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

DAPN

Closed

CLOSEDReinsurance records

Dapple Mere

Window closed. 5,954 asked while it was live. You are reading history.

The window is 0 days. After that Dapple Mere archives. Diligence does not reopen as a live conversation.

Dapple Mere — A permissioned netting engine for trading venues and brokers that are already licensed. It reduces what has to settle. It is not a new CCP, and it is not a collateral token.

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

Window

Closed

Heat

0/99

Inbound / wk

0asks

Asking now

0live

Named pilots

Redacted on the public page

Live nodes

Treaty book

Counsel hours

Johannesburg · closed private round

Sentences killed

Before listing

Claims live

0/8

Sprint

Our cut

Of any proceeds

Plate Vault · 7123

DAPN

The plate

Vault. Edition 7123.

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

DAPN · Johannesburg · Reinsurance records

Score

Desk diligence

Pilots

Named, redacted

Waitlist

Product demand

Johannesburg

Licensed venues

Sells

Per

Per binder

Markets

Johannesburg

Years

Founded 2025

Surfaces

Treaty book

Complete

File readiness

The wedge

Per binder

A tokenised policy sold to a crowd is a different, usually illegal, company.

Why the desk took it

A real job, not a ticker.

US surplus-lines posture was flagged as a counsel question. Correct.

Traction

4 named pilots (redacted).

Founded 2025, headquartered in Johannesburg. 4 named pilots on file (identities redacted in public). 5,954 on the waitlist, gated — product demand, not a book built. 24 nodes or connected surfaces reported. Desk diligence score 72/100. A transfer agent willing to consume a revoke in production. No public APY, no public book, no ‘how to buy’ on any surface we could find.

Next 12 months

Counsel on whether the record is a regulated contract.

Guidewire is the system of record. This is the slip between markets. Per-event pricing so a pilot can start without a transformation programme.

The brief

How a serious reader should hold this.

Johannesburg is not a backdrop. It is the jurisdiction where a named customer can be sued, called, and asked a question on a recorded line. Dapple Mere chose it for that reason. Counterparties who still think this is a ‘global’ story are already late.

Read this as an operating company, not a round. Counsel has a posture: Johannesburg · closed private round. Restricted markets stay dark. RCA Pad takes 0% if they ever raise. That combination is why inbound did not need a ticker.

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 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

Fixed fee. Deposit to start. 0% of proceeds. Token-only pay is declined. Percentage of raise is declined.

From counsel

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.

Founders who want a pack this tight apply. Readers who wait get a closed stamp.

Restricted markets stay dark. Named markets are live. That discipline is the scarce thing.

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: 18
Counsel hours on file: 20
Asks / week: 744
Our cut: 0% of proceeds

Do not put a participate button on our page. If you do, we leave.
Ibrahim Ibrahim, Chief executive

This company

Dapple Mere

The copycats will arrive after certification. That is why the window is now.

In the same conversation

LCH / Eurex (incumbent CCPs)
Caldastone-style utilities
Not a DeFi clearinghouse

The bet

Why this company exists.

A tokenised policy sold to a crowd is a different, usually illegal, company.

T+1 and capital rules make gross settlement expensive. Venues will buy netting as a service before they will buy a new licence.

Post-trade cost is a line on every broker P&L. A 10% cut in settlement fails is a CFO conversation.

Versus the field

A generalist vendor can copy the slide in a quarter. They cannot copy the named record, the scheme map, or the auditor conversation. That is the year they would have to buy.

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

How it works

01Members post positions they already hold
02The engine nets what the rulebook allows
03Only the residual hits the existing settlement rail
04Collateral as a token is an exclusion on this file
05Claim and premium events update the same slip the markets already signed
06Retail and unnamed geographies are structurally off the form, not only in the footer.

In the same conversation as

LCH / Eurex (incumbent CCPs)
Caldastone-style utilities
Not a DeFi clearinghouse

If they raise

Where the money would actually go.

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

Named operators
31%
Adapter work against the incumbent register, admin, or custodian.
Claims & campaign ops
27%
Keeping the public story from running ahead of the claims register.
Certifications & adapters
21%
Hiring the operator who already does this job at a licensed firm.
Counsel & perimeter
21%
A counsel memo that can survive a later reader.

Operating week

What “in market” actually looks like.

FriKill switchRehearse unpublish in 24 hours. If it takes a committee, it is not a switch.
WedCounselPerimeter diffs. If the site drifted from the memo, the site moves — not the memo.
SunOwnersWho can decide messaging and budget on a recorded line. If the answer is nobody, stop.
TueExceptionsOvernight breaks post back into the customer’s case system. No side book.

The wedge

Why this one, not the other one.

They sell: Per binder
Who pays: A transfer agent willing to consume a revoke in production.
Unit economics: Per-event pricing so a pilot can start without a transformation programme.
Moat on file: A coverholder has written a live binder on this record.
Switching cost: Scheme maps, ISO, LMA language, registry adapters — eighteen months of unglamorous work.
Vs the comps: Guidewire is the system of record. This is the slip between markets.
Why we listed it: US surplus-lines posture was flagged as a counsel question. Correct.

Next twelve months

What has to be true.

Counsel on whether the record is a regulated contract.

No public APY, no public book, no ‘how to buy’ on any surface we could find.

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

Traction

What you can verify today.

Operating notes for Treaty book
No token contract listed as a public sale
Pilot letters on file, identities redacted
Johannesburg 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 maturity94
Demand70
Market access68

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.

CCP perimeter

If a regulator reads this as clearing, the licence problem is existential.

Collateral token

That ask has been refused on files like this. It should stay refused.

Member default

Who eats the loss? If the answer is ‘the protocol’, there is no protocol that can.

Incumbent freeze-out

CCPs can copy the netting logic faster than a startup can collect members.

Not a carrier

If Dapple Mere looks like it is taking risk, it needs a licence. The file says it does not. Keep it that way.

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

01Has counsel written the perimeter in a memo you can file?
02Which geography is actually locked, and which is a hope?
03If RCA Pad disappeared tomorrow, could the customer still run the job?
04Which incumbent can copy this in a quarter, and what would they have to migrate?
05What happens if a founder later wants a public token?
06Who can unpublish a public sentence in 24 hours, by name?

Structure

How money would actually move.

Window closed. Tombstone is theirs. Archive is ours. 0% of proceeds.

Entity: Dapple Mere Ltd
Path on file: Johannesburg · closed private round
Posture: Window closed
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.

Johannesburgnamed
United Kingdomnamed
Global publicrestricted
United Statesrestricted

Team

Who runs it.

Ibrahim IbrahimChief executive
Claire ColeMarkets

Stack

Treaty book
Reinsurance records
Takedown SLA
Approval trail

Named with them

Clearline
Meridian Tax

Who can decide

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

A second counterparty writing into the record is the only network effect that counts. One customer is a consultancy. Two is a market.

Claims with evidence

Statements with evidence.

Statement	Evidence	Status
Dapple Mere does not sell a token to the public on this pad	Posture lock	withdrawn
The product is reinsurance records sold to institutions	Architecture + customer type	withdrawn
Treaty book 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: Johannesburg, 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 Mere 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.

Launch your own How an RCAICO works

Other companies

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