RCA Pad
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

WILZ

In diligence
IN MOTIONClearing

Willow North

a short list already asked. The window is a few days. After that, archive.

Renewal — not the round — is the twelve-month test. The people in this queue already know that.

Willow North — 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.

In a 14-day diligence sprint (day 3). This is when the story, the customers and the legal path get written down — or the file stops.

Heat 39 of 99. Hot windows do not stay hot. They close.

Diligence, not a prospectus. RCA Pad does not allocate, take orders, or close funding. If this company raises, it raises with its own counsel.

Sprint day

0/14

Window

Closed

Heat

0/99

Inbound / wk

0asks

Asking now

0live

Named pilots

0

Redacted on the public page

Live nodes

0

Permissioned netting

Counsel hours

0

Not offering — locked

Sentences killed

0

Before listing

Claims live

1/10

Sprint

Our cut

0%

Of any proceeds

Plate Meridian · 6936

WILZ

The plate

Meridian. Edition 6936.

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

WILZ · Toronto · Clearing

Score

0

Desk diligence

Pilots

0

Named, redacted

Sprint

0

Day 3 of 14

HQ

Toronto

Licensed venues

Sells

Venue

Venue licence add-on

Markets

0

Canada

Years

0

Founded 2023

Surfaces

0

Permissioned netting

Complete

0

File readiness

The wedge

Venue licence add-on

The wedge is T+1: gross settlement got expensive overnight.

Why the desk took it

A real job, not a ticker.

They did not claim to be a CCP. Counsel will still ask.

Traction

One named pilot (redacted).

Founded 2023, headquartered in Toronto. One named pilot on file (redacted in public). 7 nodes or connected surfaces reported. Desk diligence score 76/100. Sprint day 3 of 14. Two licensed PSPs on a paid pilot — identities off the public file. They killed their own ‘token as fee’ sentence before we asked. Rare, and it scored.

Next 12 months

Legal memo: are we a CCP? One page, named firm.

LCH is the CCP. This is netting in front of the CCP. They win if they are cheaper than the internal build, not cheaper than a protocol.

The brief

How a serious reader should hold this.

Someone in Toronto already renewed a slower vendor this year. Willow North is the conversation that happens before they do it again. Miss this cycle and you explain the next one.

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.

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

From counsel

The legal source of truth stays with the incumbent register, admin, or custodian. Willow North 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 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.

The window

Miss this and you read the archive.

When the heat drops, the named customer is still named — they just stop taking new calls.

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

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
13
Counsel hours on file
30
Asks / week
14
Our cut
0% of proceeds

Kill the public sentence in an hour or do not list us. We can do the hour.

Hannah Hale, Chief executive

This company

Willow North

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

In the same conversation

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

The bet

Why this company exists.

The wedge is T+1: gross settlement got expensive overnight.

The wedge is T+1: gross settlement got expensive overnight.

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

How it works

  1. 01Members post positions they already hold
  2. 02The engine nets what the rulebook allows
  3. 03Only the residual hits the existing settlement rail
  4. 04Collateral as a token is an exclusion on this file
  5. 05Only the residual hits the existing settlement rail — gross never leaves the venue
  6. 06Exceptions post back into the customer’s existing case system — no side spreadsheet.

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.

  • Counsel & perimeter

    28%

    Hiring the operator who already does this job at a licensed firm.

  • Second market

    27%

    The remaining certifications and the second named market.

  • Certifications & adapters

    18%

    A counsel memo that can survive a later reader.

  • Claims & campaign ops

    27%

    Adapter work against the incumbent register, admin, or custodian.

Operating week

What “in market” actually looks like.

  1. WedCounselPerimeter diffs. If the site drifted from the memo, the site moves — not the memo.
  2. MonClaimsEvery public sentence checked against the register. Anything extra is unpublished.
  3. SunOwnersWho can decide messaging and budget on a recorded line. If the answer is nobody, stop.
  4. TueExceptionsOvernight breaks post back into the customer’s case system. No side book.

