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

CEDH

In diligence

IN MOTIONRoyalty admin

Cedar Yard

Most of Royalty admin died in the screen. Cedar Yard did not.

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

Cedar Yard — A ledger of energy certificates (GOs, RECs) for producers and offtakers who already sit in a national registry. It moves the event faster. It does not invent a green token for Twitter.

In a 14-day diligence sprint (day 8). This is when the story, the customers and the legal path get written down — or the file stops.

Heat 39 of 99. Hot windows do not stay hot. They close.

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

Rights ledger

Counsel hours

Not offering — locked

Sentences killed

Before listing

Claims live

1/9

Sprint

Our cut

Of any proceeds

Plate Ledger · 7199

CEDH

The plate

Ledger. Edition 7199.

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

CEDH · Copenhagen · Royalty admin

Score

Desk diligence

Pilots

Named, redacted

Sprint

Day 8 of 14

Copenhagen

Producers

Sells

Producer

Producer seat

Markets

Copenhagen

Years

Founded 2024

Surfaces

Rights ledger

Complete

File readiness

The wedge

Producer seat

Cedar Yard shortens retirement, it does not invent a tonne.

Why the desk took it

A real job, not a ticker.

Registry cooperation is in writing, even if early.

Traction

2 named pilots (redacted).

Founded 2024, headquartered in Copenhagen. 2 named pilots on file (identities redacted in public). 4 nodes or connected surfaces reported. Desk diligence score 77/100. Sprint day 8 of 14. A named Copenhagen administrator who already signs the pack (redacted). No public APY, no public book, no ‘how to buy’ on any surface we could find.

Next 12 months

Still dual-record with the registry.

Xpansiv is a market. This is the event under a registry. They sell a fee the customer already pays a slower vendor for. TAM is that invoice, not a token float.

The brief

How a serious reader should hold this.

Before the waitlist, before the window, there was a refusal. Cedar Yard would not let a public sale sit on this page. That is why a company in Royalty admin is listed here at all — and why the people who wanted a coin left, and the people who wanted the product stayed.

Read this as an operating company, not a round. Counsel has a posture: Not offering — locked. Restricted markets stay dark. RCA Pad takes 0% if they ever raise. That combination is why inbound did not need a ticker.

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 counsel

US persons are outside the audience. A form that asks “are you accredited?” without verification is not an exemption.

From the screen

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 founder

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

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.

Certification is in motion. After it lands, the price of the seat is not the question — access is.

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

Window

Closed

Closed. History only — not a place to buy.

Sentences killed: 6
Counsel hours on file: 35
Asks / week: 26
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.
Nia Adeyemi, Chief executive

This company

Cedar Yard

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

In the same conversation

National GO registries
Xpansiv
Not a public carbon coin

The bet

Why this company exists.

Cedar Yard shortens retirement, it does not invent a tonne.

Corporate offtakers are being asked to prove what they bought. Registries lag. A dual record that the registry still owns is sellable.

GO and REC markets are measured in tens of billions. Ops software is a thin slice with high switching costs.

Versus the field

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

Copenhagen 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 certificate that exists in a registry is evented here
02Delivery and retirement are visible to the offtaker
03The registry remains the legal source
04No public ‘carbon token’ sale on this pad
05Delivery and retirement are visible to the offtaker; the registry remains source
06Kill of a public sentence is an hour, not a committee.

In the same conversation as

National GO registries
Xpansiv
Not a public carbon coin

If they raise

Where the money would actually go.

Not a token float. A budget against work. RCA Pad still takes 0% of proceeds.

Named operators
30%
Adapter work against the incumbent register, admin, or custodian.
Counsel & perimeter
23%
The remaining certifications and the second named market.
Certifications & adapters
18%
Hiring the operator who already does this job at a licensed firm.
Second market
29%
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.
SunOwnersWho can decide messaging and budget on a recorded line. If the answer is nobody, stop.
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: Producer seat
Who pays: A named Copenhagen administrator who already signs the pack (redacted).
Unit economics: They sell a fee the customer already pays a slower vendor for. TAM is that invoice, not a token float.
Moat on file: A national registry is a counterpart, not a scrape.
Switching cost: Scheme maps, ISO, LMA language, registry adapters — eighteen months of unglamorous work.
Vs the comps: Xpansiv is a market. This is the event under a registry.
Why we listed it: Registry cooperation is in writing, even if early.

Next twelve months

What has to be true.

Still dual-record with the registry.

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.

Operating notes for Rights ledger
No token contract listed as a public sale
Pilot letters on file, identities redacted
Copenhagen 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.”

Product41
Customers62
Legal path62
Tech maturity48
Demand50
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 a short list.

Double count

If the registry and this ledger can both be sold, the product is a liability.

Green token

A freely traded climate token is usually a commodity or a security. This pad will not sell it.

Registry cooperation

Without the registry, this is a shadow certificate.

Policy

GO rules move. The product has to move with them, not ahead of them.

Double count

If the registry and this ledger can both be sold, Cedar Yard is a liability. Dual-record or nothing.

Facts vs theatre

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

Ask these next

01Who can unpublish a public sentence in 24 hours, by name?
02Is the waitlist demand for a product, or a queue for a coin?
03If RCA Pad disappeared tomorrow, could the customer still run the job?
04Who is the first named paying customer — not a letter of intent?
05Which geography is actually locked, and which is a hope?
06Which incumbent can copy this in a quarter, and what would they have to migrate?

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: Cedar Yard 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.

Copenhagennamed
Global publicrestricted

Team

Who runs it.

Nia AdeyemiChief executive
Yara ShahChief compliance

Stack

Rights ledger
Royalty admin
Approval trail

Named with them

Clearline
Meridian Tax

Who can decide

Nia Adeyemi came in named. The team is not a handle. Cedar Yard Ltd exists, founded 2024, headquartered in Copenhagen. Anonymity would have been an automatic decline.

Year two is a second named market and the remaining certifications — still permissioned. It is not a public book. A public book would be a different company.

Claims with evidence

Statements with evidence.

Statement	Evidence	Status
Cedar Yard does not sell a token to the public on this pad	Posture lock	live
The product is royalty admin sold to institutions	Architecture + customer type	live
Rights ledger 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: Copenhagen	Named markets on the file	live

On the record

Day 0 lockKick-offSep
Claim inventoryPackSep
Audience matrix draftPackSep

Operating log

11 Sep 11:33
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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