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

WLTR

In market

HOT WINDOWTransfer agency

Willow Transfer

Oskar Holm will not run a sale here. That is why serious people are in the queue.

The protocol pitch was declined. What remains is software against an invoice. 7,031 people still asked.

Willow Transfer — An attestation graph: a fund or investor proves one fact (accredited, name, share-class) to a transfer agent or administrator without handing over the whole file. Selective disclosure is the product.

Live campaign. 7,031 on the product waitlist — that is demand, not an allocation.

Closed stamp is coming. 9 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.

Waitlist

Window

0days

Heat

0/99

Inbound / wk

0asks

Asking now

0live

Named pilots

Redacted on the public page

Live nodes

TA adapters

Counsel hours

Australia · counsel-named

Sentences killed

Before listing

Claims live

7/9

Growth

Our cut

Of any proceeds

Plate Vault · 4503

WLTR

The plate

Vault. Edition 4503.

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

WLTR · Sydney · Transfer agency

Score

Desk diligence

Pilots

Named, redacted

Waitlist

Product demand

Sydney

Fund administrators

Sells

Per-onboarding

Per-onboarding event

Markets

Australia

Years

Founded 2022

Surfaces

TA adapters

Complete

File readiness

The wedge

Per-onboarding event

Willow Transfer sells a cost cut in onboarding, not an identity coin.

Why the desk took it

A real job, not a ticker.

US retail identity was taken off before we asked.

Traction

4 named pilots (redacted).

Founded 2022, headquartered in Sydney. 4 named pilots on file (identities redacted in public). 7,031 on the waitlist, gated — product demand, not a book built. 7 nodes or connected surfaces reported. Desk diligence score 92/100. An AIFM whose auditor has seen the dual-record. They killed their own ‘token as fee’ sentence before we asked. Rare, and it scored.

Next 12 months

Three funds onboarding on the graph, not a demo.

Jumio does not speak share-class. They win if they are cheaper than the internal build, not cheaper than a protocol.

The brief

How a serious reader should hold this.

The decline pile in Transfer agency is not a rumour. It is how this board stays readable. Willow Transfer is what survived. That is the sell.

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.

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 counsel

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 pilot

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

From the screen

A dual-control drill exists on paper. Production evidence is the next artefact, not a tweet.

The window

Miss this and you read the archive.

Waiting for a proposed US rule is how you miss a Sydney buyer who already has budget.

Certification is in motion. After it lands, the price of the seat is not the question — access is.

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

Window remaining

0days

When this window closes, the campaign is archive.

Sentences killed: 4
Counsel hours on file: 78
Asks / week: 879
Our cut: 0% of proceeds

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

This company

Willow Transfer

The copycats will arrive after certification. That is why the window is now.

In the same conversation

Onfido / Jumio for people
Fund-admin KYC teams
W3C attestations
Not a ‘passport token’

The bet

Why this company exists.

Willow Transfer sells a cost cut in onboarding, not an identity coin.

Transfer agents and AIFMs are being asked for faster onboarding without becoming identity companies. Attestations they can revoke are the compromise.

Fund onboarding cost is a known line item. A 20–40% cut in cycle time is a budget, not a vision deck.

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 Australia · counsel-named. Proposed Regulation Crypto Assets is not treated as a calendar slot. Build as if it never opens.

How it works

01A fact is attested by a party the recipient already trusts
02The holder discloses only the field requested
03The rest of the file stays dark
04Revocation is a first-class event
05The recipient never sees the rest of the file — selective disclosure is enforced, not promised
06Kill of a public sentence is an hour, not a committee.

In the same conversation as

Onfido / Jumio for people
Fund-admin KYC teams
W3C attestations
Not a ‘passport token’

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
37%
Adapter work against the incumbent register, admin, or custodian.
Certifications & adapters
27%
Hiring the operator who already does this job at a licensed firm.
Claims & campaign ops
22%
Keeping the public story from running ahead of the claims register.
Counsel & perimeter
14%
The remaining certifications and the second named market.

