The wedge
Auditor extract
Yarrow Stack sells the statement, not the vault. Anyone can launch a vault.
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
YAR4
Screened
SCREENEDPrime brokerage opsYarrow Stack
Heat 23. 6 asks this week. 0% of any raise comes here.
Renewal — not the round — is the twelve-month test. The people in this queue already know that.
Yarrow Stack — Accounting and proof layers for vaults that already hold assets for known clients. zk or otherwise, the point is a statement a counterparty can verify — not a public yield product.
Screened, not yet in sprint. Treat every number as provisional. Calendar access is not automatic.
14 live counterparties in the thread. The public page is the overflow.
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
Prime adapters
Counsel hours
0
Undetermined — not a path
Sentences killed
0
Before listing
Claims live
1/6
Sprint
Our cut
0%
Of any proceeds
Plate Orbit · 9137
YAR4
The plate
Orbit. Edition 9137.
A unique plate for Yarrow Stack. Geometry, orbit, and edition belong to this company — no other listing on the board shares it.
YAR4 · Helsinki · Prime brokerage ops
Score
0
Desk diligence
Pilots
0
None on file
Stage
upcoming
upcoming
HQ
Helsinki
Asset managers
Sells
Auditor
Auditor extract
Markets
0
Helsinki
Years
0
Founded 2021
Surfaces
0
Prime adapters
Complete
0
File readiness
Why the desk took it
Early — still a question.
They called zk a method in the application. Correct.
Traction
No paying pilot on the public file.
Founded 2021, headquartered in Helsinki. No named paying pilot on the file yet — that is the first question. Desk diligence score 60/100. A named Helsinki administrator who already signs the pack (redacted). A redacted engagement letter landed in week one. That is why the desk took the meeting.
Next 12 months
Still no yield marketed to the public.
Fund admins already report. This is a proof they can attach. They win if they are cheaper than the internal build, not cheaper than a protocol.
The brief
How a serious reader should hold this.
The first sentence Sasha Cole would not let us publish was the exciting one. What remains is slower — and scarcer: Yarrow Stack Ltd selling Prime brokerage ops as software, from Helsinki, to a buyer who already pays someone else to do this badly. That buyer is named. You are not, yet.
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 sentence went public and came down in under an hour. Sasha Cole treated the kill as an operating skill, not a PR event. Files that cannot do this do not stay listed.
From ops
A dual-control drill exists on paper. Production evidence is the next artefact, not a tweet.
From the founder
US persons are outside the audience. A form that asks “are you accredited?” without verification is not an exemption.
From counsel
The legal source of truth stays with the incumbent register, admin, or custodian. Yarrow Stack does not attest to its own facts.
The window
Miss this and you read the archive.
Waiting for a proposed US rule is how you miss a Helsinki buyer who already has budget.
Budget exists on a line the board can see. That is why the window is this quarter.
Open the diligence or watch it close. There is not a third option that still counts as early.
Window
Closed
Closed. History only — not a place to buy.
- Sentences killed
- 5
- Counsel hours on file
- 11
- Asks / week
- 6
- Our cut
- 0% of proceeds
If RCA Pad ever asked for a cut of a raise, we would walk. That is in the first email.
This company
Yarrow Stack
Twelve Prime brokerage ops decks look the same. One of them has a Helsinki customer on the record.
In the same conversation
- Fund admins
- Custodian reporting
- Public ‘vault tokens’ (the thing this is not)
The bet
Why this company exists.
Yarrow Stack sells the statement, not the vault. Anyone can launch a vault.
Yarrow Stack sells the statement, not the vault. Anyone can launch a vault.
Allocators asked for proof after 2022. Labs answered with demos. The first vault accounting that an auditor will sign is a business.
Middle-office spend at alternative managers is a budget that survived the last cycle.
Versus the field
The incumbent brand sells the relationship. Yarrow Stack 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.
Helsinki 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
- 01Positions are accounted in a book the manager already runs
- 02A proof or extract is produced for a named counterparty
- 03Yield is not marketed to the public on this pad
- 04zk, if present, is a method — not a ticker
- 05A proof or extract is produced for a named counterparty only
- 06Retail and unnamed geographies are structurally off the form, not only in the footer.
