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

DAPF

In market

IN MARKETPermissioned interop

Dapple Hold

Most of Permissioned interop died in the screen. Dapple Hold did not.

Heat 67. Window a fewd. If you are going to read one Permissioned interop company, this is the one.

Dapple Hold — Attestation packets and IBC-style messages between chains that are not public. Banks and funds that already live behind a firewall use this to talk to each other without opening a public bridge.

Live campaign. 3,537 on the product waitlist — that is demand, not an allocation.

If you needed a reason to open diligence tonight: 3,537 other people already did.

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

Cosmos SDK · permissioned

Counsel hours

Tokyo · counsel-named

Sentences killed

Before listing

Claims live

6/11

Build

Our cut

Of any proceeds

Plate Lattice · 5849

DAPF

The plate

Lattice. Edition 5849.

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

DAPF · Tokyo · Permissioned interop

Score

Desk diligence

Pilots

Named, redacted

Waitlist

Product demand

Tokyo

Banks

Sells

Chain

Chain seat

Markets

Tokyo

Years

Founded 2021

Surfaces

Cosmos SDK · permissioned

Complete

File readiness

The wedge

Chain seat

Dapple Hold moves facts, not value. That is why it might get paid.

Why the desk took it

A real job, not a ticker.

Security review of the verifier is on file, even if draft.

Traction

3 named pilots (redacted).

Founded 2021, headquartered in Tokyo. 3 named pilots on file (identities redacted in public). 3,537 on the waitlist, gated — product demand, not a book built. 8 nodes or connected surfaces reported. Desk diligence score 91/100. Two licensed PSPs on a paid pilot — identities off the public file. A dual-control drill exists on paper. We have not watched it live yet — that is the next ask.

Next 12 months

A verifier a third party has actually run.

Public IBC is a different threat model. 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.

You can wait for a sticker. The named customer did not. They are writing into this record while the rest of the market argues about a comment period.

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

A sentence went public and came down in under an hour. Anja Reilly treated the kill as an operating skill, not a PR event. Files that cannot do this do not stay listed.

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.

From counsel

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 founder

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.

You can read twelve thinner companies. Or this one, once, while the window is open.

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

If you are a founder who wants a pack like this: apply. If you are a buyer: call them — not us.

Window

Closed

Closed. History only — not a place to buy.

Sentences killed: 5
Counsel hours on file: 73
Asks / week: 442
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.
Anja Reilly, Chief executive

This company

Dapple Hold

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

In the same conversation

R3 Corda network maps
Hyperledger interop
Public IBC (different threat model)

The bet

Why this company exists.

Dapple Hold moves facts, not value. That is why it might get paid.

Every permissioned chain is an island. The second chain a bank turns on creates the ticket. The third creates the vendor.

Every extra permissioned deployment is a new integration budget. This product is that budget.

Versus the field

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

Tokyo 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 fact is packed as an attestation, not a free-floating asset
02The counterparty chain verifies the packet
03Assets do not ‘bridge’; messages do
04Public connectivity is off unless counsel names it
05The counterparty chain verifies the packet; assets do not ‘bridge’
06Kill of a public sentence is an hour, not a committee.

In the same conversation as

R3 Corda network maps
Hyperledger interop
Public IBC (different threat model)

If they raise

Where the money would actually go.

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

Counsel & perimeter
29%
The remaining certifications and the second named market.
Certifications & adapters
22%
Hiring the operator who already does this job at a licensed firm.
Second market
17%
Dual-control drills, key ceremonies, and the person who owns them.
Named operators
32%
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.
MonClaimsEvery public sentence checked against the register. Anything extra is unpublished.

The wedge

Why this one, not the other one.

They sell: Chain seat
Who pays: Two licensed PSPs on a paid pilot — identities off the public file.
Unit economics: Bps on a job that already has a budget line. A public coin would not make the invoice larger.
Moat on file: No public endpoint. The threat model holds.
Switching cost: Network effects only if a second named counterparty writes. One customer is a service firm.
Vs the comps: Public IBC is a different threat model.
Why we listed it: Security review of the verifier is on file, even if draft.

Next twelve months

What has to be true.

A verifier a third party has actually run.

A dual-control drill exists on paper. We have not watched it live yet — that is the next ask.

Growth money would extend the record to a second geography, still permissioned.

Traction

What you can verify today.

Operating notes for Cosmos SDK · permissioned
No token contract listed as a public sale
Pilot letters on file, identities redacted
Tokyo 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.”

Product63
Customers96
Legal path84
Tech maturity70
Demand58
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.

Bridge in costume

If value moves as a wrapped asset, this is a bridge. Bridges have a history.

Who verifies

A packet nobody independently checks is email.

Public leak

One public endpoint and the threat model is gone.

Standard war

If a bigger FMI publishes the same packet, this is a feature, not a company.

Bridge in costume

If value moves as a wrapped asset, Dapple Hold inherits every bridge post-mortem. Kill that design.

Single-customer gravity

If the first named buyer is also the only buyer, Dapple Hold is a services shop with a ledger. Ask for the second.

Ask these next

01Which geography is actually locked, and which is a hope?
02Has counsel written the perimeter in a memo you can file?
03What does renewal look like if no round ever happens?
04Is the waitlist demand for a product, or a queue for a coin?
05Who can unpublish a public sentence in 24 hours, by name?
06If RCA Pad disappeared tomorrow, could the customer still run the job?

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: Dapple Hold Ltd
Path on file: Tokyo · counsel-named
Posture: No public sale
Pack: Build

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.

Tokyonamed
Mainland China retailrestricted
United Statesrestricted

Team

Who runs it.

Anja ReillyChief executive

Stack

Cosmos SDK · permissioned
Permissioned interop
Takedown SLA
Approval trail

Named with them

Clearline
Meridian Tax

Who can decide

Anja Reilly came in named. The team is not a handle. Dapple Hold Ltd exists, founded 2021, headquartered in Tokyo. 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
Dapple Hold does not sell a token to the public on this pad	Posture lock	live
The product is permissioned interop sold to institutions	Architecture + customer type	live
Cosmos SDK · permissioned 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: Tokyo	Named markets on the file	live

On the record

Sprint packPackJun
Counsel lockPathJul
Claims register liveRegisterAug
Creator briefBriefSep

Operating log

11 Sep 09:48
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.