The wedge
Per-onboarding event
Revocation is the product. Anyone can issue; almost no one can take it back.
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
YAIR
Screened
SCREENEDFund identityYair
Sasha Diaz will not run a sale here. That is why serious people are in the queue.
Berwick is not a backdrop. It is the city where the customer can be called on a recorded line.
Yair — 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.
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
0
Still a question
Live nodes
0
Permissioned attestations
Counsel hours
0
Not offering — locked
Sentences killed
0
Before listing
Claims live
0/6
Sprint
Our cut
0%
Of any proceeds
Plate Vault · 6816
YAIR
The plate
Vault. Edition 6816.
A unique plate for Yair. Geometry, orbit, and edition belong to this company — no other listing on the board shares it.
YAIR · Berwick · Fund identity
Score
0
Desk diligence
Pilots
0
Named, redacted
Stage
upcoming
upcoming
HQ
Berwick
Fund administrators
Sells
Per-onboarding
Per-onboarding event
Markets
0
Berwick
Years
0
Founded 2024
Surfaces
0
Permissioned attestations
Complete
0
File readiness
Why the desk took it
Early — still a question.
US retail identity was taken off before we asked.
Traction
One named pilot (redacted).
Founded 2024, headquartered in Berwick. One named pilot on file (redacted in public). 4 nodes or connected surfaces reported. Desk diligence score 82/100. Four origination desks posting into a closed tape. No public APY, no public book, no ‘how to buy’ on any surface we could find.
Next 12 months
One TA consuming revoke in production.
Jumio does not speak share-class. 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 decline pile in Fund identity is not a rumour. It is how this board stays readable. Yair is what survived. That is the sell.
Yair exists because the incumbent brand will not staff the unglamorous middle of Fund identity. 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 dual-control drill sits on paper. Keys, title, or NAV liability sit with a named licensed party — not Yair. The architecture says so. We have not watched the drill live. That is the next ask, not a slogan.
From counsel
The legal source of truth stays with the incumbent register, admin, or custodian. Yair does not attest to its own facts.
From the pilot
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
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.
Skip it and you read the archive. Counterparties who matter will have already asked.
Switching cost is the auditor conversation. Once it happens, you are late.
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
- 18
- Counsel hours on file
- 12
- Asks / week
- 8
- Our cut
- 0% of proceeds
Renewal is the round. If nobody renews, there is no company. A token would not fix that.
This company
Yair
A L2 wrapper is cheaper. It is also a different perimeter — and declined here.
In the same conversation
- Onfido / Jumio for people
- Fund-admin KYC teams
- W3C attestations
- Not a ‘passport token’
The bet
Why this company exists.
Revocation is the product. Anyone can issue; almost no one can take it back.
Revocation is the product. Anyone can issue; almost no one can take it back.
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.
Berwick being the city does not make local retail a default audience. Communications capable of inducing investment activity still have a promotions problem.
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
- 06Retail and unnamed geographies are structurally off the form, not only in the footer.
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
36%
Dual-control drills, key ceremonies, and the person who owns them.
Claims & campaign ops
26%
Hiring the operator who already does this job at a licensed firm.
Control environment
14%
The remaining certifications and the second named market.
Certifications & adapters
24%
Keeping the public story from running ahead of the claims register.
Operating week
What “in market” actually looks like.
- 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.
- SatDarkNo creators. No threads. Restricted geos stay dark.
- TueExceptionsOvernight breaks post back into the customer’s case system. No side book.
The wedge
Why this one, not the other one.
- They sell
- Per-onboarding event
- Who pays
- Four origination desks posting into a closed tape.
- Unit economics
- Seat plus event. If they ever attach a token as the unit of account, the file stops.
- Moat on file
- The attester is a party the recipient already trusts — not Yair.
- Switching cost
- The customer’s auditor has seen this book. Switching means a new auditor conversation.
- 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.
One TA consuming revoke in production.
No public APY, no public book, no ‘how to buy’ on any surface we could find.
Capital would fund the adapter work and a named counsel memo, not a public sale.
Traction
What you can verify today.
Founded 2024, headquartered in Berwick. One named pilot on file (redacted in public). 4 nodes or connected surfaces reported. Desk diligence score 82/100. Four origination desks posting into a closed tape. No public APY, no public book, no ‘how to buy’ on any surface we could find.
- Architecture paper — no production customer on the public file
- No token contract listed as a public sale
- Pilot letters on file, identities redacted
- Berwick 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 maturity40
- Demand10
- Market access68
Risks
What can kill it.
The one that actually kills it
A second geography without a lock
Extending the record into a market that is still restricted is how a clean Berwick story becomes a fact pattern. The restricted list exists for a reason: United States retail, United States.
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 Yair is the attester, this is a database with extra steps. The graph only matters if someone else signs.
Single-customer gravity
If the first named buyer is also the only buyer, Yair is a services shop with a ledger. Ask for the second.
Ask these next
- 01If RCA Pad disappeared tomorrow, could the customer still run the job?
- 02Which incumbent can copy this in a quarter, and what would they have to migrate?
- 03Who is the first named paying customer — not a letter of intent?
- 04Is the waitlist demand for a product, or a queue for a coin?
- 05Where do keys, title, or NAV liability sit — and is that person licensed?
- 06What does renewal look like if no round ever happens?
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
- Yair Ltd
- Path on file
- Not offering — locked
- Posture
- No public sale
- 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.
- Berwicknamed
- United Kingdomnamed
- United States retailrestricted
- United Statesrestricted
Team
Who runs it.
- Sasha DiazChief executive
Stack
- Permissioned attestations
- Fund identity
- Disclosure templates
- Audit log
Who can decide
Sasha Diaz came in named. The team is not a handle. Yair Ltd exists, founded 2024, headquartered in Berwick. Anonymity would have been an automatic decline.
Year two is a second named market and the remaining certifications — still permissioned. It is not a public book. A public book would be a different company.
Claims with evidence
Statements with evidence.
| Statement | Evidence | Status |
|---|---|---|
| Yair does not sell a token to the public on this pad | Posture lock | live |
| The product is fund identity sold to institutions | Architecture + customer type | draft |
| Permissioned attestations 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: Berwick, United Kingdom | Named markets on the file | draft |
On the record
- Application APP-4184ScreenSep
- Counsel questionPathSep
Operating log
04 Sep 15:00
Application scored. Yair 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.
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.