The wedge
Bps of AUM on the books
Dapple House sells a 15-day lag down to a day, without turning the unit into a coin.
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
DAPX
Closed
CLOSEDCap-table opsDapple House
Window closed. 1,551 asked while it was live. You are reading history.
Inbound this week: 8. That is demand for a job someone already pays for — not a book.
Dapple House — An operational layer for funds: NAV events, share-class records, books an AIFM can defend. The administrator remains the administrator. This is co-sourced infrastructure, not a tokenised fund on a public board.
Closed on this board. Any capital event was completed with the issuer’s own providers. RCA Pad took 0%.
Closed. The live conversation is over. The pack remains as archive.
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
Share register
Counsel hours
0
Switzerland · closed private round
Sentences killed
0
Before listing
Claims live
0/10
Sprint
Our cut
0%
Of any proceeds
Plate Vault · 2962
DAPX
The plate
Vault. Edition 2962.
A unique plate for Dapple House. Geometry, orbit, and edition belong to this company — no other listing on the board shares it.
DAPX · Zurich · Cap-table ops
Score
0
Desk diligence
Pilots
0
Named, redacted
Waitlist
0
Product demand
HQ
Zurich
Fund administrators
Sells
Bps
Bps of AUM on the books
Markets
0
Switzerland
Years
0
Founded 2022
Surfaces
0
Share register
Complete
0
File readiness
Why the desk took it
A real job, not a ticker.
Unit-as-token was refused in notes. We will not reverse that.
Traction
4 named pilots (redacted).
Founded 2022, headquartered in Zurich. 4 named pilots on file (identities redacted in public). 1,551 on the waitlist, gated — product demand, not a book built. 8 nodes or connected surfaces reported. Desk diligence score 87/100. A qualified custodian reconciling against this book. Architecture says keys / title / NAV liability sit with a named licensed party — not Dapple House.
Next 12 months
No public ‘buy the token’ language anywhere they touch.
SS&C and Apex are the admin. This is the event layer they can defend. 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.
Most Cap-table ops decks start with a market size. This one starts with a job: a person at a licensed firm, a record they cannot currently prove, and a calendar that does not wait for a proposed US rule. The calendar is the window. The window is the scarce thing.
If you leave this page without opening the claims table, you have read marketing. The scarce version of Dapple House is the version that survives counsel. It is on a clock.
A sentence went public and came down in under an hour. Amira Ibrahim treated the kill as an operating skill, not a PR event. Files that cannot do this do not stay listed.
From counsel
Fixed fee. Deposit to start. 0% of proceeds. Token-only pay is declined. Percentage of raise is declined.
From the founder
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 pilot
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.
The next Cap-table ops company on this board will not have this waitlist, this HQ, or this counsel posture.
The incumbent copy takes a year. The named customer is already writing into this record.
The scarce thing is not the company. It is the next 0 days of a live conversation.
Window
Closed
Closed. History only — not a place to buy.
- Sentences killed
- 5
- Counsel hours on file
- 70
- Asks / week
- 194
- 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.
This company
Dapple House
The copycats will arrive after certification. That is why the window is now.
In the same conversation
- SS&C
- Apex
- Citi TA
- Not a public tokenised fund
The bet
Why this company exists.
Dapple House sells a 15-day lag down to a day, without turning the unit into a coin.
Dapple House sells a 15-day lag down to a day, without turning the unit into a coin.
Allocators want faster marks. Administrators cannot staff that with people. A dual-record (their books + this event) is how they sleep.
Fund administration is a fee business measured in basis points of AUM. A faster close is retained business.
Versus the field
L2 wrappers are cheaper. They are also a different perimeter — and declined here. Dapple House is priced as software against an invoice that already exists.
The live path is Switzerland · closed private round. Proposed Regulation Crypto Assets is not treated as a calendar slot. Build as if it never opens.
How it works
- 01Administrator remains source of truth
- 02Events (NAV, subscription, share-class) are signed and timestamped
- 03Investors and auditors query what they are allowed to see
- 04The fund unit is not listed here as a token you can buy
- 05Investors and auditors query only what they are allowed to see
- 06A named counterparty verifies; Dapple House does not attest to its own facts.
In the same conversation as
- SS&C
- Apex
- Citi TA
- Not a public tokenised fund
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
29%
Keeping the public story from running ahead of the claims register.
Certifications & adapters
19%
The remaining certifications and the second named market.
Named operators
20%
Hiring the operator who already does this job at a licensed firm.
Counsel & perimeter
32%
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.
- WedCounselPerimeter diffs. If the site drifted from the memo, the site moves — not the memo.
- MonClaimsEvery public sentence checked against the register. Anything extra is unpublished.
- SunOwnersWho can decide messaging and budget on a recorded line. If the answer is nobody, stop.