In the same conversation as
- Fund admins
- Custodian reporting
- Public ‘vault tokens’ (the thing this is not)
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
30%
A counsel memo that can survive a later reader.
Certifications & adapters
26%
Adapter work against the incumbent register, admin, or custodian.
Second market
22%
The remaining certifications and the second named market.
Claims & campaign ops
22%
Dual-control drills, key ceremonies, and the person who owns them.
Operating week
What “in market” actually looks like.
- MonClaimsEvery public sentence checked against the register. Anything extra is unpublished.
- FriKill switchRehearse unpublish in 24 hours. If it takes a committee, it is not a switch.
- TueExceptionsOvernight breaks post back into the customer’s case system. No side book.
- WedCounselPerimeter diffs. If the site drifted from the memo, the site moves — not the memo.
The wedge
Why this one, not the other one.
- They sell
- Auditor extract
- Who pays
- A named Helsinki 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
- The circuit, if any, proves the real book.
- Switching cost
- Network effects only if a second named counterparty writes. One customer is a service firm.
- Vs the comps
- Fund admins already report. This is a proof they can attach.
- Why we listed it
- They called zk a method in the application. Correct.
Next twelve months
What has to be true.
Still no yield marketed to the public.
A redacted engagement letter landed in week one. That is why the desk took the meeting.
A round, if any, sits with their providers. This pad does not take the order.
Traction
What you can verify today.
Founded 2021, headquartered in Helsinki. No named paying pilot on the file yet — that is the first question. Desk diligence score 60/100. A named Helsinki administrator who already signs the pack (redacted). A redacted engagement letter landed in week one. That is why the desk took the meeting.
- Architecture paper — no production customer on the public file
- No token contract listed as a public sale
- Pilot letters on file, identities redacted
- Helsinki 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.”
- Product21
- Customers18
- Legal path24
- Tech maturity28
- Demand10
- Market access68
Risks
What can kill it.
The one that actually kills it
The founder wants a public book
The moment Yarrow Stack 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.
Yield product
If the landing page is APY, this is a different, usually unlicensed, business.
Proof theatre
A zk circuit of a fake book is still a fake book.
Custodian
Who holds the keys? If it is the startup, that is custody.
Audit
No auditor, no statement. Demo is not diligence.
Proof theatre
A zk circuit of a fake book is still a fake book. Yarrow Stack has to prove the real one.
Token relapse
A later round that wants a public token puts Yarrow Stack in a different perimeter. The file treats that as a hard stop.
Ask these next
- 01Who can unpublish a public sentence in 24 hours, by name?
- 02Which incumbent can copy this in a quarter, and what would they have to migrate?
- 03Which geography is actually locked, and which is a hope?
- 04Has counsel written the perimeter in a memo you can file?
- 05What happens if a founder later wants a public token?
- 06Where do keys, title, or NAV liability sit — and is that person licensed?
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 Stack 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.
- Helsinkinamed
- United Kingdomnamed
- Public residual claimsrestricted
Team
Who runs it.
- Sasha ColeChief executive
- Priya MbekiChief technology
Stack
- Prime adapters
- Prime brokerage ops
- Takedown SLA
Named with them
- Helix Audit
Who can decide
The technical founder is on the record as Chief technology. Contractors in undisclosed jurisdictions are written down as a fact, not hidden. Facts can be managed. Hiding them is how companies die in diligence.
A second counterparty writing into the record is the only network effect that counts. One customer is a consultancy. Two is a market.
Claims with evidence
Statements with evidence.
| Statement | Evidence | Status |
|---|---|---|
| Yarrow Stack does not sell a token to the public on this pad | Posture lock | live |
| The product is prime brokerage ops sold to institutions | Architecture + customer type | draft |
| Prime adapters 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: Helsinki, United Kingdom | Named markets on the file | draft |
On the record
- Application APP-4596ScreenSep
- Counsel questionPathSep
Operating log
07 Sep 18:00
Application scored. Yarrow Stack 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.
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.