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

DAPT

In diligence

IN MOTIONRoyalty admin

Dapple Dock

If you read one Royalty admin company this quarter, make it this one.

A named Nairobi customer is already on the record. The public still thinks this is a deck.

Dapple Dock — 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 1). This is when the story, the customers and the legal path get written down — or the file stops.

Closed stamp is coming. a few 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.

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

3/6

Sprint

Our cut

Of any proceeds

Plate Concentric · 9737

DAPT

The plate

Concentric. Edition 9737.

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

DAPT · Nairobi · Royalty admin

Score

Desk diligence

Pilots

Named, redacted

Sprint

Day 1 of 14

Nairobi

Producers

Sells

Per

Per certificate event

Markets

Nairobi

Years

Founded 2021

Surfaces

Rights ledger

Complete

File readiness

The wedge

Per certificate event

Dapple Dock shortens retirement, it does not invent a tonne.

Why the desk took it

A real job, not a ticker.

No public token representing a tonne. We searched.

Traction

One named pilot (redacted).

Founded 2021, headquartered in Nairobi. One named pilot on file (redacted in public). 3 nodes or connected surfaces reported. Desk diligence score 86/100. Sprint day 1 of 14. A national registry counterpart, not a scrape. Counsel is named, even if the memo is still a draft. Unnamed counsel is how files die.

Next 12 months

Counsel on commodity vs software — one memo.

A public carbon coin is a commodity or a security. This pad will not sell it. 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 decline pile in Royalty admin is not a rumour. It is how this board stays readable. Dapple Dock is what survived. That is the sell.

If you leave this page without opening the claims table, you have read marketing. The scarce version of Dapple Dock is the version that survives counsel. It is on a clock.

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 screen

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

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.

From counsel

Fixed fee. Deposit to start. 0% of proceeds. Token-only pay is declined. Percentage of raise is declined.

The window

Miss this and you read the archive.

A later reader gets the same PDF. They do not get the same access.

Counsel hours on file: enough that a later reader can tell this was not improvised.

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: 5
Counsel hours on file: 80
Asks / week: 8
Our cut: 0% of proceeds

We would rather be archive-clean than live-loud. The waitlist showed up anyway.
Hiro Costa, Chief executive

This company

Dapple Dock

A generalist vendor copies the slide. They cannot copy the named record.

In the same conversation

National GO registries
Xpansiv
Not a public carbon coin

The bet

Why this company exists.

Dapple Dock 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

The incumbent brand sells the relationship. Dapple 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.

Nairobi 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
06A named counterparty verifies; Dapple Dock does not attest to its own facts.

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.

Certifications & adapters
34%
Hiring the operator who already does this job at a licensed firm.
Counsel & perimeter
19%
Dual-control drills, key ceremonies, and the person who owns them.
Claims & campaign ops
21%
The remaining certifications and the second named market.
Control environment
26%
A counsel memo that can survive a later reader.

Operating week

What “in market” actually looks like.

SatDarkNo creators. No threads. Restricted geos stay dark.
WedCounselPerimeter diffs. If the site drifted from the memo, the site moves — not the memo.
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.

The wedge

Why this one, not the other one.

They sell: Per certificate event
Who pays: A national registry counterpart, not a scrape.
Unit economics: They win if they are cheaper than the internal build, not cheaper than a protocol.
Moat on file: Dual-record: the registry still owns the legal fact.
Switching cost: Permissioned connectivity is the moat. Public endpoints would erase it.
Vs the comps: A public carbon coin is a commodity or a security. This pad will not sell it.
Why we listed it: No public token representing a tonne. We searched.

Next twelve months

What has to be true.

Counsel on commodity vs software — one memo.

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

A round, if any, sits with their providers. This pad does not take the order.

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
Nairobi 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.”

Product36
Customers40
Legal path62
Tech maturity45
Demand22
Market access68

Risks

What can kill it.

The one that actually kills it

The unit of account becomes a token

Seat plus event. If they attach a token as the unit of account, this company is a different company — and not one we will operate a campaign for.

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, Dapple Dock is a liability. Dual-record or nothing.

Incumbent feature

The administrator, CCP, scheme or custodian can ship this as a checkbox. Dapple Dock has to be cheaper or faster before that happens.

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 can unpublish a public sentence in 24 hours, by name?
04Which geography is actually locked, and which is a hope?
05Is the waitlist demand for a product, or a queue for a coin?
06What happens if a founder later wants a public token?

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: Dapple Dock 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.

Nairobinamed
United Kingdomnamed
Mainland China retailrestricted
United Statesrestricted

Team

Who runs it.

Hiro CostaChief executive
Siobhán IbrahimChief compliance

Stack

Rights ledger
Royalty admin
Audit log
Disclosure templates

Who can decide

Hiro Costa (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.

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
Dapple Dock 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
Pilot identities redacted in public	No board minute	draft
No public token is sold on this pad	Engagement terms + posture lock	live
Customers contemplated: Nairobi, United Kingdom	Named markets on the file	live

On the record

Day 0 lockKick-offSep
Claim inventoryPackSep
Audience matrix draftPackSep

Operating log

11 Sep 15:49
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

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.