The wedge
Desk seat
Dapple Forge wants to be the record everyone already trusts, without becoming the venue.
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
DAPP
In diligence
IN MOTIONPrivate credit tapeDapple Forge
If you read one Private credit tape company this quarter, make it this one.
Closed files are history. Live files have a clock. Dapple Forge has a few days.
Dapple Forge — A system of record for private-credit funds and desks: tapes, RFQs, or covenants that update when a borrower files. The buyers already have a book. This is plumbing, not a venue that matches strangers.
In a 14-day diligence sprint (day 13). This is when the story, the customers and the legal path get written down — or the file stops.
A year from now this will be an obvious company or a missed one. The window decides which.
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
0
Redacted on the public page
Live nodes
0
Credit book
Counsel hours
0
Not offering — locked
Sentences killed
0
Before listing
Claims live
3/8
Sprint
Our cut
0%
Of any proceeds
Plate Horizon · 7526
DAPP
The plate
Horizon. Edition 7526.
A unique plate for Dapple Forge. Geometry, orbit, and edition belong to this company — no other listing on the board shares it.
DAPP · Montreal · Private credit tape
Score
0
Desk diligence
Pilots
0
Named, redacted
Sprint
0
Day 13 of 14
HQ
Montreal
Private-credit funds
Sells
Desk
Desk seat
Markets
0
Montreal
Years
0
Founded 2024
Surfaces
0
Credit book
Complete
0
File readiness
Why the desk took it
A real job, not a ticker.
Retail was never in the deck. Rare.
Traction
2 named pilots (redacted).
Founded 2024, headquartered in Montreal. 2 named pilots on file (identities redacted in public). 4 nodes or connected surfaces reported. Desk diligence score 74/100. Sprint day 13 of 14. A coverholder or carrier running one binder on this record. They killed their own ‘token as fee’ sentence before we asked. Rare, and it scored.
Next 12 months
Ten live facilities or this is still a lab.
A DeFi lending pool is the opposite company. Bps on a job that already has a budget line. A public coin would not make the invoice larger.
The brief
How a serious reader should hold this.
In Montreal, the person who signs the monthly pack already has a vendor. Dapple Forge is not asking them to believe in a token. It is asking them to move one job — the one that currently lives in a spreadsheet, a fax, or a person who is about to retire — onto a record that can be shown to counsel. The queue to read that record is already not empty.
If you leave this page without opening the claims table, you have read marketing. The scarce version of Dapple Forge is the version that survives counsel. It is on a clock.
A sentence went public and came down in under an hour. Zara Hale treated the kill as an operating skill, not a PR event. Files that cannot do this do not stay listed.
From counsel
US persons are outside the audience. A form that asks “are you accredited?” without verification is not an exemption.
From ops
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 the pilot
We will not describe this as Reg CA-compliant, MiCA-stickered, or FCA-authorised. Issuers retain their own counsel in every relevant jurisdiction.
The window
Miss this and you read the archive.
If the window closes you still have the pack — as history. Not as a live conversation.
a short list people did not join a waitlist for a ticker. They joined for a job.
The scarce thing is not the company. It is the next a few days of a live conversation.
Window
Closed
Closed. History only — not a place to buy.
- Sentences killed
- 5
- Counsel hours on file
- 21
- Asks / week
- 40
- Our cut
- 0% of proceeds
Kill the public sentence in an hour or do not list us. We can do the hour.
This company
Dapple Forge
The protocol pitch is the thing this company has already refused.
In the same conversation
- eFront
- Allvue
- Closed RFQ wires
- Not an on-chain lending pool
The bet
Why this company exists.
Dapple Forge wants to be the record everyone already trusts, without becoming the venue.
Dapple Forge wants to be the record everyone already trusts, without becoming the venue.
Allocators want daily marks and covenant visibility. Banks want to originate without building a chain team. The first honest tape that does not pretend to be an exchange will be paid for as software.
Private credit AUM is measured in trillions. The software take-rate is small. The switching cost, once a tape is the record, is not.
Versus the field
The incumbent brand sells the relationship. Dapple Forge 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 Not offering — locked. Proposed Regulation Crypto Assets is not treated as a calendar slot. Build as if it never opens.
