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

DRIT

In diligence

IN MOTIONRoyalty admin

Drift Dock

Budget exists on a board line. This is this quarter, not ‘when the rule opens’.

A dual-control drill is on paper. A named licensed party holds the liability. That is rarer than a waitlist.

Drift Dock — A ledger of energy certificates (GOs, RECs) for producers and offtakers who already sit in a national registry. It moves the event faster. It does not invent a green token for Twitter.

In a 14-day diligence sprint (day 11). This is when the story, the customers and the legal path get written down — or the file stops.

13 live counterparties in the thread. The public page is the overflow.

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

Redacted on the public page

Live nodes

Rights ledger

Counsel hours

Not offering — locked

Sentences killed

Before listing

Claims live

5/10

Sprint

Our cut

Of any proceeds

Plate Signal · 7959

DRIT

The plate

Signal. Edition 7959.

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

DRIT · Warsaw · Royalty admin

Score

Desk diligence

Pilots

Named, redacted

Sprint

Day 11 of 14

Warsaw

Producers

Sells

Offtaker

Offtaker portal

Markets

Warsaw

Years

Founded 2023

Surfaces

Rights ledger

Complete

File readiness

The wedge

Offtaker portal

Drift Dock shortens retirement, it does not invent a tonne.

Why the desk took it

A real job, not a ticker.

Registry cooperation is in writing, even if early.

Traction

2 named pilots (redacted).

Founded 2023, headquartered in Warsaw. 2 named pilots on file (identities redacted in public). 3 nodes or connected surfaces reported. Desk diligence score 79/100. Sprint day 11 of 14. A treasurer at a bank that already settles — not a crypto-native desk. Counsel is named, even if the memo is still a draft. Unnamed counsel is how files die.

Next 12 months

Still dual-record with the registry.

National GO registries are slow. That slowness is the budget. Annual software against an ops cost the board can see. Switching cost is the record, not the brand.

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.

What you can verify today is smaller than the slide. What you cannot verify is named as a question, not a promise. That is the difference between this company and a pad listing — and why the waitlist is not a coin queue.

On a Tuesday in Warsaw, 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

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

From ops

US persons are outside the audience. A form that asks “are you accredited?” without verification is not an exemption.

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.

You can read twelve thinner companies. Or this one, once, while the window is open.

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

We do not allocate. We do not take a cut. We will not hold the window open for you.

Window

Closed

Closed. History only — not a place to buy.

Sentences killed: 4
Counsel hours on file: 43
Asks / week: 35
Our cut: 0% of proceeds

We did not come here to sell a token. We came here so a named customer could read a pack that survives counsel.
Hiro Cole, Chief executive

This company

Drift Dock

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

In the same conversation

National GO registries
Xpansiv
Not a public carbon coin

The bet

Why this company exists.

Drift Dock shortens retirement, it does not invent a tonne.

Corporate offtakers are being asked to prove what they bought. Registries lag. A dual record that the registry still owns is sellable.

GO and REC markets are measured in tens of billions. Ops software is a thin slice with high switching costs.

Versus the field

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

How it works

01A certificate that exists in a registry is evented here
02Delivery and retirement are visible to the offtaker
03The registry remains the legal source
04No public ‘carbon token’ sale on this pad
05Delivery and retirement are visible to the offtaker; the registry remains source
06The legal source of truth stays with the incumbent register, admin, or custodian.

In the same conversation as

National GO registries
Xpansiv
Not a public carbon coin

If they raise

Where the money would actually go.

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

Claims & campaign ops
39%
The remaining certifications and the second named market.
Certifications & adapters
25%
A counsel memo that can survive a later reader.
Control environment
17%
Dual-control drills, key ceremonies, and the person who owns them.
Second market
19%
Hiring the operator who already does this job at a licensed firm.

Operating week

What “in market” actually looks like.

MonClaimsEvery public sentence checked against the register. Anything extra is unpublished.
FriKill switchRehearse unpublish in 24 hours. If it takes a committee, it is not a switch.
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: Offtaker portal
Who pays: A treasurer at a bank that already settles — not a crypto-native desk.
Unit economics: Annual software against an ops cost the board can see. Switching cost is the record, not the brand.
Moat on file: A national registry is a counterpart, not a scrape.
Switching cost: Network effects only if a second named counterparty writes. One customer is a service firm.
Vs the comps: National GO registries are slow. That slowness is the budget.
Why we listed it: Registry cooperation is in writing, even if early.

Next twelve months

What has to be true.

Still dual-record with the registry.

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

If they raise, it is to hire the remaining certifications and the second market — not to float a coin.

Traction

What you can verify today.

Operating notes for Rights ledger
No token contract listed as a public sale
Named founder; customer still a conversation
Warsaw 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.”

Product32
Customers62
Legal path62
Tech maturity45
Demand62
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.

Double count

If the registry and this ledger can both be sold, the product is a liability.

Green token

A freely traded climate token is usually a commodity or a security. This pad will not sell it.

Registry cooperation

Without the registry, this is a shadow certificate.

Policy

GO rules move. The product has to move with them, not ahead of them.

Double count

If the registry and this ledger can both be sold, Drift Dock is a liability. Dual-record or nothing.

Incumbent feature

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

Ask these next

01If RCA Pad disappeared tomorrow, could the customer still run the job?
02Which incumbent can copy this in a quarter, and what would they have to migrate?
03Where do keys, title, or NAV liability sit — and is that person licensed?
04What does renewal look like if no round ever happens?
05Has counsel written the perimeter in a memo you can file?
06Who can unpublish a public sentence in 24 hours, by name?

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: Drift Dock 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.

Warsawnamed
United States retailrestricted

Team

Who runs it.

Hiro ColeChief executive

Stack

Rights ledger
Royalty admin
Disclosure templates

Named with them

Northbridge Counsel
Helix Audit
Clearline

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.

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
Drift Dock does not sell a token to the public on this pad	Posture lock	live
The product is royalty admin sold to institutions	Architecture + customer type	live
Rights ledger is the method — not a listed asset	Desk snapshot	live
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: Warsaw	Named markets on the file	live

On the record

Day 0 lockKick-offSep
Claim inventoryPackSep
Audience matrix draftPackSep

Operating log

11 Sep 10:49
Workshop. Funnel has no purchase step.
08 Sep 09:00
Kick-off. Exclusions recorded.
09 Sep 16:20
A claim killed for missing evidence.

Path to now

D0
Kick-off
Geographies, owners, SLA, exclusions.
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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