The wedge
Per statement
Dapple Stack sells the statement, not the vault. Anyone can launch a vault.
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
DAP4
Screened
SCREENEDPrime brokerage opsDapple Stack
Elena Khan will not run a sale here. That is why serious people are in the queue.
Madrid is not a backdrop. It is the city where the customer can be called on a recorded line.
Dapple Stack — Accounting and proof layers for vaults that already hold assets for known clients. zk or otherwise, the point is a statement a counterparty can verify — not a public yield product.
Screened, not yet in sprint. Treat every number as provisional. Calendar access is not automatic.
If you needed a reason to open diligence tonight: a short list other people already did.
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
0
Redacted on the public page
Live nodes
0
Prime adapters
Counsel hours
0
Not offering — locked
Sentences killed
0
Before listing
Claims live
0/4
Sprint
Our cut
0%
Of any proceeds
Plate Concentric · 4558
DAP4
The plate
Concentric. Edition 4558.
A unique plate for Dapple Stack. Geometry, orbit, and edition belong to this company — no other listing on the board shares it.
DAP4 · Madrid · Prime brokerage ops
Score
0
Desk diligence
Pilots
0
None on file
Stage
upcoming
upcoming
HQ
Madrid
Asset managers
Sells
Per
Per statement
Markets
0
Madrid
Years
0
Founded 2022
Surfaces
0
Prime adapters
Complete
0
File readiness
Why the desk took it
Early — still a question.
They called zk a method in the application. Correct.
Traction
No paying pilot on the public file.
Founded 2022, headquartered in Madrid. No named paying pilot on the file yet — that is the first question. Desk diligence score 56/100. A treasurer at a bank that already settles — not a crypto-native desk. Architecture says keys / title / NAV liability sit with a named licensed party — not Dapple Stack.
Next 12 months
Production book, not a demo circuit.
Custodian reporting is a PDF. This is a file a counterparty verifies. Per-event pricing so a pilot can start without a transformation programme.
The brief
How a serious reader should hold this.
Most Prime brokerage ops 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.
The bet is narrow. A named Madrid buyer already has budget for this invoice. Dapple Stack 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.
On a Tuesday in Madrid, 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 founder
The legal source of truth stays with the incumbent register, admin, or custodian. Dapple Stack does not attest to its own facts.
From counsel
Fixed fee. Deposit to start. 0% of proceeds. Token-only pay is declined. Percentage of raise is declined.
From ops
A dual-control drill exists on paper. Production evidence is the next artefact, not a tweet.
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.
Budget exists on a line the board can see. That is why the window is this quarter.
The scarce thing is not the company. It is the next 18 days of a live conversation.
Window remaining
0days
When this window closes, the campaign is archive.
- Sentences killed
- 3
- Counsel hours on file
- 5
- Asks / week
- 0
- Our cut
- 0% of proceeds
Kill the public sentence in an hour or do not list us. We can do the hour.
This company
Dapple Stack
Not the incumbent brand. Dapple Stack sells the job the brand will not staff.
In the same conversation
- Fund admins
- Custodian reporting
- Public ‘vault tokens’ (the thing this is not)
The bet
Why this company exists.
Dapple Stack sells the statement, not the vault. Anyone can launch a vault.
Dapple Stack sells the statement, not the vault. Anyone can launch a vault.
Allocators asked for proof after 2022. Labs answered with demos. The first vault accounting that an auditor will sign is a business.
Middle-office spend at alternative managers is a budget that survived the last cycle.
Versus the field
The incumbent brand sells the relationship. Dapple Stack 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.
The live path is Not offering — locked. Proposed Regulation Crypto Assets is not treated as a calendar slot. Build as if it never opens.
How it works
- 01Positions are accounted in a book the manager already runs
- 02A proof or extract is produced for a named counterparty
- 03Yield is not marketed to the public on this pad
- 04zk, if present, is a method — not a ticker
- 05A proof or extract is produced for a named counterparty only
- 06Kill of a public sentence is an hour, not a committee.
In the same conversation as
- Fund admins
- Custodian reporting
- Public ‘vault tokens’ (the thing this is not)
If they raise
Where the money would actually go.
Not a token float. A budget against work. RCA Pad still takes 0% of proceeds.
Certifications & adapters
36%
A counsel memo that can survive a later reader.
Counsel & perimeter
26%
Hiring the operator who already does this job at a licensed firm.
Control environment
17%
Keeping the public story from running ahead of the claims register.
Named operators
21%
Dual-control drills, key ceremonies, and the person who owns them.
Operating week
What “in market” actually looks like.
- WedCounselPerimeter diffs. If the site drifted from the memo, the site moves — not the memo.
- MonClaimsEvery public sentence checked against the register. Anything extra is unpublished.
- SatDarkNo creators. No threads. Restricted geos stay dark.
- 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 statement
- Who pays
- A treasurer at a bank that already settles — not a crypto-native desk.
- Unit economics
- Per-event pricing so a pilot can start without a transformation programme.
- Moat on file
- Named custodian. Keys are not at the startup.
- Switching cost
- Network effects only if a second named counterparty writes. One customer is a service firm.
- Vs the comps
- Custodian reporting is a PDF. This is a file a counterparty verifies.
- Why we listed it
- They called zk a method in the application. Correct.
Next twelve months
What has to be true.
Production book, not a demo circuit.
Architecture says keys / title / NAV liability sit with a named licensed party — not Dapple Stack.
Growth money would extend the record to a second geography, still permissioned.
Traction
What you can verify today.
Founded 2022, headquartered in Madrid. No named paying pilot on the file yet — that is the first question. Desk diligence score 56/100. A treasurer at a bank that already settles — not a crypto-native desk. Architecture says keys / title / NAV liability sit with a named licensed party — not Dapple Stack.
- Architecture paper — no production customer on the public file
- No token contract listed as a public sale
- Named founder; customer still a conversation
- Madrid 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.”
- Product14
- Customers18
- Legal path62
- Tech maturity28
- Demand10
- Market access68
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.
Yield product
If the landing page is APY, this is a different, usually unlicensed, business.
Proof theatre
A zk circuit of a fake book is still a fake book.
Custodian
Who holds the keys? If it is the startup, that is custody.
Audit
No auditor, no statement. Demo is not diligence.
Proof theatre
A zk circuit of a fake book is still a fake book. Dapple Stack has to prove the real one.
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?
- 04Who is the first named paying customer — not a letter of intent?
- 05Where do keys, title, or NAV liability sit — and is that person licensed?
- 06What does renewal look like if no round ever happens?
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 Stack 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.
- Madridnamed
- United Kingdomnamed
- EU retailrestricted
Team
Who runs it.
- Elena KhanChief executive
- Amira VogelMarkets
Stack
- Prime adapters
- Prime brokerage ops
- Disclosure templates
- Audit log
Named with them
- Northbridge Counsel
Who can decide
Elena Khan (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 Stack 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 Stack does not sell a token to the public on this pad | Posture lock | live |
| The product is prime brokerage ops sold to institutions | Architecture + customer type | draft |
| Prime adapters 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: Madrid, United Kingdom | Named markets on the file | draft |
On the record
- Application APP-4264ScreenSep
- Counsel questionPathSep
Operating log
02 Sep 14:00
Application scored. Dapple Stack 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.
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.