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

YARY

In market

HOT WINDOWHealth-claims tape

Yarrow Line

Budget exists on a board line. This is this quarter, not ‘when the rule opens’.

Yarrow Line survived the screen. Most of Health-claims tape did not. That is not a slogan. It is the decline pile.

Yarrow Line — 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.

Live campaign. 7,353 on the product waitlist — that is demand, not an allocation.

A year from now this will be an obvious company or a missed one. The window decides which.

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

Closed

Heat

0/99

Inbound / wk

0asks

Asking now

0live

Named pilots

Redacted on the public page

Live nodes

Claims book

Counsel hours

Barcelona · counsel-named

Sentences killed

Before listing

Claims live

10/11

Build

Our cut

Of any proceeds

Plate Vault · 9067

YARY

The plate

Vault. Edition 9067.

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

YARY · Barcelona · Health-claims tape

Score

Desk diligence

Pilots

Named, redacted

Waitlist

Product demand

Barcelona

Licensed venues

Sells

Member

Member seat

Markets

Barcelona

Years

Founded 2024

Surfaces

Claims book

Complete

File readiness

The wedge

Member seat

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

Why the desk took it

A real job, not a ticker.

Collateral-as-token was an exclusion in the application. We kept it.

Traction

4 named pilots (redacted).

Founded 2024, headquartered in Barcelona. 4 named pilots on file (identities redacted in public). 7,353 on the waitlist, gated — product demand, not a book built. 16 nodes or connected surfaces reported. Desk diligence score 85/100. A named Barcelona administrator who already signs the pack (redacted). Architecture says keys / title / NAV liability sit with a named licensed party — not Yarrow Line.

Next 12 months

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

Calastone-style utilities move funds. This moves risk. Annual software against an ops cost the board can see. Switching cost is the record, not the brand.

The brief

How a serious reader should hold this.

Most Health-claims tape 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.

The bet is narrow. A named Barcelona buyer already has budget for this invoice. Yarrow Line wins if it is cheaper than the internal build and cleaner than the protocol pitch. It loses if a founder later wants a public book. The window is the time you have to decide which it is.

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

From the pilot

We will not describe this as Reg CA-compliant, MiCA-stickered, or FCA-authorised. Issuers retain their own counsel in every relevant jurisdiction.

From counsel

The legal source of truth stays with the incumbent register, admin, or custodian. Yarrow Line does not attest to its own facts.

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.

Miss a few days and you are explaining to your IC why you read it after it closed.

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

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: 11
Counsel hours on file: 26
Asks / week: 919
Our cut: 0% of proceeds

US came off the site in the first session. We did not argue. We are not children.
Aisha Novak, Chief executive

This company

Yarrow Line

Services firms hide in ‘platform’ language. Yarrow Line sells a seat plus an event. Named.

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.

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

L2 wrappers are cheaper. They are also a different perimeter — and declined here. Yarrow Line is priced as software against an invoice that already exists.

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

How it works

01Members post positions they already hold
02The engine nets what the rulebook allows
03Only the residual hits the existing settlement rail
04Collateral as a token is an exclusion on this file
05Only the residual hits the existing settlement rail — gross never leaves the venue
06The legal source of truth stays with the incumbent register, admin, or custodian.

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.

Second market
39%
Hiring the operator who already does this job at a licensed firm.
Control environment
20%
Keeping the public story from running ahead of the claims register.
Certifications & adapters
18%
The remaining certifications and the second named market.
Named operators
23%
A counsel memo that can survive a later reader.

Operating week

What “in market” actually looks like.

ThuCustomerNamed pilot (redacted) sees the same record the auditor saw.
SunOwnersWho can decide messaging and budget on a recorded line. If the answer is nobody, stop.
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: Member seat
Who pays: A named Barcelona administrator who already signs the pack (redacted).
Unit economics: Annual software against an ops cost the board can see. Switching cost is the record, not the brand.
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: Calastone-style utilities move funds. This moves risk.
Why we listed it: Collateral-as-token was an exclusion in the application. We kept it.

Next twelve months

What has to be true.

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

Architecture says keys / title / NAV liability sit with a named licensed party — not Yarrow Line.

They have not asked us to run a sale. That ask would close the file.

Traction

What you can verify today.

Operating notes for Claims book
No token contract listed as a public sale
Pilot letters on file, identities redacted
Barcelona 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.”

Product72
Customers96
Legal path84
Tech maturity94
Demand77
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 Barcelona story becomes a fact pattern. The restricted list exists for a reason: Public residual claims.

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. Yarrow Line has to be cheaper or faster before that happens.

Facts vs theatre

A proof of a fake book is still a fake book. Yarrow Line has to attach to the real one, in Barcelona.

Ask these next

01Has counsel written the perimeter in a memo you can file?
02Is the waitlist demand for a product, or a queue for a coin?
03Which incumbent can copy this in a quarter, and what would they have to migrate?
04Where do keys, title, or NAV liability sit — and is that person licensed?
05What happens if a founder later wants a public token?
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: Yarrow Line Ltd
Path on file: Barcelona · counsel-named
Posture: No public sale
Pack: Build

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.

Barcelonanamed
United Kingdomnamed
Public residual claimsrestricted

Team

Who runs it.

Aisha NovakChief executive

Stack

Claims book
Health-claims tape
Disclosure templates
Approval trail

Named with them

Clearline
Meridian Tax

Who can decide

The technical founder is on the record as engineering. Contractors in undisclosed jurisdictions are written down as a fact, not hidden. Facts can be managed. Hiding them is how companies die in diligence.

If the first customer renews, the adapter work pays for itself. If they do not, Yarrow Line 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 Line does not sell a token to the public on this pad	Posture lock	live
The product is health-claims tape sold to institutions	Architecture + customer type	live
Claims book 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	Desk file	draft
No public token is sold on this pad	Engagement terms + posture lock	live
Customers contemplated: Barcelona, United Kingdom	Named markets on the file	live

On the record

Sprint packPackJun
Counsel lockPathJul
Claims register liveRegisterAug
Creator briefBriefSep

Operating log

11 Sep 09:23
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

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.