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

YARW

Screened

SCREENEDCorporate treasury

Yarrow Close

Most of Corporate treasury died in the screen. Yarrow Close did not.

Nia Voss will not run a public sale on this pad. The listing exists because of that sentence.

Yarrow Close — 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.

Heat 24 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.

Stage

upcoming

Window

Closed

Heat

0/99

Inbound / wk

0asks

Asking now

0live

Named pilots

Redacted on the public page

Live nodes

Treasury ledger

Counsel hours

Undetermined — not a path

Sentences killed

Before listing

Claims live

0/6

Sprint

Our cut

Of any proceeds

Plate Concentric · 6834

YARW

The plate

Concentric. Edition 6834.

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

YARW · Madrid · Corporate treasury

Score

Desk diligence

Pilots

None on file

Stage

upcoming

Madrid

Banks

Sells

Per

Per settled obligation

Markets

Madrid

Years

Founded 2025

Surfaces

Treasury ledger

Complete

File readiness

The wedge

Per settled obligation

Yarrow Close sells a treasurer a night without fails.

Why the desk took it

Early — still a question.

No settlement asset issued by Yarrow Close. We checked the architecture.

Traction

No paying pilot on the public file.

Founded 2025, headquartered in Madrid. No named paying pilot on the file yet — that is the first question. 1 nodes or connected surfaces reported. Desk diligence score 62/100. Four origination desks posting into a closed tape. A dual-control drill exists on paper. We have not watched it live yet — that is the next ask.

Next 12 months

Still no coin as the settlement asset.

CLS is FX. Fnality is the club. This is a rail those clubs might use. 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.

Madrid is not a backdrop. It is the jurisdiction where a named customer can be sued, called, and asked a question on a recorded line. Yarrow Close chose it for that reason. Counterparties who still think this is a ‘global’ story are already late.

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.

On a Tuesday in Madrid, an exception posts back into the customer’s existing case system. Nobody opens a side spreadsheet. That is the product: the night someone in ops does not stay late.

From the founder

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

From ops

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

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.

Attention is the scarce asset. 0 asks this week are already spending it.

The incumbent copy takes a year. The named customer is already writing into this record.

If you are a founder who wants a pack like this: apply. If you are a buyer: call them — not us.

Window

Closed

Closed. History only — not a place to buy.

Sentences killed: 6
Counsel hours on file: 10
Asks / week: 0
Our cut: 0% of proceeds

We would rather be archive-clean than live-loud. The waitlist showed up anyway.
Nia Voss, Chief executive

This company

Yarrow Close

Twelve Corporate treasury decks look the same. One of them has a Madrid customer on the record.

In the same conversation

CLS
Fnality
RTGS upgrades
Not a public L1

The bet

Why this company exists.

Yarrow Close sells a treasurer a night without fails.

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

The incumbent brand sells the relationship. Yarrow Close 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.

The live path is Undetermined — not a path. Proposed Regulation Crypto Assets is not treated as a calendar slot. Build as if it never opens.

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
05Kill of a public sentence is an hour, not a committee.

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.

Certifications & adapters
30%
The remaining certifications and the second named market.
Control environment
21%
Adapter work against the incumbent register, admin, or custodian.
Second market
20%
A counsel memo that can survive a later reader.
Counsel & perimeter
29%
Dual-control drills, key ceremonies, and the person who owns them.

Operating week

What “in market” actually looks like.

SatDarkNo creators. No threads. Restricted geos stay dark.
ThuCustomerNamed pilot (redacted) sees the same record the auditor saw.
MonClaimsEvery public sentence checked against the register. Anything extra is unpublished.
SunOwnersWho can decide messaging and budget on a recorded line. If the answer is nobody, stop.

The wedge

Why this one, not the other one.

They sell: Per settled obligation
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: Legal opinion on finality in the governing law.
Switching cost: Permissioned connectivity is the moat. Public endpoints would erase it.
Vs the comps: CLS is FX. Fnality is the club. This is a rail those clubs might use.
Why we listed it: No settlement asset issued by Yarrow Close. We checked the architecture.

Next twelve months

What has to be true.

Still no coin as the settlement asset.

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

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.

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

Product14
Customers18
Legal path24
Tech maturity31
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. Undetermined — not a path has to be a memo you can file, not a slogan on the hero.

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.

Money issuance

If the rail issues a settlement asset, Yarrow Close is in the e-money / deposit perimeter. That is a different company.

Token relapse

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

Ask these next

01Where do keys, title, or NAV liability sit — and is that person licensed?
02Who can unpublish a public sentence in 24 hours, by name?
03Which incumbent can copy this in a quarter, and what would they have to migrate?
04What does renewal look like if no round ever happens?
05Which geography is actually locked, and which is a hope?
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: Yarrow Close Ltd
Path on file: Undetermined — not a path
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.

Madridnamed
Mainland China retailrestricted

Team

Who runs it.

Nia VossChief executive
Mei HolmMarkets

Stack

Treasury ledger
Corporate treasury
Disclosure templates
Takedown SLA

Named with them

Northbridge Counsel

Who can decide

Nia Voss came in named. The team is not a handle. Yarrow Close Ltd exists, founded 2025, headquartered in Madrid. Anonymity would have been an automatic decline.

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

Claims with evidence

Statements with evidence.

Statement	Evidence	Status
Yarrow Close does not sell a token to the public on this pad	Posture lock	live
The product is corporate treasury sold to institutions	Architecture + customer type	draft
Treasury ledger 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
Pilot identities redacted in public	Desk file	draft
No public token is sold on this pad	Engagement terms + posture lock	live
Customers contemplated: Madrid	Named markets on the file	draft

On the record

Application APP-4266ScreenSep
Counsel questionPathSep

Operating log

06 Sep 18:00
Application scored. Yarrow Close 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.