The wedge
Why this one, not the other one.
- They sell
- Bps of AUM on the books
- Who pays
- A qualified custodian reconciling against this book.
- Unit economics
- Annual software against an ops cost the board can see. Switching cost is the record, not the brand.
- Moat on file
- A live NAV event in a real fund, not a demo clock.
- Switching cost
- Once the record is the record, the incumbent copy has to migrate history. That is the year.
- Vs the comps
- SS&C and Apex are the admin. This is the event layer they can defend.
- Why we listed it
- Unit-as-token was refused in notes. We will not reverse that.
Next twelve months
What has to be true.
No public ‘buy the token’ language anywhere they touch.
Architecture says keys / title / NAV liability sit with a named licensed party — not Dapple House.
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 Zurich. 4 named pilots on file (identities redacted in public). 1,551 on the waitlist, gated — product demand, not a book built. 8 nodes or connected surfaces reported. Desk diligence score 87/100. A qualified custodian reconciling against this book. Architecture says keys / title / NAV liability sit with a named licensed party — not Dapple House.
- Operating notes for Share register
- No token contract listed as a public sale
- Pilot letters on file, identities redacted
- Zurich is the operating centre
- The waitlist, if any, is a product list — not a book
- Raise, if any, closed with issuer providers
Readiness
Six things a serious buyer asks. 100 is “ready to take to counsel and a customer.”
- Product95
- Customers96
- Legal path84
- Tech maturity52
- Demand48
- Market access90
Risks
What can kill it.
The one that actually kills it
A second geography without a lock
Extending the record into a market that is still restricted is how a clean Zurich story becomes a fact pattern. The restricted list exists for a reason: United States retail, United States.
Unit token
A share-class token sold to the public is a securities offering. This pad will not run that as a sale.
Admin of record
If the admin has not signed, this is a shadow book. Shadow books do not survive an audit.
NAV liability
Who is wrong when the number is wrong? That sentence has to exist.
Distribution
Using this layer as a public subscription journey is a different file — and usually the wrong house.
Shadow book
If the administrator has not signed, Dapple House is a copy of a spreadsheet. Copies do not survive the audit.
Incumbent feature
The administrator, CCP, scheme or custodian can ship this as a checkbox. Dapple House has to be cheaper or faster before that happens.
Ask these next
- 01Has counsel written the perimeter in a memo you can file?
- 02Which geography is actually locked, and which is a hope?
- 03What does renewal look like if no round ever happens?
- 04Is the waitlist demand for a product, or a queue for a coin?
- 05Which incumbent can copy this in a quarter, and what would they have to migrate?
- 06Where do keys, title, or NAV liability sit — and is that person licensed?
Structure
How money would actually move.
Window closed. Tombstone is theirs. Archive is ours. 0% of proceeds.
- Entity
- Dapple House AG
- Path on file
- Switzerland · closed private round
- 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.
- Switzerlandnamed
- EEA professionalnamed
- United Kingdomnamed
- United States retailrestricted
- United Statesrestricted
Team
Who runs it.
- Amira IbrahimChief executive
- Mei SatoChief executive
Stack
- Share register
- Cap-table ops
- Disclosure templates
- Audit log
Who can decide
Amira Ibrahim came in named. The team is not a handle. Dapple House AG exists, founded 2022, headquartered in Zurich. Anonymity would have been an automatic decline.
If the first customer renews, the adapter work pays for itself. If they do not, Dapple House is a services firm with a slide. The twelve-month test is renewal, not waitlist.
Claims with evidence
Statements with evidence.
| Statement | Evidence | Status |
|---|---|---|
| Dapple House does not sell a token to the public on this pad | Posture lock | withdrawn |
| The product is cap-table ops sold to institutions | Architecture + customer type | withdrawn |
| Share register is the method — not a listed asset | Desk snapshot | withdrawn |
| Retail buyers are out of scope | Named markets lock | withdrawn |
| Any raise completes with the issuer’s counsel and providers — not on RCA Pad | Fixed-fee terms | withdrawn |
| Production date for the chain layer is not committed | No board minute | withdrawn |
| No public token is sold on this pad | Engagement terms + posture lock | withdrawn |
| Customers contemplated: Switzerland, EEA professional, United Kingdom | Named markets on the file | withdrawn |
On the record
- Final registerArchiveAug
- Close reportReportAug
- Tombstone copyArchiveAug
Operating log
19 Aug 10:00
Close report. 0% of proceeds.
12 Aug 18:00
Dapple House archived. Live claims withdrawn.
11 Aug 09:30
Final creator pass. Residual claims pulled.
Path to now
Open
File
Before any public sentence.
Close
Archive
We did not take a cut.
Not a subscription
This is not a sale page.
Window closed. Tombstone is theirs. Archive is ours. 0% of proceeds. 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.