How it works
- 01A loan or covenant event is written once
- 02Permissioned counterparties see what they are allowed to see
- 03Marks and RFQs stay inside named desks
- 04No public order book, no retail
- 05Default and amendment events are first-class, not a PDF in a side channel
- 06Kill of a public sentence is an hour, not a committee.
In the same conversation as
- eFront
- Allvue
- Closed RFQ wires
- Not an on-chain lending pool
If they raise
Where the money would actually go.
Not a token float. A budget against work. RCA Pad still takes 0% of proceeds.
Claims & campaign ops
34%
Dual-control drills, key ceremonies, and the person who owns them.
Certifications & adapters
28%
Keeping the public story from running ahead of the claims register.
Counsel & perimeter
15%
A counsel memo that can survive a later reader.
Named operators
23%
Hiring the operator who already does this job at a licensed firm.
Operating week
What “in market” actually looks like.
- WedCounselPerimeter diffs. If the site drifted from the memo, the site moves — not the memo.
- TueExceptionsOvernight breaks post back into the customer’s case system. No side book.
- SatDarkNo creators. No threads. Restricted geos stay dark.
- FriKill switchRehearse unpublish in 24 hours. If it takes a committee, it is not a switch.
The wedge
Why this one, not the other one.
- They sell
- Desk seat
- Who pays
- A coverholder or carrier running one binder on this record.
- Unit economics
- Bps on a job that already has a budget line. A public coin would not make the invoice larger.
- Moat on file
- Administrator of record has signed a dual-control letter.
- Switching cost
- Scheme maps, ISO, LMA language, registry adapters — eighteen months of unglamorous work.
- Vs the comps
- A DeFi lending pool is the opposite company.
- Why we listed it
- Retail was never in the deck. Rare.
Next twelve months
What has to be true.
Ten live facilities or this is still a lab.
They killed their own ‘token as fee’ sentence before we asked. Rare, and it scored.
If they raise, it is to hire the remaining certifications and the second market — not to float a coin.
Traction
What you can verify today.
Founded 2024, headquartered in Montreal. 2 named pilots on file (identities redacted in public). 4 nodes or connected surfaces reported. Desk diligence score 74/100. Sprint day 13 of 14. A coverholder or carrier running one binder on this record. They killed their own ‘token as fee’ sentence before we asked. Rare, and it scored.
- Operating notes for Credit book
- No token contract listed as a public sale
- Named founder; customer still a conversation
- Montreal 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
- Customers62
- Legal path62
- Tech maturity48
- Demand70
- Market access44
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.
Marketplace slip
The moment this looks like a public book, it is a venue. This pad will not list that.
Data rights
Who owns the tape when a fund leaves? If that is unsigned, the enterprise value is a conversation.
Credit cycle
A default cluster will test whether the product is a record or a reputation.
Retail
Retail is prohibited. Any ‘access token’ story is a different company.
Data rights on exit
If a fund leaves and the tape stays, who owns the history? Unsigned, the enterprise value is a conversation.
Incumbent feature
The administrator, CCP, scheme or custodian can ship this as a checkbox. Dapple Forge has to be cheaper or faster before that happens.
Ask these next
- 01Which geography is actually locked, and which is a hope?
- 02Where do keys, title, or NAV liability sit — and is that person licensed?
- 03Who can unpublish a public sentence in 24 hours, by name?
- 04What does renewal look like if no round ever happens?
- 05Has counsel written the perimeter in a memo you can file?
- 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
- Dapple Forge Ltd
- Path on file
- Not offering — locked
- Posture
- Private only
- 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.
- Montrealnamed
- Mainland China retailrestricted
- United Statesrestricted
Team
Who runs it.
- Zara HaleChief executive
- Hannah BergChief compliance
Stack
- Credit book
- Private credit tape
- Audit log
- Approval trail
Named with them
- Helix Audit
- Meridian Tax
Who can decide
The technical founder is on the record as Chief compliance. Contractors in undisclosed jurisdictions are written down as a fact, not hidden. Facts can be managed. Hiding them is how companies die in diligence.
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 |
|---|---|---|
| Dapple Forge does not sell a token to the public on this pad | Posture lock | live |
| The product is private credit tape sold to institutions | Architecture + customer type | live |
| Credit book 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: Montreal | Named markets on the file | live |
On the record
- Day 0 lockKick-offSep
- Claim inventoryPackSep
- Audience matrix draftPackSep
Operating log
11 Sep 9:42
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.
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.