The wedge
Chain seat
Yarrow Hold moves facts, not value. That is why it might get paid.
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
YARF
In market
IN MARKETPermissioned interopYarrow Hold
2,084 already asked. The window is a few days. After that, archive.
US was taken off the public stack on day one. Adult companies do that. Then the waitlist filled anyway.
Yarrow Hold — Attestation packets and IBC-style messages between chains that are not public. Banks and funds that already live behind a firewall use this to talk to each other without opening a public bridge.
Live campaign. 2,084 on the product waitlist — that is demand, not an allocation.
Heat 61 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.
Waitlist
0
Window
Closed
Heat
0/99
Inbound / wk
0asks
Asking now
0live
Named pilots
0
Redacted on the public page
Live nodes
0
Cosmos SDK · permissioned
Counsel hours
0
Cape Town · counsel-named
Sentences killed
0
Before listing
Claims live
7/12
Growth
Our cut
0%
Of any proceeds
Plate Meridian · 9527
YARF
The plate
Meridian. Edition 9527.
A unique plate for Yarrow Hold. Geometry, orbit, and edition belong to this company — no other listing on the board shares it.
YARF · Cape Town · Permissioned interop
Score
0
Desk diligence
Pilots
0
Named, redacted
Waitlist
0
Product demand
HQ
Cape Town
Banks
Sells
Chain
Chain seat
Markets
0
Cape Town
Years
0
Founded 2022
Surfaces
0
Cosmos SDK · permissioned
Complete
0
File readiness
Why the desk took it
A real job, not a ticker.
Security review of the verifier is on file, even if draft.
Traction
2 named pilots (redacted).
Founded 2022, headquartered in Cape Town. 2 named pilots on file (identities redacted in public). 2,084 on the waitlist, gated — product demand, not a book built. 6 nodes or connected surfaces reported. Desk diligence score 89/100. A transfer agent willing to consume a revoke in production. A redacted engagement letter landed in week one. That is why the desk took the meeting.
Next 12 months
Two production counterparties.
Public IBC is a different threat model. Per-event pricing so a pilot can start without a transformation programme.
The brief
How a serious reader should hold this.
Most Permissioned interop decks start with a market size. This one starts with a job: a person at a licensed firm, a record they cannot currently prove, and a calendar that does not wait for a proposed US rule. The calendar is the window. The window is the scarce thing.
Read this as an operating company, not a round. Counsel has a posture: Cape Town · counsel-named. Restricted markets stay dark. RCA Pad takes 0% if they ever raise. That combination is why inbound did not need a ticker.
On a Tuesday in Cape Town, 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 pilot
Fixed fee. Deposit to start. 0% of proceeds. Token-only pay is declined. Percentage of raise is declined.
From the founder
The legal source of truth stays with the incumbent register, admin, or custodian. Yarrow Hold does not attest to its own facts.
From the screen
US persons are outside the audience. A form that asks “are you accredited?” without verification is not an exemption.
The window
Miss this and you read the archive.
Founders who want a pack this tight apply. Readers who wait get a closed stamp.
The comment period is not a path. This company is priced as if that is already true.
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
- 3
- Counsel hours on file
- 60
- Asks / week
- 261
- Our cut
- 0% of proceeds
The waitlist is people who want the product. If they wanted a coin they would be on a different pad.
This company
Yarrow Hold
The copycats will arrive after certification. That is why the window is now.
In the same conversation
- R3 Corda network maps
- Hyperledger interop
- Public IBC (different threat model)
The bet
Why this company exists.
Yarrow Hold moves facts, not value. That is why it might get paid.
Yarrow Hold moves facts, not value. That is why it might get paid.
Every permissioned chain is an island. The second chain a bank turns on creates the ticket. The third creates the vendor.
Every extra permissioned deployment is a new integration budget. This product is that budget.
Versus the field
The incumbent brand sells the relationship. Yarrow Hold 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.
Cape Town 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 packed as an attestation, not a free-floating asset
- 02The counterparty chain verifies the packet
- 03Assets do not ‘bridge’; messages do
- 04Public connectivity is off unless counsel names it
- 05The counterparty chain verifies the packet; assets do not ‘bridge’
- 06The legal source of truth stays with the incumbent register, admin, or custodian.
