mark

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

A dual-control drill is on paper. A named licensed party holds the liability. That is rarer than a waitlist.

Willow Mark — A system of record for private-credit funds and desks: tapes, RFQs, or covenants that update when a borrower files. The buyers already have a book. This is plumbing, not a venue that matches strangers.

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

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.

Stage

upcoming

Window

Closed

Heat

0/99

Inbound / wk

0asks

Asking now

0live

Named pilots

Redacted on the public page

Live nodes

Confirmations book

Counsel hours

Not offering — locked

Sentences killed

Before listing

Claims live

1/6

Sprint

Our cut

Of any proceeds

Plate Vault · 3432

WILU

The plate

Vault. Edition 3432.

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

WILU · New York · ISDA ops

Score

Desk diligence

Pilots

Named, redacted

Stage

upcoming

New York

Private-credit funds

Sells

Desk

Desk seat

Markets

New York

Years

Founded 2022

Surfaces

Confirmations book

Complete

File readiness

The wedge

Desk seat

The wedge is the shared drive: marks, covenants and RFQs still live in email.

Why the desk took it

Early — still a question.

Retail was never in the deck. Rare.

Traction

One named pilot (redacted).

Founded 2022, headquartered in New York. One named pilot on file (redacted in public). 3 nodes or connected surfaces reported. Desk diligence score 73/100. A transfer agent willing to consume a revoke in production. A dual-control drill exists on paper. We have not watched it live yet — that is the next ask.

Next 12 months

Securities memo on the tape itself — is the record a security? Write it down.

Closed RFQ wires do this slowly. Willow Mark does it as a record. 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.

The first sentence Sasha Krüger would not let us publish was the exciting one. What remains is slower — and scarcer: Willow Mark Ltd selling ISDA ops as software, from New York, to a buyer who already pays someone else to do this badly. That buyer is named. You are not, yet.

Willow Mark exists because the incumbent brand will not staff the unglamorous middle of ISDA ops. The product is that middle. The token, if it ever exists, is not the product — and is not for sale here. The people in the queue already understood the difference.

A sentence went public and came down in under an hour. Sasha Krüger treated the kill as an operating skill, not a PR event. Files that cannot do this do not stay listed.

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 pilot

US persons are outside the audience. A form that asks “are you accredited?” without verification is not an exemption.

From counsel

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

The window

Miss this and you read the archive.

A later reader gets the same PDF. They do not get the same access.

Counsel hours on file: enough that a later reader can tell this was not improvised.

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: 13
Counsel hours on file: 11
Asks / week: 8
Our cut: 0% of proceeds

Kill the public sentence in an hour or do not list us. We can do the hour.
Sasha Krüger, Chief executive

This company

Willow Mark

Twelve ISDA ops decks look the same. One of them has a New York customer on the record.

In the same conversation

eFront
Allvue
Closed RFQ wires
Not an on-chain lending pool

The bet

Why this company exists.

The wedge is the shared drive: marks, covenants and RFQs still live in email.

Allocators want daily marks and covenant visibility. Banks want to originate without building a chain team. The first honest tape that does not pretend to be an exchange will be paid for as software.

Private credit AUM is measured in trillions. The software take-rate is small. The switching cost, once a tape is the record, is not.

Versus the field

The incumbent brand sells the relationship. Willow Mark 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.

Named: New York. Off-limits: Mainland China retail, United States. A US person hearing an offering communication is a US problem even if the company sits in New York. Blocking an IP and taking a US Telegram admin is not a block.

How it works

01A loan or covenant event is written once
02Permissioned counterparties see what they are allowed to see
03Marks and RFQs stay inside named desks
04No public order book, no retail
05Default and amendment events are first-class, not a PDF in a side channel
06Kill of a public sentence is an hour, not a committee.

In the same conversation as

eFront
Allvue
Closed RFQ wires
Not an on-chain lending pool

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
38%
Hiring the operator who already does this job at a licensed firm.
Second market
25%
Dual-control drills, key ceremonies, and the person who owns them.
Control environment
20%
Adapter work against the incumbent register, admin, or custodian.
Counsel & perimeter
17%
A counsel memo that can survive a later reader.

Operating week

What “in market” actually looks like.

WedCounselPerimeter diffs. If the site drifted from the memo, the site moves — not the memo.
FriKill switchRehearse unpublish in 24 hours. If it takes a committee, it is not a switch.
ThuCustomerNamed pilot (redacted) sees the same record the auditor saw.
TueExceptionsOvernight breaks post back into the customer’s case system. No side book.

The wedge

Why this one, not the other one.

They sell: Desk seat
Who pays: A transfer agent willing to consume a revoke in production.
Unit economics: Seat plus event. If they ever attach a token as the unit of account, the file stops.
Moat on file: Four origination desks already post into a closed tape.
Switching cost: Scheme maps, ISO, LMA language, registry adapters — eighteen months of unglamorous work.
Vs the comps: Closed RFQ wires do this slowly. Willow Mark does it as a record.
Why we listed it: Retail was never in the deck. Rare.

Next twelve months

What has to be true.

Securities memo on the tape itself — is the record a security? Write it down.

A dual-control drill exists on paper. We have not watched it live yet — that is the next ask.

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
Named founder; customer still a conversation
New York 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.”

Product24
Customers40
Legal path62
Tech maturity37
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.

Marketplace slip

The moment this looks like a public book, it is a venue. This pad will not list that.

Data rights

Who owns the tape when a fund leaves? If that is unsigned, the enterprise value is a conversation.

Credit cycle

A default cluster will test whether the product is a record or a reputation.

Retail

Retail is prohibited. Any ‘access token’ story is a different company.

Data rights on exit

If a fund leaves and the tape stays, who owns the history? Unsigned, the enterprise value is a conversation.

Facts vs theatre

A proof of a fake book is still a fake book. Willow Mark has to attach to the real one, in New York.

Ask these next

01Has counsel written the perimeter in a memo you can file?
02Who is the first named paying customer — not a letter of intent?
03Which geography is actually locked, and which is a hope?
04Is the waitlist demand for a product, or a queue for a coin?
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: Willow Mark Ltd
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.

New Yorknamed
Mainland China retailrestricted
United Statesrestricted

Team

Who runs it.

Sasha KrügerChief executive
Marcus EllisonChief compliance

Stack

Confirmations book
ISDA ops
Approval trail

Named with them

Clearline

Who can decide

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

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 Mark does not sell a token to the public on this pad	Posture lock	live
The product is isda ops sold to institutions	Architecture + customer type	draft
Confirmations book 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: New York	Named markets on the file	draft

On the record

Application APP-4490ScreenSep
Counsel questionPathSep

Operating log

09 Sep 12:00
Application scored. Willow Mark 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

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.