RCA Pad
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

CLOD

In market
HOT WINDOWAviation title

Clove Book

Most of Aviation title died in the screen. Clove Book did not.

If this pad disappeared tomorrow, the customer could still run the job. That is why they are here.

Clove Book — 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. 6,914 on the product waitlist — that is demand, not an allocation.

Heat 80 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.

Waitlist

0

Window

Closed

Heat

0/99

Inbound / wk

0asks

Asking now

0live

Named pilots

0

Redacted on the public page

Live nodes

0

Airframe registry

Counsel hours

0

Belfast · counsel-named

Sentences killed

0

Before listing

Claims live

6/11

Growth

Our cut

0%

Of any proceeds

Plate Vault · 7278

CLOD

The plate

Vault. Edition 7278.

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

CLOD · Belfast · Aviation title

Score

0

Desk diligence

Pilots

0

Named, redacted

Waitlist

0

Product demand

HQ

Belfast

Trade-finance banks

Sells

Per

Per financed invoice

Markets

0

Belfast

Years

0

Founded 2022

Surfaces

0

Airframe registry

Complete

0

File readiness

The wedge

Per financed invoice

A warehouse that writes the event is worth more than a bank that only reads it.

Why the desk took it

A real job, not a ticker.

Public listing of cargo was refused on day one.

Traction

4 named pilots (redacted).

Founded 2022, headquartered in Belfast. 4 named pilots on file (identities redacted in public). 6,914 on the waitlist, gated — product demand, not a book built. 24 nodes or connected surfaces reported. Desk diligence score 93/100. Two licensed PSPs on a paid pilot — identities off the public file. Counsel is named, even if the memo is still a draft. Unnamed counsel is how files die.

Next 12 months

A second warehouse, or the network is a customer.

Contour tried a network. This is an event on cargo that already moves. Annual software against an ops cost the board can see. Switching cost is the record, not the brand.

The brief

How a serious reader should hold this.

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

Clove Book exists because the incumbent brand will not staff the unglamorous middle of Aviation title. 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.

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 ops

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.

Waiting for a proposed US rule is how you miss a Belfast buyer who already has budget.

A supervisor is already forcing a perimeter. Houses that pick software over a coin will buy this now.

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

Window

Closed

Closed. History only — not a place to buy.

Sentences killed
18
Counsel hours on file
89
Asks / week
864
Our cut
0% of proceeds

The waitlist is people who want the product. If they wanted a coin they would be on a different pad.

Hannah Vogel, Chief executive

This company

Clove Book

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.

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

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 Belfast · counsel-named. Proposed Regulation Crypto Assets is not treated as a calendar slot. Build as if it never opens.

How it works

  1. 01A document that already exists is hashed and evented
  2. 02Title changes when the parties that already can change it say so
  3. 03Financiers see the state they are underwriting
  4. 04No public listing of the cargo as an asset
  5. 05Title changes only when the parties that already can change it say so
  6. 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.

  • Second market

    30%

    The remaining certifications and the second named market.

  • Claims & campaign ops

    27%

    Adapter work against the incumbent register, admin, or custodian.

  • Named operators

    22%

    Dual-control drills, key ceremonies, and the person who owns them.

  • Counsel & perimeter

    21%

    Keeping the public story from running ahead of the claims register.

Operating week

What “in market” actually looks like.

  1. TueExceptionsOvernight breaks post back into the customer’s case system. No side book.
  2. WedCounselPerimeter diffs. If the site drifted from the memo, the site moves — not the memo.
  3. ThuCustomerNamed pilot (redacted) sees the same record the auditor saw.
  4. SatDarkNo creators. No threads. Restricted geos stay dark.

The wedge

Why this one, not the other one.

They sell
Per financed invoice
Who pays
Two licensed PSPs on a paid pilot — identities off the public file.
Unit economics
Annual software against an ops cost the board can see. Switching cost is the record, not the brand.
Moat on file
Dual-control on title change — the fraud case is the feature.
Switching cost
The customer’s auditor has seen this book. Switching means a new auditor conversation.
Vs the comps
Contour tried a network. This is an event on cargo that already moves.
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.

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

They have not asked us to run a sale. That ask would close the file.

Traction

What you can verify today.

Founded 2022, headquartered in Belfast. 4 named pilots on file (identities redacted in public). 6,914 on the waitlist, gated — product demand, not a book built. 24 nodes or connected surfaces reported. Desk diligence score 93/100. Two licensed PSPs on a paid pilot — identities off the public file. Counsel is named, even if the memo is still a draft. Unnamed counsel is how files die.

  • Operating notes for Airframe registry
  • No token contract listed as a public sale
  • Named founder; customer still a conversation
  • Belfast 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.”

  • Product83
  • Customers96
  • Legal path84
  • Tech maturity94
  • Demand75
  • Market access44

Risks

What can kill it.

The one that actually kills it

The founder wants a public book

The moment Clove Book 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.

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. Clove Book has to attach to the real one, in Belfast.

Ask these next

  1. 01Is the waitlist demand for a product, or a queue for a coin?
  2. 02What happens if a founder later wants a public token?
  3. 03Which incumbent can copy this in a quarter, and what would they have to migrate?
  4. 04Who is the first named paying customer — not a letter of intent?
  5. 05What does renewal look like if no round ever happens?
  6. 06Which geography is actually locked, and which is a hope?

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
Clove Book Ltd
Path on file
Belfast · 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.

  • Belfastnamed
  • United States retailrestricted

Team

Who runs it.

  • Hannah VogelChief executive
  • Mei ReillyMarkets

Stack

  • Airframe registry
  • Aviation title
  • Audit log
  • Approval trail

Named with them

  • Northbridge Counsel

Who can decide

Hannah 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, Clove Book is a services firm with a slide. The twelve-month test is renewal, not waitlist.

Claims with evidence

Statements with evidence.

StatementEvidenceStatus
Clove Book does not sell a token to the public on this padPosture locklive
The product is aviation title sold to institutionsArchitecture + customer typelive
Airframe registry is the method — not a listed assetDesk snapshotlive
Retail buyers are out of scopeNamed markets locklive
Any raise completes with the issuer’s counsel and providers — not on RCA PadFixed-fee termslive
Production date for the chain layer is not committedNo board minutedraft
No public token is sold on this padEngagement terms + posture locklive
Customers contemplated: BelfastNamed markets on the filelive

On the record

  1. Sprint packPackJun
  2. Counsel lockPathJul
  3. Claims register liveRegisterAug
  4. Creator briefBriefSep

Operating log

  1. 11 Sep 09:39

    Takedown SLA idle-tested.

  2. 08 Sep 11:40

    A claim held for missing evidence.

  3. 04 Sep 08:22

    Weekly report issued to the desk.

  4. 01 Sep 14:08

    Creator set on disclosure. No buy language.

Path to now

  1. Sprint

    Pack accepted

    Narrative, matrix, claims locked.

  2. Path

    Counsel names it

    Or the file stays not-offering.

  3. 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.