The wedge

Why this one, not the other one.

They sell
Venue licence add-on
Who pays
Two licensed PSPs on a paid pilot — identities off the public file.
Unit economics
They win if they are cheaper than the internal build, not cheaper than a protocol.
Moat on file
Named venue LOIs — redacted, but they exist.
Switching cost
Scheme maps, ISO, LMA language, registry adapters — eighteen months of unglamorous work.
Vs the comps
LCH is the CCP. This is netting in front of the CCP.
Why we listed it
They did not claim to be a CCP. Counsel will still ask.

Next twelve months

What has to be true.

Legal memo: are we a CCP? One page, named firm.

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.

Founded 2023, headquartered in Toronto. One named pilot on file (redacted in public). 7 nodes or connected surfaces reported. Desk diligence score 76/100. Sprint day 3 of 14. Two licensed PSPs on a paid pilot — identities off the public file. They killed their own ‘token as fee’ sentence before we asked. Rare, and it scored.

  • Operating notes for Permissioned netting
  • No token contract listed as a public sale
  • Pilot letters on file, identities redacted
  • Toronto 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.”

  • Product62
  • Customers40
  • Legal path62
  • Tech maturity57
  • Demand30
  • Market access68

Risks

What can kill it.

The one that actually kills it

The named customer is a letter of intent

Pilots that cannot be named, even redacted, are theatre. One paying seat that an auditor has seen is worth more than a waitlist of a short list.

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.

CCP copy

The incumbent can ship the same netting as a feature. Willow North has to be cheaper or faster before that happens.

Single-customer gravity

If the first named buyer is also the only buyer, Willow North is a services shop with a ledger. Ask for the second.

Ask these next

  1. 01Which incumbent can copy this in a quarter, and what would they have to migrate?
  2. 02Which geography is actually locked, and which is a hope?
  3. 03Who is the first named paying customer — not a letter of intent?
  4. 04Who can unpublish a public sentence in 24 hours, by name?
  5. 05Is the waitlist demand for a product, or a queue for a coin?
  6. 06What does renewal look like if no round ever happens?

Structure

How money would actually move.

Sprint is diligence, not a raise. A pack at the end is a file the company can take to its own lawyers and investors. RCA Pad does not complete funding.

Entity
Willow North Inc. · Ontario
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.

  • Canadanamed
  • United Kingdomnamed
  • Mainland China retailrestricted

Team

Who runs it.

  • Hannah HaleChief executive

Stack

  • Permissioned netting
  • Clearing
  • Approval trail
  • Audit log

Who can decide

Hannah Hale came in named. The team is not a handle. Willow North Inc. · Ontario exists, founded 2023, headquartered in Toronto. Anonymity would have been an automatic decline.

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

Claims with evidence

Statements with evidence.

StatementEvidenceStatus
Willow North does not sell a token to the public on this padPosture locklive
The product is clearing sold to institutionsArchitecture + customer typelive
Permissioned netting is the method — not a listed assetDesk snapshotlive
Retail buyers are out of scopeNamed markets locklive
Any raise completes with the issuer’s counsel and providers — not on RCA PadFixed-fee termslive
Production date for the chain layer is not committedNo board minutedraft
No public token is sold on this padEngagement terms + posture locklive
Customers contemplated: Canada, United KingdomNamed markets on the filelive

On the record

  1. Day 0 lockKick-offSep
  2. Claim inventoryPackSep
  3. Audience matrix draftPackSep

Operating log

  1. 11 Sep 10:39

    Workshop. Funnel has no purchase step.

  2. 08 Sep 09:00

    Kick-off. Exclusions recorded.

  3. 09 Sep 16:20

    A claim killed for missing evidence.

Path to now

  1. D0

    Kick-off

    Geographies, owners, SLA, exclusions.

  2. D14

    Read-out

    Accept the pack or stop.

Not a subscription

This is not a sale page.

Sprint is diligence, not a raise. A pack at the end is a file the company can take to its own lawyers and investors. RCA Pad does not complete funding. 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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