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

DAPM

Screened

SCREENEDInsurance binders

Dapple Pike

Skip it and you read a PDF. Counterparties who matter will have already called.

A named Cape Town customer is already on the record. The public still thinks this is a deck.

Dapple Pike — 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.

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

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.

Stage

upcoming

Window

0days

Heat

0/99

Inbound / wk

0asks

Asking now

0live

Named pilots

Redacted on the public page

Live nodes

Binder ledger

Counsel hours

Not offering — locked

Sentences killed

Before listing

Claims live

0/7

Sprint

Our cut

Of any proceeds

Plate Signal · 9043

DAPM

The plate

Signal. Edition 9043.

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

DAPM · Cape Town · Insurance binders

Score

Desk diligence

Pilots

Named, redacted

Stage

upcoming

Cape Town

Licensed venues

Sells

Per

Per bordereau cycle

Markets

Cape Town

Years

Founded 2026

Surfaces

Binder ledger

Complete

File readiness

The wedge

Per bordereau cycle

Dapple Pike is replacing the PDF slip, not the carrier.

Why the desk took it

Early — still a question.

They named a coverholder, not a protocol.

Traction

One named pilot (redacted).

Founded 2026, headquartered in Cape Town. One named pilot on file (redacted in public). Desk diligence score 60/100. Four origination desks posting into a closed tape. Counsel is named, even if the memo is still a draft. Unnamed counsel is how files die.

Next 12 months

Counsel on whether the record is a regulated contract.

Excel bordereaux are the incumbent. Beat that. Per-event pricing so a pilot can start without a transformation programme.

The brief

How a serious reader should hold this.

In Cape Town, the person who signs the monthly pack already has a vendor. Dapple Pike is not asking them to believe in a token. It is asking them to move one job — the one that currently lives in a spreadsheet, a fax, or a person who is about to retire — onto a record that can be shown to counsel. The queue to read that record is already not empty.

The bet is narrow. A named Cape Town buyer already has budget for this invoice. Dapple Pike wins if it is cheaper than the internal build and cleaner than the protocol pitch. It loses if a founder later wants a public book. The window is the time you have to decide which it is.

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 screen

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

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

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 incumbent will still be slow in a year. The window will not.

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

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: 5
Counsel hours on file: 14
Asks / week: 10
Our cut: 0% of proceeds

The auditor has seen the dual-record. Switching now is a new conversation. That is the lock.
Kofi Ibrahim, Chief executive

This company

Dapple Pike

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.

Dapple Pike is replacing the PDF slip, not the carrier.

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.

Cape Town 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

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
06Kill of a public sentence is an hour, not a committee.

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.

Second market
40%
The remaining certifications and the second named market.
Certifications & adapters
19%
Keeping the public story from running ahead of the claims register.
Claims & campaign ops
21%
Hiring the operator who already does this job at a licensed firm.
Control environment
20%
Adapter work against the incumbent register, admin, or custodian.

Operating week

What “in market” actually looks like.

SunOwnersWho can decide messaging and budget on a recorded line. If the answer is nobody, stop.
SatDarkNo creators. No threads. Restricted geos stay dark.
FriKill switchRehearse unpublish in 24 hours. If it takes a committee, it is not a switch.
MonClaimsEvery public sentence checked against the register. Anything extra is unpublished.

The wedge

Why this one, not the other one.

They sell: Per bordereau cycle
Who pays: Four origination desks posting into a closed tape.
Unit economics: Per-event pricing so a pilot can start without a transformation programme.
Moat on file: Claim events post back into the carrier’s existing system.
Switching cost: Network effects only if a second named counterparty writes. One customer is a service firm.
Vs the comps: Excel bordereaux are the incumbent. Beat that.
Why we listed it: They named a coverholder, not a protocol.

Next twelve months

What has to be true.

Counsel on whether the record is a regulated contract.

Counsel is named, even if the memo is still a draft. Unnamed counsel is how files die.

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

Traction

What you can verify today.

Architecture paper — no production customer on the public file
No token contract listed as a public sale
Named founder; customer still a conversation
Cape Town 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.”

Product26
Customers40
Legal path62
Tech maturity28
Demand10
Market access44

Risks

What can kill it.

The one that actually kills it

The named customer is a letter of intent

Pilots that cannot be named, even redacted, are theatre. One paying seat that an auditor has seen is worth more than a waitlist of a short list.

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

Token relapse

A later round that wants a public token puts Dapple Pike in a different perimeter. The file treats that as a hard stop.

Ask these next

01Who is the first named paying customer — not a letter of intent?
02What does renewal look like if no round ever happens?
03What happens if a founder later wants a public token?
04Which incumbent can copy this in a quarter, and what would they have to migrate?
05Is the waitlist demand for a product, or a queue for a coin?
06If RCA Pad disappeared tomorrow, could the customer still run the job?

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 Pike Ltd
Path on file: Not offering — locked
Posture: Private only
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.

Cape Townnamed
Public residual claimsrestricted

Team

Who runs it.

Kofi IbrahimChief executive
Amira RibeiroHead of product

Stack

Binder ledger
Insurance binders
Disclosure templates

Named with them

Clearline

Who can decide

Kofi Ibrahim came in named. The team is not a handle. Dapple Pike Ltd exists, founded 2026, headquartered in Cape Town. Anonymity would have been an automatic decline.

If the first customer renews, the adapter work pays for itself. If they do not, Dapple Pike 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 Pike does not sell a token to the public on this pad	Posture lock	live
The product is insurance binders sold to institutions	Architecture + customer type	draft
Binder ledger 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	Desk file	draft
No public token is sold on this pad	Engagement terms + posture lock	live
Customers contemplated: Cape Town	Named markets on the file	draft

On the record

Application APP-4811ScreenSep
Counsel questionPathSep

Operating log

05 Sep 11:00
Application scored. Dapple Pike 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.