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

DAP6

Screened

SCREENEDISDA ops

Dapple Works

Certification is in motion. After it lands, access is the scarce thing — not price.

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

Dapple Works — A system of record for private-credit funds and desks: tapes, RFQs, or covenants that update when a borrower files. The buyers already have a book. This is plumbing, not a venue that matches strangers.

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

Heat 22 of 99. Hot windows do not stay hot. They close.

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

Closed

Heat

0/99

Inbound / wk

0asks

Asking now

0live

Named pilots

Still a question

Live nodes

Confirmations book

Counsel hours

Undetermined — not a path

Sentences killed

Before listing

Claims live

1/6

Sprint

Our cut

Of any proceeds

Plate Vault · 7055

DAP6

The plate

Vault. Edition 7055.

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

DAP6 · Barcelona · ISDA ops

Score

Desk diligence

Pilots

Named, redacted

Stage

upcoming

Barcelona

Private-credit funds

Sells

Administrator

Administrator co-source

Markets

Barcelona

Years

Founded 2024

Surfaces

Confirmations book

Complete

File readiness

The wedge

Administrator co-source

Dapple Works wants to be the record everyone already trusts, without becoming the venue.

Why the desk took it

Early — still a question.

They asked us to kill ‘marketplace’ in every sentence. We did.

Traction

One named pilot (redacted).

Founded 2024, headquartered in Barcelona. One named pilot on file (redacted in public). Desk diligence score 59/100. A treasurer at a bank that already settles — not a crypto-native desk. A redacted engagement letter landed in week one. That is why the desk took the meeting.

Next 12 months

One administrator consuming marks daily.

Closed RFQ wires do this slowly. Dapple Works does it as a record. Seat plus event. If they ever attach a token as the unit of account, the file stops.

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: Undetermined — not a path. Restricted markets stay dark. RCA Pad takes 0% if they ever raise. That combination is why inbound did not need a ticker.

On a Tuesday in Barcelona, 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 counsel

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

From the founder

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.

The window

Miss this and you read the archive.

The decline pile in ISDA ops is full of companies that looked the same on slide one. This one is listed.

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

The scarce thing is not the company. It is the next a few days of a live conversation.

Window

Closed

Closed. History only — not a place to buy.

Sentences killed: 5
Counsel hours on file: 11
Asks / week: 8
Our cut: 0% of proceeds

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

This company

Dapple Works

A L2 wrapper is cheaper. It is also a different perimeter — and declined here.

In the same conversation

eFront
Allvue
Closed RFQ wires
Not an on-chain lending pool

The bet

Why this company exists.

Dapple Works wants to be the record everyone already trusts, without becoming the venue.

Allocators want daily marks and covenant visibility. Banks want to originate without building a chain team. The first honest tape that does not pretend to be an exchange will be paid for as software.

Private credit AUM is measured in trillions. The software take-rate is small. The switching cost, once a tape is the record, is not.

Versus the field

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

How it works

01A loan or covenant event is written once
02Permissioned counterparties see what they are allowed to see
03Marks and RFQs stay inside named desks
04No public order book, no retail
05Default and amendment events are first-class, not a PDF in a side channel
06The legal source of truth stays with the incumbent register, admin, or custodian.

In the same conversation as

eFront
Allvue
Closed RFQ wires
Not an on-chain lending pool

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
39%
Hiring the operator who already does this job at a licensed firm.
Certifications & adapters
19%
The remaining certifications and the second named market.
Named operators
19%
A counsel memo that can survive a later reader.
Claims & campaign ops
23%
Keeping the public story from running ahead of the claims register.

Operating week

What “in market” actually looks like.

FriKill switchRehearse unpublish in 24 hours. If it takes a committee, it is not a switch.
ThuCustomerNamed pilot (redacted) sees the same record the auditor saw.
MonClaimsEvery public sentence checked against the register. Anything extra is unpublished.
SatDarkNo creators. No threads. Restricted geos stay dark.

The wedge

Why this one, not the other one.

They sell: Administrator co-source
Who pays: A treasurer at a bank that already settles — not a crypto-native desk.
Unit economics: Seat plus event. If they ever attach a token as the unit of account, the file stops.
Moat on file: Covenant language mapped to the LMA set — not a custom dialect.
Switching cost: Once the record is the record, the incumbent copy has to migrate history. That is the year.
Vs the comps: Closed RFQ wires do this slowly. Dapple Works does it as a record.
Why we listed it: They asked us to kill ‘marketplace’ in every sentence. We did.

Next twelve months

What has to be true.

One administrator consuming marks daily.

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

Growth money would extend the record to a second geography, still permissioned.

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
Barcelona 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 path24
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. Undetermined — not a path has to be a memo you can file, not a slogan on the hero.

Marketplace slip

The moment this looks like a public book, it is a venue. This pad will not list that.

Data rights

Who owns the tape when a fund leaves? If that is unsigned, the enterprise value is a conversation.

Credit cycle

A default cluster will test whether the product is a record or a reputation.

Retail

Retail is prohibited. Any ‘access token’ story is a different company.

Data rights on exit

If a fund leaves and the tape stays, who owns the history? Unsigned, the enterprise value is a conversation.

Incumbent feature

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

Ask these next

01Has counsel written the perimeter in a memo you can file?
02Which geography is actually locked, and which is a hope?
03Is the waitlist demand for a product, or a queue for a coin?
04What happens if a founder later wants a public token?
05Which incumbent can copy this in a quarter, and what would they have to migrate?
06Where do keys, title, or NAV liability sit — and is that person licensed?

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 Works Ltd
Path on file: Undetermined — not a path
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.

Barcelonanamed
Mainland China retailrestricted
United Statesrestricted

Team

Who runs it.

Leila ChoChief executive

Stack

Confirmations book
ISDA ops
Disclosure templates
Audit log

Named with them

Northbridge Counsel

Who can decide

The technical founder is on the record as engineering. 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 Works 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 Works does not sell a token to the public on this pad	Posture lock	live
The product is isda ops sold to institutions	Architecture + customer type	draft
Confirmations book 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: Barcelona	Named markets on the file	draft

On the record

Application APP-4632ScreenSep
Counsel questionPathSep

Operating log

01 Sep 18:00
Application scored. Dapple Works is not a calendar slot.
10 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.