The wedge
Per financed invoice
A warehouse that writes the event is worth more than a bank that only reads it.
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
ALDT
In market
IN MARKETTrade financeAlder Dock
The incumbent copy takes a year. The named customer is already writing.
A named Warsaw customer is already on the record. The public still thinks this is a deck.
Alder Dock — A permissioned record of title, invoices, warehouse receipts or port documents for houses that already finance or move goods. The event is the product. The bill of lading does not get replaced by a meme.
Live campaign. 2,418 on the product waitlist — that is demand, not an allocation.
Closed stamp is coming. 34 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.
Waitlist
0
Window
0days
Heat
0/99
Inbound / wk
0asks
Asking now
0live
Named pilots
0
Redacted on the public page
Live nodes
0
Permissioned L2
Counsel hours
0
Warsaw · counsel-named
Sentences killed
0
Before listing
Claims live
8/11
Build
Our cut
0%
Of any proceeds
Plate Meridian · 3012
ALDT
The plate
Meridian. Edition 3012.
A unique plate for Alder Dock. Geometry, orbit, and edition belong to this company — no other listing on the board shares it.
ALDT · Warsaw · Trade finance
Score
0
Desk diligence
Pilots
0
Named, redacted
Waitlist
0
Product demand
HQ
Warsaw
Trade-finance banks
Sells
Per
Per financed invoice
Markets
0
Warsaw
Years
0
Founded 2026
Surfaces
0
Permissioned L2
Complete
0
File readiness
Why the desk took it
A real job, not a ticker.
They brought a redacted bill, not a tokenised barrel.
Traction
2 named pilots (redacted).
Founded 2026, headquartered in Warsaw. 2 named pilots on file (identities redacted in public). 2,418 on the waitlist, gated — product demand, not a book built. 20 nodes or connected surfaces reported. Desk diligence score 87/100. A treasurer at a bank that already settles — not a crypto-native desk. No public APY, no public book, no ‘how to buy’ on any surface we could find.
Next 12 months
Which law governs title — written, not assumed.
A commodity NFT is the thing this file will not be. 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 Amira Ellison would not let us publish was the exciting one. What remains is slower — and scarcer: Alder Dock Ltd selling Trade finance as software, from Warsaw, to a buyer who already pays someone else to do this badly. That buyer is named. You are not, yet.
Alder Dock exists because the incumbent brand will not staff the unglamorous middle of Trade finance. The product is that middle. The token, if it ever exists, is not the product — and is not for sale here. The people in the queue already understood the difference.
On a Tuesday in Warsaw, 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
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
US persons are outside the audience. A form that asks “are you accredited?” without verification is not an exemption.
From the pilot
A dual-control drill exists on paper. Production evidence is the next artefact, not a tweet.
The window
Miss this and you read the archive.
The decline pile in Trade finance is full of companies that looked the same on slide one. This one is listed.
A supervisor is already forcing a perimeter. Houses that pick software over a coin will buy this now.
The scarce thing is not the company. It is the next 34 days of a live conversation.
Window remaining
0days
When this window closes, the campaign is archive.
- Sentences killed
- 14
- Counsel hours on file
- 41
- Asks / week
- 302
- Our cut
- 0% of proceeds
The auditor has seen the dual-record. Switching now is a new conversation. That is the lock.
This company
Alder Dock
Not the incumbent brand. Alder Dock sells the job the brand will not staff.
In the same conversation
- Contour / we.trade (history)
- CargoX
- Bank trade portals
- Not a commodity NFT
The bet
Why this company exists.
A warehouse that writes the event is worth more than a bank that only reads it.
A warehouse that writes the event is worth more than a bank that only reads it.
Banks want to digitise without putting a commodity on a public chain. Warehouses will not be first movers. A permissioned title event they already recognise is the on-ramp.
Documentary trade is a trillion-scale flow. Software that shortens a hold by two days is a spread.
Versus the field
The incumbent brand sells the relationship. Alder Dock 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 Warsaw · counsel-named. Proposed Regulation Crypto Assets is not treated as a calendar slot. Build as if it never opens.