In the same conversation as
- R3 Corda network maps
- Hyperledger interop
- Public IBC (different threat model)
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%
A counsel memo that can survive a later reader.
Certifications & adapters
24%
The remaining certifications and the second named market.
Second market
16%
Dual-control drills, key ceremonies, and the person who owns them.
Named operators
32%
Keeping the public story from running ahead of the claims register.
Operating week
What “in market” actually looks like.
- TueExceptionsOvernight breaks post back into the customer’s case system. No side book.
- SunOwnersWho can decide messaging and budget on a recorded line. If the answer is nobody, stop.
- ThuCustomerNamed pilot (redacted) sees the same record the auditor saw.
- SatDarkNo creators. No threads. Restricted geos stay dark.
The wedge
Why this one, not the other one.
- They sell
- Chain seat
- Who pays
- A transfer agent willing to consume a revoke in production.
- Unit economics
- Per-event pricing so a pilot can start without a transformation programme.
- Moat on file
- Verifier is independently reviewable — not a black box they run.
- Switching cost
- Scheme maps, ISO, LMA language, registry adapters — eighteen months of unglamorous work.
- Vs the comps
- Public IBC is a different threat model.
- Why we listed it
- Security review of the verifier is on file, even if draft.
Next twelve months
What has to be true.
Two production counterparties.
A redacted engagement letter landed in week one. That is why the desk took the meeting.
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.
Founded 2022, headquartered in Cape Town. 2 named pilots on file (identities redacted in public). 2,084 on the waitlist, gated — product demand, not a book built. 6 nodes or connected surfaces reported. Desk diligence score 89/100. A transfer agent willing to consume a revoke in production. A redacted engagement letter landed in week one. That is why the desk took the meeting.
- Operating notes for Cosmos SDK · permissioned
- No token contract listed as a public sale
- Pilot letters on file, identities redacted
- Cape Town 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.”
- Product59
- Customers78
- Legal path84
- Tech maturity64
- Demand50
- 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 2,084.
Bridge in costume
If value moves as a wrapped asset, this is a bridge. Bridges have a history.
Who verifies
A packet nobody independently checks is email.
Public leak
One public endpoint and the threat model is gone.
Standard war
If a bigger FMI publishes the same packet, this is a feature, not a company.
Bridge in costume
If value moves as a wrapped asset, Yarrow Hold inherits every bridge post-mortem. Kill that design.
Incumbent feature
The administrator, CCP, scheme or custodian can ship this as a checkbox. Yarrow Hold has to be cheaper or faster before that happens.
Ask these next
- 01Who is the first named paying customer — not a letter of intent?
- 02Which incumbent can copy this in a quarter, and what would they have to migrate?
- 03Where do keys, title, or NAV liability sit — and is that person licensed?
- 04What happens if a founder later wants a public token?
- 05Is the waitlist demand for a product, or a queue for a coin?
- 06Has counsel written the perimeter in a memo you can file?
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
- Yarrow Hold Ltd
- Path on file
- Cape Town · counsel-named
- Posture
- No public sale
- 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.
- Cape Townnamed
- United States retailrestricted
Team
Who runs it.
- Noam BergChief executive
Stack
- Cosmos SDK · permissioned
- Permissioned interop
- Approval trail
- Audit log
Named with them
- Northbridge Counsel
- Helix Audit
- Meridian Tax
Who can decide
Noam Berg (Chief executive) will take a 30-minute call and decide budget. If the only person who can accept “we are not opening a sale” is a silent co-founder in another time zone, this company would not be on the board.
If the first customer renews, the adapter work pays for itself. If they do not, Yarrow Hold 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 Hold does not sell a token to the public on this pad | Posture lock | live |
| The product is permissioned interop sold to institutions | Architecture + customer type | live |
| Cosmos SDK · permissioned 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: Cape Town | Named markets on the file | live |
On the record
- Sprint packPackJun
- Counsel lockPathJul
- Claims register liveRegisterAug
- Creator briefBriefSep
Operating log
11 Sep 09:33
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.
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.