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

YARA

In diligence

IN MOTIONTransfer agency

Yarrow Quay

Skip it and you read a PDF. Counterparties who matter will have already called.

Pilots are named and redacted. The waitlist is not. a short list people already asked.

Yarrow Quay — 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.

In a 14-day diligence sprint (day 7). This is when the story, the customers and the legal path get written down — or the file stops.

Closed stamp is coming. a few 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.

Sprint day

0/14

Window

Closed

Heat

0/99

Inbound / wk

0asks

Asking now

0live

Named pilots

Redacted on the public page

Live nodes

TA adapters

Counsel hours

Not offering — locked

Sentences killed

Before listing

Claims live

5/9

Sprint

Our cut

Of any proceeds

Plate Orbit · 6802

YARA

The plate

Orbit. Edition 6802.

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

YARA · Seoul · Transfer agency

Score

Desk diligence

Pilots

Named, redacted

Sprint

Day 7 of 14

Seoul

Fund administrators

Sells

TA integration

Markets

Seoul

Years

Founded 2021

Surfaces

TA adapters

Complete

File readiness

The wedge

TA integration

Yarrow Quay sells a cost cut in onboarding, not an identity coin.

Why the desk took it

A real job, not a ticker.

No utility token in the revenue model. We checked.

Traction

One named pilot (redacted).

Founded 2021, headquartered in Seoul. One named pilot on file (redacted in public). 4 nodes or connected surfaces reported. Desk diligence score 78/100. Sprint day 7 of 14. A named Seoul administrator who already signs the pack (redacted). Counsel is named, even if the memo is still a draft. Unnamed counsel is how files die.

Next 12 months

Liability sentence in writing: who is wrong when a fact is wrong.

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.

Someone in Seoul already renewed a slower vendor this year. Yarrow Quay is the conversation that happens before they do it again. Miss this cycle and you explain the next one.

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.

A dual-control drill sits on paper. Keys, title, or NAV liability sit with a named licensed party — not Yarrow Quay. The architecture says so. We have not watched the drill live. That is the next ask, not a slogan.

From the founder

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

From counsel

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

From the screen

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.

When the heat drops, the named customer is still named — they just stop taking new calls.

The comment period is not a path. This company is priced as if that is already true.

Read it once, properly, while the number is still green. Then decide.

Window

Closed

Closed. History only — not a place to buy.

Sentences killed: 5
Counsel hours on file: 41
Asks / week: 23
Our cut: 0% of proceeds

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

This company

Yarrow Quay

Not the incumbent brand. Yarrow Quay sells the job the brand will not staff.

In the same conversation

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

The bet

Why this company exists.

Yarrow Quay 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

The incumbent brand sells the relationship. Yarrow Quay 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.

Seoul 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
06The legal source of truth stays with the incumbent register, admin, or custodian.

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.

Control environment
40%
A counsel memo that can survive a later reader.
Certifications & adapters
23%
Hiring the operator who already does this job at a licensed firm.
Named operators
18%
The remaining certifications and the second named market.
Claims & campaign ops
19%
Dual-control drills, key ceremonies, and the person who owns them.

Operating week

What “in market” actually looks like.

TueExceptionsOvernight breaks post back into the customer’s case system. No side book.
MonClaimsEvery public sentence checked against the register. Anything extra is unpublished.
SatDarkNo creators. No threads. Restricted geos stay dark.
ThuCustomerNamed pilot (redacted) sees the same record the auditor saw.

The wedge

Why this one, not the other one.

They sell: TA integration
Who pays: A named Seoul administrator who already signs the pack (redacted).
Unit economics: They win if they are cheaper than the internal build, not cheaper than a protocol.
Moat on file: A transfer agent has agreed to consume the attestation in production.
Switching cost: Scheme maps, ISO, LMA language, registry adapters — eighteen months of unglamorous work.
Vs the comps: Jumio does not speak share-class.
Why we listed it: No utility token in the revenue model. We checked.

Next twelve months

What has to be true.

Liability sentence in writing: who is wrong when a fact is wrong.

Counsel is named, even if the memo is still a draft. Unnamed counsel is how files die.

A round, if any, sits with their providers. This pad does not take the order.

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
Seoul 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.”

Product36
Customers40
Legal path62
Tech maturity48
Demand46
Market access44

Risks

What can kill it.

The one that actually kills it

The founder wants a public book

The moment Yarrow Quay asks this pad to allocate, sell, or complete funding, the listing ends. That is not a moral project. It is how a services firm stays a services firm.

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 Yarrow Quay is the attester, this is a database with extra steps. The graph only matters if someone else signs.

Facts vs theatre

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

Ask these next

01If RCA Pad disappeared tomorrow, could the customer still run the job?
02Who is the first named paying customer — not a letter of intent?
03Which incumbent can copy this in a quarter, and what would they have to migrate?
04Has counsel written the perimeter in a memo you can file?
05What happens if a founder later wants a public token?
06Who can unpublish a public sentence in 24 hours, by name?

Structure

How money would actually move.

Sprint is diligence, not a raise. A pack at the end is a file the company can take to its own lawyers and investors. RCA Pad does not complete funding.

Entity: Yarrow Quay 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.

Seoulnamed
Global publicrestricted
United Statesrestricted

Team

Who runs it.

Nia VogelChief executive
Amira SatoFinance

Stack

TA adapters
Transfer agency
Approval trail
Takedown SLA

Named with them

Northbridge Counsel
Clearline
Meridian Tax

Who can decide

Nia Vogel (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 Quay 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 Quay 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
Pilot identities redacted in public	Desk file	draft
No public token is sold on this pad	Engagement terms + posture lock	live
Customers contemplated: Seoul	Named markets on the file	live

On the record

Day 0 lockKick-offSep
Claim inventoryPackSep
Audience matrix draftPackSep

Operating log

11 Sep 15:38
Workshop. Funnel has no purchase step.
08 Sep 09:00
Kick-off. Exclusions recorded.
09 Sep 16:20
A claim killed for missing evidence.

Path to now

D0
Kick-off
Geographies, owners, SLA, exclusions.
D14
Read-out
Accept the pack or stop.

Not a subscription

This is not a sale page.

Sprint is diligence, not a raise. A pack at the end is a file the company can take to its own lawyers and investors. RCA Pad does not complete funding. 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

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