RCA Pad
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

DAPA

In diligence
IN MOTIONTransfer agency

Dapple Quay

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

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

Dapple Quay — An attestation graph: a fund or investor proves one fact (accredited, name, share-class) to a transfer agent or administrator without handing over the whole file. Selective disclosure is the product.

In a 14-day diligence sprint (day 6). 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

0

Redacted on the public page

Live nodes

0

TA adapters

Counsel hours

0

Not offering — locked

Sentences killed

0

Before listing

Claims live

5/6

Sprint

Our cut

0%

Of any proceeds

Plate Orbit · 6881

DAPA

The plate

Orbit. Edition 6881.

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

DAPA · Vancouver · Transfer agency

Score

0

Desk diligence

Pilots

0

Named, redacted

Sprint

0

Day 6 of 14

HQ

Vancouver

Fund administrators

Sells

Per-onboarding

Per-onboarding event

Markets

0

Vancouver

Years

0

Founded 2023

Surfaces

0

TA adapters

Complete

0

File readiness

The wedge

Per-onboarding event

Revocation is the product. Anyone can issue; almost no one can take it back.

Why the desk took it

A real job, not a ticker.

No utility token in the revenue model. We checked.

Traction

One named pilot (redacted).

Founded 2023, headquartered in Vancouver. One named pilot on file (redacted in public). 8 nodes or connected surfaces reported. Desk diligence score 88/100. Sprint day 6 of 14. A coverholder or carrier running one binder on this record. A redacted engagement letter landed in week one. That is why the desk took the meeting.

Next 12 months

Liability sentence in writing: who is wrong when a fact is wrong.

Jumio does not speak share-class. 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.

You can wait for a sticker. The named customer did not. They are writing into this record while the rest of the market argues about a comment period.

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

US traffic was taken off the public surfaces in the first working session. Dapple Quay did not argue. Adult companies do not costume a US offering.

From the screen

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

From the pilot

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

From counsel

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

The window

Miss this and you read the archive.

When the heat drops, the named customer is still named — they just stop taking new calls.

a short list people did not join a waitlist for a ticker. They joined for a job.

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

Window

Closed

Closed. History only — not a place to buy.

Sentences killed
14
Counsel hours on file
87
Asks / week
20
Our cut
0% of proceeds

Our TAM is an invoice the customer already pays. A coin would not make it larger. It would make the licence harder.

Jonah Shah, Chief executive

This company

Dapple Quay

Not the incumbent brand. Dapple Quay sells the job the brand will not staff.

In the same conversation

  • Onfido / Jumio for people
  • Fund-admin KYC teams
  • W3C attestations
  • Not a ‘passport token’

The bet

Why this company exists.

Revocation is the product. Anyone can issue; almost no one can take it back.

Revocation is the product. Anyone can issue; almost no one can take it back.

Transfer agents and AIFMs are being asked for faster onboarding without becoming identity companies. Attestations they can revoke are the compromise.

Fund onboarding cost is a known line item. A 20–40% cut in cycle time is a budget, not a vision deck.

Versus the field

The incumbent brand sells the relationship. Dapple Quay 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.

Vancouver 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

  1. 01A fact is attested by a party the recipient already trusts
  2. 02The holder discloses only the field requested
  3. 03The rest of the file stays dark
  4. 04Revocation is a first-class event
  5. 05The recipient never sees the rest of the file — selective disclosure is enforced, not promised
  6. 06Exceptions post back into the customer’s existing case system — no side spreadsheet.

In the same conversation as

  • Onfido / Jumio for people
  • Fund-admin KYC teams
  • W3C attestations
  • Not a ‘passport token’

If they raise

Where the money would actually go.

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

  • Control environment

    40%

    Dual-control drills, key ceremonies, and the person who owns them.

  • Second market

    24%

    Keeping the public story from running ahead of the claims register.

  • Claims & campaign ops

    18%

    Adapter work against the incumbent register, admin, or custodian.

  • Certifications & adapters

    18%

    The remaining certifications and the second named market.

Operating week

What “in market” actually looks like.

  1. WedCounselPerimeter diffs. If the site drifted from the memo, the site moves — not the memo.
  2. MonClaimsEvery public sentence checked against the register. Anything extra is unpublished.
  3. SatDarkNo creators. No threads. Restricted geos stay dark.
  4. 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-onboarding 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
The attester is a party the recipient already trusts — not Dapple Quay.
Switching cost
The customer’s auditor has seen this book. Switching means a new auditor conversation.
Vs the comps
Jumio does not speak share-class.
Why we listed it
No utility token in the revenue model. We checked.

Next twelve months

What has to be true.

Liability sentence in writing: who is wrong when a fact is wrong.

A redacted engagement letter landed in week one. That is why the desk took the meeting.

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

Traction

What you can verify today.

Founded 2023, headquartered in Vancouver. One named pilot on file (redacted in public). 8 nodes or connected surfaces reported. Desk diligence score 88/100. Sprint day 6 of 14. A coverholder or carrier running one binder on this record. A redacted engagement letter landed in week one. That is why the desk took the meeting.

  • Operating notes for TA adapters
  • No token contract listed as a public sale
  • Named founder; customer still a conversation
  • Vancouver 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.”

  • Product67
  • Customers40
  • Legal path62
  • Tech maturity60
  • Demand42
  • Market access44

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.

Who attests

If the attester is the company itself, this is a database with extra steps.

Portability theatre

A graph nobody else reads is a PDF with a hash.

US

US retail identity products are a different statute. Many of these files keep the US off.

Utility token

Paying for attestations in a native token is usually a securities problem in costume.

Self-attestation

If Dapple Quay is the attester, this is a database with extra steps. The graph only matters if someone else signs.

Incumbent feature

The administrator, CCP, scheme or custodian can ship this as a checkbox. Dapple Quay has to be cheaper or faster before that happens.

Ask these next

  1. 01Is the waitlist demand for a product, or a queue for a coin?
  2. 02Who is the first named paying customer — not a letter of intent?
  3. 03Which geography is actually locked, and which is a hope?
  4. 04What does renewal look like if no round ever happens?
  5. 05If RCA Pad disappeared tomorrow, could the customer still run the job?
  6. 06What happens if a founder later wants a public token?

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 Quay 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.

  • Vancouvernamed
  • Mainland China retailrestricted
  • United Statesrestricted

Team

Who runs it.

  • Jonah ShahChief executive

Stack

  • TA adapters
  • Transfer agency
  • Takedown SLA

Who can decide

Jonah Shah (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 Quay is a services firm with a slide. The twelve-month test is renewal, not waitlist.

Claims with evidence

Statements with evidence.

StatementEvidenceStatus
Dapple Quay does not sell a token to the public on this padPosture locklive
The product is transfer agency sold to institutionsArchitecture + customer typelive
TA adapters is the method — not a listed assetDesk snapshotlive
Retail buyers are out of scopeNamed markets locklive
Any raise completes with the issuer’s counsel and providers — not on RCA PadFixed-fee termslive
Pilot identities redacted in publicDesk filedraft
No public token is sold on this padEngagement terms + posture locklive
Customers contemplated: VancouverNamed markets on the filelive

On the record

  1. Day 0 lockKick-offSep
  2. Claim inventoryPackSep
  3. Audience matrix draftPackSep

Operating log

  1. 11 Sep 12:46

    Workshop. Funnel has no purchase step.

  2. 08 Sep 09:00

    Kick-off. Exclusions recorded.

  3. 09 Sep 16:20

    A claim killed for missing evidence.

Path to now

  1. D0

    Kick-off

    Geographies, owners, SLA, exclusions.

  2. 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

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