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

DAPB

Screened

SCREENEDWarehouse receipts

Dapple Ledger

A named Sydney buyer is on the record. You are still reading the public page.

The first buyer already has a vendor. Dapple Ledger is taking that invoice. The queue is a short list deep.

Dapple Ledger — A permissioned record of title, invoices, warehouse receipts or port documents for houses that already finance or move goods. The event is the product. The bill of lading does not get replaced by a meme.

Screened, not yet in sprint. Treat every number as provisional. Calendar access is not automatic.

Closed stamp is coming. 16 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.

Stage

upcoming

Window

0days

Heat

0/99

Inbound / wk

0asks

Asking now

0live

Named pilots

Still a question

Live nodes

Receipt registry

Counsel hours

Not offering — locked

Sentences killed

Before listing

Claims live

0/4

Sprint

Our cut

Of any proceeds

Plate Vault · 4707

DAPB

The plate

Vault. Edition 4707.

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

DAPB · Sydney · Warehouse receipts

Score

Desk diligence

Pilots

Named, redacted

Stage

upcoming

Sydney

Trade-finance banks

Sells

Per

Per title event

Markets

Australia

Years

Founded 2024

Surfaces

Receipt registry

Complete

File readiness

The wedge

Per title event

Dapple Ledger digitises a hold, not a commodity.

Why the desk took it

Early — still a question.

Legal title jurisdiction was in the application. Unusual, and good.

Traction

One named pilot (redacted).

Founded 2024, headquartered in Sydney. One named pilot on file (redacted in public). Desk diligence score 56/100. A coverholder or carrier running one binder on this record. A dual-control drill exists on paper. We have not watched it live yet — that is the next ask.

Next 12 months

One financed shipment against this record.

Contour tried a network. This is an event on cargo that already moves. 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.

Someone in Sydney already renewed a slower vendor this year. Dapple Ledger is the conversation that happens before they do it again. Miss this cycle and you explain the next one.

If you leave this page without opening the claims table, you have read marketing. The scarce version of Dapple Ledger 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 founder

The legal source of truth stays with the incumbent register, admin, or custodian. Dapple Ledger does not attest to its own facts.

From ops

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

From counsel

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

The window

Miss this and you read the archive.

Skip it and you read the archive. Counterparties who matter will have already asked.

Budget exists on a line the board can see. That is why the window is this quarter.

Open the diligence or watch it close. There is not a third option that still counts as early.

Window remaining

0days

When this window closes, the campaign is archive.

Sentences killed: 3
Counsel hours on file: 5
Asks / week: 9
Our cut: 0% of proceeds

Renewal is the round. If nobody renews, there is no company. A token would not fix that.
Mei Vogel, Chief executive

This company

Dapple Ledger

Twelve Warehouse receipts decks look the same. One of them has a Sydney customer on the record.

In the same conversation

Contour / we.trade (history)
CargoX
Bank trade portals
Not a commodity NFT

The bet

Why this company exists.

Dapple Ledger digitises a hold, not a commodity.

Banks want to digitise without putting a commodity on a public chain. Warehouses will not be first movers. A permissioned title event they already recognise is the on-ramp.

Documentary trade is a trillion-scale flow. Software that shortens a hold by two days is a spread.

Versus the field

The incumbent brand sells the relationship. Dapple Ledger 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: Australia. Off-limits: United States retail. A US person hearing an offering communication is a US problem even if the company sits in Sydney. Blocking an IP and taking a US Telegram admin is not a block.

How it works

01A document that already exists is hashed and evented
02Title changes when the parties that already can change it say so
03Financiers see the state they are underwriting
04No public listing of the cargo as an asset
05Title changes only when the parties that already can change it say so
06Kill of a public sentence is an hour, not a committee.

In the same conversation as

Contour / we.trade (history)
CargoX
Bank trade portals
Not a commodity NFT

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
28%
A counsel memo that can survive a later reader.
Certifications & adapters
24%
Hiring the operator who already does this job at a licensed firm.
Counsel & perimeter
14%
Keeping the public story from running ahead of the claims register.
Control environment
34%
The remaining certifications and the second named market.

Operating week

What “in market” actually looks like.

FriKill switchRehearse unpublish in 24 hours. If it takes a committee, it is not a switch.
SatDarkNo creators. No threads. Restricted geos stay dark.
TueExceptionsOvernight breaks post back into the customer’s case system. No side book.
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: Per title event
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: A named warehouse or port has written a live event.
Switching cost: Permissioned connectivity is the moat. Public endpoints would erase it.
Vs the comps: Contour tried a network. This is an event on cargo that already moves.
Why we listed it: Legal title jurisdiction was in the application. Unusual, and good.

Next twelve months

What has to be true.

One financed shipment against this record.

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

Capital would fund the adapter work and a named counsel memo, not a public sale.

Traction

What you can verify today.

Architecture paper — no production customer on the public file
No token contract listed as a public sale
Pilot letters on file, identities redacted
Sydney 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.”

Product24
Customers40
Legal path62
Tech maturity28
Demand10
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.

Legal title

If the court still wants the paper, the chain is a copy. Ask which jurisdiction has said otherwise.

Warehouse adoption

One bank is not a network. The warehouse has to write the event.

Public token

Tokenising the cargo for a crowd is a different, usually worse, company.

Fraud

Digitising a fake bill faster is not progress. Dual-control is the feature.

Paper still wins in court

If the court wants the original, the chain is a copy. Ask which jurisdiction has said otherwise.

Single-customer gravity

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

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?
03What happens if a founder later wants a public token?
04Where do keys, title, or NAV liability sit — and is that person licensed?
05What does renewal look like if no round ever happens?
06Who is the first named paying customer — not a letter of intent?

Structure

How money would actually move.

Too early to talk about a round on this pad. Screen first. A path has to be named by counsel before anyone should wire.

Entity: Dapple Ledger Pty 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.

Australianamed
United States retailrestricted

Team

Who runs it.

Mei VogelChief executive
Mei VogelChief technology

Stack

Receipt registry
Warehouse receipts
Disclosure templates
Takedown SLA

Named with them

Meridian Tax

Who can decide

The technical founder is on the record as Chief technology. Contractors in undisclosed jurisdictions are written down as a fact, not hidden. Facts can be managed. Hiding them is how companies die in diligence.

If the first customer renews, the adapter work pays for itself. If they do not, Dapple Ledger 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 Ledger does not sell a token to the public on this pad	Posture lock	live
The product is warehouse receipts sold to institutions	Architecture + customer type	draft
Receipt registry is the method — not a listed asset	Paper only	draft
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: Australia	Named markets on the file	draft

On the record

Application APP-4783ScreenSep
Counsel questionPathSep

Operating log

07 Sep 18:00
Application scored. Dapple Ledger is not a calendar slot.
11 Sep 10:12
Counsel question sent. Name a path or lock not-offering.

Path to now

Now
Screen
Calendar is never automatic.
Next
Counsel or close
A named path, or a locked not-offering.

Not a subscription

This is not a sale page.

Too early to talk about a round on this pad. Screen first. A path has to be named by counsel before anyone should wire. 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.