Operating week

What “in market” actually looks like.

WedCounselPerimeter diffs. If the site drifted from the memo, the site moves — not the memo.
SatDarkNo creators. No threads. Restricted geos stay dark.
TueExceptionsOvernight breaks post back into the customer’s case system. No side book.
FriKill switchRehearse unpublish in 24 hours. If it takes a committee, it is not a switch.

The wedge

Why this one, not the other one.

They sell: Per-onboarding event
Who pays: An AIFM whose auditor has seen the dual-record.
Unit economics: They win if they are cheaper than the internal build, not cheaper than a protocol.
Moat on file: The attester is a party the recipient already trusts — not Willow Transfer.
Switching cost: Network effects only if a second named counterparty writes. One customer is a service firm.
Vs the comps: Jumio does not speak share-class.
Why we listed it: US retail identity was taken off before we asked.

Next twelve months

What has to be true.

Three funds onboarding on the graph, not a demo.

They killed their own ‘token as fee’ sentence before we asked. Rare, and it scored.

If they raise, it is to hire the remaining certifications and the second market — not to float a coin.

Traction

What you can verify today.

Operating notes for TA adapters
No token contract listed as a public sale
Pilot letters on file, identities redacted
Sydney 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.”

Product61
Customers96
Legal path84
Tech maturity67
Demand75
Market access44

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 7,031.

Who attests

If the attester is the company itself, this is a database with extra steps.

Portability theatre

A graph nobody else reads is a PDF with a hash.

US

US retail identity products are a different statute. Many of these files keep the US off.

Utility token

Paying for attestations in a native token is usually a securities problem in costume.

Self-attestation

If Willow Transfer is the attester, this is a database with extra steps. The graph only matters if someone else signs.

Token relapse

A later round that wants a public token puts Willow Transfer in a different perimeter. The file treats that as a hard stop.

Ask these next

01Who is the first named paying customer — not a letter of intent?
02Where do keys, title, or NAV liability sit — and is that person licensed?
03Who can unpublish a public sentence in 24 hours, by name?
04What does renewal look like if no round ever happens?
05Which incumbent can copy this in a quarter, and what would they have to migrate?
06If RCA Pad disappeared tomorrow, could the customer still run the job?

Structure

How money would actually move.

If this company raises, it raises with its own counsel and providers. The waitlist is a product list. It is not a round, a book, or an allocation on RCA Pad. We do not take a cut.

Entity: Willow Transfer Pty Ltd
Path on file: Australia · counsel-named
Posture: Private only
Pack: Growth

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.

Australianamed
Mainland China retailrestricted
United Statesrestricted

Team

Who runs it.

Oskar HolmChief executive
Hiro ColeMarkets

Stack

TA adapters
Transfer agency
Audit log

Named with them

Helix Audit

Who can decide

Oskar Holm came in named. The team is not a handle. Willow Transfer Pty Ltd exists, founded 2022, headquartered in Sydney. 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 Transfer does not sell a token to the public on this pad	Posture lock	live
The product is transfer agency sold to institutions	Architecture + customer type	live
TA adapters is the method — not a listed asset	Desk snapshot	live
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: Australia	Named markets on the file	live

On the record

Sprint packPackJun
Counsel lockPathJul
Claims register liveRegisterAug
Creator briefBriefSep

Operating log

11 Sep 09:38
Takedown SLA idle-tested.
08 Sep 11:40
A claim held for missing evidence.
04 Sep 08:22
Weekly report issued to the desk.
01 Sep 14:08
Creator set on disclosure. No buy language.

Path to now

Sprint
Pack accepted
Narrative, matrix, claims locked.
Path
Counsel names it
Or the file stays not-offering.
Live
Campaign
Waitlist and register. No purchase journey.

Not a subscription

This is not a sale page.

If this company raises, it raises with its own counsel and providers. The waitlist is a product list. It is not a round, a book, or an allocation on RCA Pad. We do not take a cut. 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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