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

CEDW

In market

IN MARKETCommodity title

Cedar Close

Window a fewd · waitlist 648 · our cut 0%. Do the maths.

The protocol pitch was declined. What remains is software against an invoice. 648 people still asked.

Cedar Close — 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. 648 on the product waitlist — that is demand, not an allocation.

The named customer already picked. The waitlist is everyone who was late to that fact.

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

Permissioned title chain

Counsel hours

Liverpool · counsel-named

Sentences killed

Before listing

Claims live

12/14

Growth

Our cut

Of any proceeds

Plate Concentric · 7878

CEDW

The plate

Concentric. Edition 7878.

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

CEDW · Liverpool · Commodity title

Score

Desk diligence

Pilots

Named, redacted

Waitlist

Product demand

Liverpool

Trade-finance banks

Sells

Warehouse

Warehouse seat

Markets

Liverpool

Years

Founded 2022

Surfaces

Permissioned title chain

Complete

File readiness

The wedge

Warehouse seat

The wedge is the courier: two days of documentary lag is a spread.

Why the desk took it

A real job, not a ticker.

Public listing of cargo was refused on day one.

Traction

2 named pilots (redacted).

Founded 2022, headquartered in Liverpool. 2 named pilots on file (identities redacted in public). 648 on the waitlist, gated — product demand, not a book built. 18 nodes or connected surfaces reported. Desk diligence score 90/100. A transfer agent willing to consume a revoke in production. They killed their own ‘token as fee’ sentence before we asked. Rare, and it scored.

Next 12 months

A second warehouse, or the network is a customer.

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.

Liverpool is not a backdrop. It is the jurisdiction where a named customer can be sued, called, and asked a question on a recorded line. Cedar Close chose it for that reason. Counterparties who still think this is a ‘global’ story are already late.

The bet is narrow. A named Liverpool buyer already has budget for this invoice. Cedar Close 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.

The auditor of a redacted pilot has seen a dual-record. Switching away now means a new auditor conversation. That is the switching cost — not the logo.

From the founder

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

From ops

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

From the pilot

This communication is not an offer. Participation mechanics do not exist on this pad. If a later reader treats the public stack as the offer, the stack was already wrong.

The window

Miss this and you read the archive.

The incumbent will still be slow in a year. The window will not.

The incumbent copy takes a year. The named customer is already writing into this record.

We do not allocate. We do not take a cut. We will not hold the window open for you.

Window

Closed

Closed. History only — not a place to buy.

Sentences killed: 13
Counsel hours on file: 66
Asks / week: 81
Our cut: 0% of proceeds

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

This company

Cedar Close

The protocol pitch is the thing this company has already refused.

In the same conversation

Contour / we.trade (history)
CargoX
Bank trade portals
Not a commodity NFT

The bet

Why this company exists.

The wedge is the courier: two days of documentary lag is a spread.

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

A generalist vendor can copy the slide in a quarter. They cannot copy the named record, the scheme map, or the auditor conversation. That is the year they would have to buy.

The live path is Liverpool · 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
06Retail and unnamed geographies are structurally off the form, not only in the footer.

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.

Certifications & adapters
36%
Adapter work against the incumbent register, admin, or custodian.
Second market
27%
Dual-control drills, key ceremonies, and the person who owns them.
Named operators
21%
Keeping the public story from running ahead of the claims register.
Claims & campaign ops
16%
A counsel memo that can survive a later reader.

Operating week

What “in market” actually looks like.

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.
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: Warehouse seat
Who pays: A transfer agent willing to consume a revoke in production.
Unit economics: They win if they are cheaper than the internal build, not cheaper than a protocol.
Moat on file: A bank has funded against this record on at least one shipment.
Switching cost: The customer’s auditor has seen this book. Switching means a new auditor conversation.
Vs the comps: A commodity NFT is the thing this file will not be.
Why we listed it: Public listing of cargo was refused on day one.

Next twelve months

What has to be true.

A second warehouse, or the network is a customer.

They killed their own ‘token as fee’ sentence before we asked. Rare, and it scored.

Capital would fund the adapter work and a named counsel memo, not a public sale.

Traction

What you can verify today.

Operating notes for Permissioned title chain
No token contract listed as a public sale
Named founder; customer still a conversation
Liverpool 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.”

Product75
Customers78
Legal path84
Tech maturity94
Demand43
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 648.

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.

Facts vs theatre

A proof of a fake book is still a fake book. Cedar Close has to attach to the real one, in Liverpool.

Ask these next

01Which geography is actually locked, and which is a hope?
02What does renewal look like if no round ever happens?
03Is the waitlist demand for a product, or a queue for a coin?
04Where do keys, title, or NAV liability sit — and is that person licensed?
05If RCA Pad disappeared tomorrow, could the customer still run the job?
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: Cedar Close Ltd
Path on file: Liverpool · counsel-named
Posture: Private only
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.

Liverpoolnamed
EU retailrestricted
United Statesrestricted

Team

Who runs it.

Hannah ReillyChief executive
Nia PetrovChief technology

Stack

Permissioned title chain
Commodity title
Disclosure templates
Takedown SLA

Named with them

Clearline
Meridian Tax

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
Cedar Close does not sell a token to the public on this pad	Posture lock	live
The product is commodity title sold to institutions	Architecture + customer type	live
Permissioned title chain 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: Liverpool	Named markets on the file	live

On the record

Sprint packPackJun
Counsel lockPathJul
Claims register liveRegisterAug
Creator briefBriefSep

Operating log

11 Sep 09:41
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.