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

DAPJ

In diligence

IN MOTIONSettlement

Dapple Kiln

They killed 4 sentences to get listed. That is the product you are about to miss.

a short list names asked to be first. None of them bought a token here. They asked for the product.

Dapple Kiln — A permissioned DvP rail: cash against asset between banks, FMIs or funds that already have accounts with each other. It is the moment of exchange, not a new listed asset.

In a 14-day diligence sprint (day 4). 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

Redacted on the public page

Live nodes

Permissioned settlement

Counsel hours

Not offering — locked

Sentences killed

Before listing

Claims live

3/9

Sprint

Our cut

Of any proceeds

Plate Meridian · 1018

DAPJ

The plate

Meridian. Edition 1018.

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

DAPJ · Mumbai · Settlement

Score

Desk diligence

Pilots

Named, redacted

Sprint

Day 4 of 14

Mumbai

Banks

Sells

FMI

FMI seat

Markets

Mumbai

Years

Founded 2026

Surfaces

Permissioned settlement

Complete

File readiness

The wedge

FMI seat

Dapple Kiln sells a treasurer a night without fails.

Why the desk took it

A real job, not a ticker.

No settlement asset issued by Dapple Kiln. We checked the architecture.

Traction

One named pilot (redacted).

Founded 2026, headquartered in Mumbai. One named pilot on file (redacted in public). 3 nodes or connected surfaces reported. Desk diligence score 77/100. Sprint day 4 of 14. A treasurer at a bank that already settles — not a crypto-native desk. They killed their own ‘token as fee’ sentence before we asked. Rare, and it scored.

Next 12 months

Finality opinion from a named firm.

A public L1 is a different threat model and a different statute. 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 Settlement 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.

What you can verify today is smaller than the slide. What you cannot verify is named as a question, not a promise. That is the difference between this company and a pad listing — and why the waitlist is not a coin queue.

On a Tuesday in Mumbai, an exception posts back into the customer’s existing case system. Nobody opens a side spreadsheet. That is the product: the night someone in ops does not stay late.

From the screen

A dual-control drill exists on paper. Production evidence is the next artefact, not a tweet.

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.

The decline pile in Settlement is full of companies that looked the same on slide one. This one is listed.

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

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: 4
Counsel hours on file: 32
Asks / week: 16
Our cut: 0% of proceeds

US came off the site in the first session. We did not argue. We are not children.
Luca Ng, Chief executive

This company

Dapple Kiln

Twelve Settlement decks look the same. One of them has a Mumbai customer on the record.

In the same conversation

CLS
Fnality
RTGS upgrades
Not a public L1

The bet

Why this company exists.

Dapple Kiln sells a treasurer a night without fails.

T+1, 24/7 FX and on-chain funds make overnight risk visible. Banks will connect a rail before they will issue a coin.

Wholesale settlement is a volume business. Even a sliver of fails avoided is a number a treasurer recognises.

Versus the field

The incumbent brand sells the relationship. Dapple Kiln 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.

Named: Mumbai. Off-limits: Mainland China retail, United States. A US person hearing an offering communication is a US problem even if the company sits in Mumbai. Blocking an IP and taking a US Telegram admin is not a block.

How it works

01Two permissioned parties lock an agreed obligation
02Asset and cash move together, or not at all
03Existing accounts are the source of funds
04No public chain sale of the rail’s token
05Retail and unnamed geographies are structurally off the form, not only in the footer.

In the same conversation as

CLS
Fnality
RTGS upgrades
Not a public L1

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
33%
Hiring the operator who already does this job at a licensed firm.
Certifications & adapters
18%
Keeping the public story from running ahead of the claims register.
Control environment
19%
Dual-control drills, key ceremonies, and the person who owns them.
Claims & campaign ops
30%
A counsel memo that can survive a later reader.

Operating week

What “in market” actually looks like.

ThuCustomerNamed pilot (redacted) sees the same record the auditor saw.
SatDarkNo creators. No threads. Restricted geos stay dark.
TueExceptionsOvernight breaks post back into the customer’s case system. No side book.
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: FMI seat
Who pays: A treasurer at a bank that already settles — not a crypto-native desk.
Unit economics: Annual software against an ops cost the board can see. Switching cost is the record, not the brand.
Moat on file: Two named banks in a live DvP, even if small.
Switching cost: Scheme maps, ISO, LMA language, registry adapters — eighteen months of unglamorous work.
Vs the comps: A public L1 is a different threat model and a different statute.
Why we listed it: No settlement asset issued by Dapple Kiln. We checked the architecture.

Next twelve months

What has to be true.

Finality opinion from a named firm.

They killed their own ‘token as fee’ sentence before we asked. Rare, and it scored.

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

Traction

What you can verify today.

Operating notes for Permissioned settlement
No token contract listed as a public sale
Pilot letters on file, identities redacted
Mumbai 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.”

Product32
Customers40
Legal path62
Tech maturity45
Demand34
Market access44

Risks

What can kill it.

The one that actually kills it

Counsel is a slide

Unnamed counsel is how companies die in diligence. Not offering — locked has to be a memo you can file, not a slogan on the hero.

Money issuance

If the rail issues a settlement asset, it is in the e-money / deposit perimeter.

Legal finality

Atomic in software is not final in court. Ask which law says it is.

Incumbent RTGS

Central banks are not asleep. A feature can become a standard.

Public token

Listing the rail’s unit is a sale. This pad does not run that sale.

Money issuance

If the rail issues a settlement asset, Dapple Kiln is in the e-money / deposit perimeter. That is a different company.

Path silence

If counsel will not name a path and not-offering is not locked, heated waitlist copy is an accidental offering.

Ask these next

01What happens if a founder later wants a public token?
02Where do keys, title, or NAV liability sit — and is that person licensed?
03If RCA Pad disappeared tomorrow, could the customer still run the job?
04Who is the first named paying customer — not a letter of intent?
05Which incumbent can copy this in a quarter, and what would they have to migrate?
06Is the waitlist demand for a product, or a queue for a coin?

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 Kiln 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.

Mumbainamed
Mainland China retailrestricted
United Statesrestricted

Team

Who runs it.

Luca NgChief executive
Rafa ReillyFinance

Stack

Permissioned settlement
Settlement
Audit log
Disclosure templates

Named with them

Helix Audit
Clearline
Meridian Tax

Who can decide

Luca Ng (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, Dapple Kiln 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 Kiln does not sell a token to the public on this pad	Posture lock	live
The product is settlement sold to institutions	Architecture + customer type	live
Permissioned settlement 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	Desk file	draft
No public token is sold on this pad	Engagement terms + posture lock	live
Customers contemplated: Mumbai	Named markets on the file	live

On the record

Day 0 lockKick-offSep
Claim inventoryPackSep
Audience matrix draftPackSep

Operating log

11 Sep 14:38
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.