How it works
- 01A document that already exists is hashed and evented
- 02Title changes when the parties that already can change it say so
- 03Financiers see the state they are underwriting
- 04No public listing of the cargo as an asset
- 05Title changes only when the parties that already can change it say so
- 06A named counterparty verifies; Alder Dock does not attest to its own facts.
In the same conversation as
- Contour / we.trade (history)
- CargoX
- Bank trade portals
- Not a commodity NFT
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
35%
The remaining certifications and the second named market.
Second market
19%
Hiring the operator who already does this job at a licensed firm.
Control environment
19%
Dual-control drills, key ceremonies, and the person who owns them.
Named operators
27%
Keeping the public story from running ahead of the claims register.
Operating week
What “in market” actually looks like.
- SunOwnersWho can decide messaging and budget on a recorded line. If the answer is nobody, stop.
- MonClaimsEvery public sentence checked against the register. Anything extra is unpublished.
- ThuCustomerNamed pilot (redacted) sees the same record the auditor saw.
- 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
- Per financed invoice
- Who pays
- A treasurer at a bank that already settles — not a crypto-native desk.
- Unit economics
- They win if they are cheaper than the internal build, not cheaper than a protocol.
- Moat on file
- A named warehouse or port has written a live event.
- Switching cost
- Once the record is the record, the incumbent copy has to migrate history. That is the year.
- Vs the comps
- A commodity NFT is the thing this file will not be.
- Why we listed it
- They brought a redacted bill, not a tokenised barrel.
Next twelve months
What has to be true.
Which law governs title — written, not assumed.
No public APY, no public book, no ‘how to buy’ on any surface we could find.
They have not asked us to run a sale. That ask would close the file.
Traction
What you can verify today.
Founded 2026, headquartered in Warsaw. 2 named pilots on file (identities redacted in public). 2,418 on the waitlist, gated — product demand, not a book built. 20 nodes or connected surfaces reported. Desk diligence score 87/100. A treasurer at a bank that already settles — not a crypto-native desk. No public APY, no public book, no ‘how to buy’ on any surface we could find.
- Operating notes for Permissioned L2
- No token contract listed as a public sale
- Named founder; customer still a conversation
- Warsaw 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.”
- Product77
- Customers78
- Legal path84
- Tech maturity94
- Demand52
- 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 2,418.
Legal title
If the court still wants the paper, the chain is a copy. Ask which jurisdiction has said otherwise.
Warehouse adoption
One bank is not a network. The warehouse has to write the event.
Public token
Tokenising the cargo for a crowd is a different, usually worse, company.
Fraud
Digitising a fake bill faster is not progress. Dual-control is the feature.
Paper still wins in court
If the court wants the original, the chain is a copy. Ask which jurisdiction has said otherwise.
Path silence
If counsel will not name a path and not-offering is not locked, heated waitlist copy is an accidental offering.
Ask these next
- 01If RCA Pad disappeared tomorrow, could the customer still run the job?
- 02Has counsel written the perimeter in a memo you can file?
- 03Who is the first named paying customer — not a letter of intent?
- 04Who can unpublish a public sentence in 24 hours, by name?
- 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.
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
- Alder Dock Ltd
- Path on file
- Warsaw · 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.
- Warsawnamed
- Mainland China retailrestricted
- United Statesrestricted
Team
Who runs it.
- Amira EllisonChief executive
- Nadia EllisonFinance
Stack
- Permissioned L2
- Trade finance
- Takedown SLA
- Audit log
Named with them
- Helix Audit
Who can decide
Amira Ellison came in named. The team is not a handle. Alder Dock Ltd exists, founded 2026, headquartered in Warsaw. Anonymity would have been an automatic decline.
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 |
|---|---|---|
| Alder Dock does not sell a token to the public on this pad | Posture lock | live |
| The product is trade finance sold to institutions | Architecture + customer type | live |
| Permissioned L2 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: Warsaw | Named markets on the file | live |
On the record
- Sprint packPackJun
- Counsel lockPathJul
- Claims register liveRegisterAug
- Creator briefBriefSep
Operating log
11 Sep 09:16
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.