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

DRIB

Screened

SCREENEDWarehouse receipts

Drift Ledger

Counsel is live. The waitlist is a short list. The public sale is not.

Drift Ledger survived the screen. Most of Warehouse receipts did not. That is not a slogan. It is the decline pile.

Drift Ledger — A permissioned record of title, invoices, warehouse receipts or port documents for houses that already finance or move goods. The event is the product. The bill of lading does not get replaced by a meme.

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

5 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.

Stage

upcoming

Window

Closed

Heat

0/99

Inbound / wk

0asks

Asking now

0live

Named pilots

Still a question

Live nodes

Receipt registry

Counsel hours

Undetermined — not a path

Sentences killed

Before listing

Claims live

0/7

Sprint

Our cut

Of any proceeds

Plate Signal · 4710

DRIB

The plate

Signal. Edition 4710.

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

DRIB · Frankfurt · Warehouse receipts

Score

Desk diligence

Pilots

Named, redacted

Stage

upcoming

Frankfurt

Trade-finance banks

Sells

Per

Per title event

Markets

Germany

Years

Founded 2021

Surfaces

Receipt registry

Complete

File readiness

The wedge

Per title event

The wedge is the courier: two days of documentary lag is a spread.

Why the desk took it

Early — still a question.

They brought a redacted bill, not a tokenised barrel.

Traction

One named pilot (redacted).

Founded 2021, headquartered in Frankfurt. One named pilot on file (redacted in public). 2 nodes or connected surfaces reported. Desk diligence score 71/100. A qualified custodian reconciling against this book. A dual-control drill exists on paper. We have not watched it live yet — that is the next ask.

Next 12 months

A second warehouse, or the network is a customer.

Contour tried a network. This is an event on cargo that already moves. They sell a fee the customer already pays a slower vendor for. TAM is that invoice, not a token float.

The brief

How a serious reader should hold this.

In Frankfurt, the person who signs the monthly pack already has a vendor. Drift Ledger 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 Frankfurt buyer already has budget for this invoice. Drift Ledger 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 Frankfurt, 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 screen

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

From the pilot

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

From ops

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

The window

Miss this and you read the archive.

Attention is the scarce asset. 10 asks this week are already spending it.

Restricted markets stay dark. Named markets are live. That discipline is the scarce thing.

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: 12
Counsel hours on file: 13
Asks / week: 10
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.
Ibrahim Petrov, Chief executive

This company

Drift Ledger

Open-source looks free until the auditor asks who attests. Drift Ledger has an answer.

In the same conversation

Contour / we.trade (history)
CargoX
Bank trade portals
Not a commodity NFT

The bet

Why this company exists.

The wedge is the courier: two days of documentary lag is a spread.

Banks want to digitise without putting a commodity on a public chain. Warehouses will not be first movers. A permissioned title event they already recognise is the on-ramp.

Documentary trade is a trillion-scale flow. Software that shortens a hold by two days is a spread.

Versus the field

L2 wrappers are cheaper. They are also a different perimeter — and declined here. Drift Ledger is priced as software against an invoice that already exists.

Named: Germany, EEA professional. Off-limits: Mainland China retail, United States. A US person hearing an offering communication is a US problem even if the company sits in Frankfurt. Blocking an IP and taking a US Telegram admin is not a block.

How it works

01A document that already exists is hashed and evented
02Title changes when the parties that already can change it say so
03Financiers see the state they are underwriting
04No public listing of the cargo as an asset
05Title changes only when the parties that already can change it say so
06The legal source of truth stays with the incumbent register, admin, or custodian.

In the same conversation as

Contour / we.trade (history)
CargoX
Bank trade portals
Not a commodity NFT

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
32%
Keeping the public story from running ahead of the claims register.
Control environment
20%
Adapter work against the incumbent register, admin, or custodian.
Second market
20%
The remaining certifications and the second named market.
Certifications & adapters
28%
A counsel memo that can survive a later reader.

Operating week

What “in market” actually looks like.

MonClaimsEvery public sentence checked against the register. Anything extra is unpublished.
ThuCustomerNamed pilot (redacted) sees the same record the auditor saw.
SunOwnersWho can decide messaging and budget on a recorded line. If the answer is nobody, stop.
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 title event
Who pays: A qualified custodian reconciling against this book.
Unit economics: They sell a fee the customer already pays a slower vendor for. TAM is that invoice, not a token float.
Moat on file: Dual-control on title change — the fraud case is the feature.
Switching cost: Network effects only if a second named counterparty writes. One customer is a service firm.
Vs the comps: Contour tried a network. This is an event on cargo that already moves.
Why we listed it: They brought a redacted bill, not a tokenised barrel.

Next twelve months

What has to be true.

A second warehouse, or the network is a customer.

A dual-control drill exists on paper. We have not watched it live yet — that is the next ask.

Capital would fund the adapter work and a named counsel memo, not a public sale.

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
Frankfurt 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.”

Product27
Customers40
Legal path24
Tech maturity34
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.

Legal title

If the court still wants the paper, the chain is a copy. Ask which jurisdiction has said otherwise.

Warehouse adoption

One bank is not a network. The warehouse has to write the event.

Public token

Tokenising the cargo for a crowd is a different, usually worse, company.

Fraud

Digitising a fake bill faster is not progress. Dual-control is the feature.

Paper still wins in court

If the court wants the original, the chain is a copy. Ask which jurisdiction has said otherwise.

Token relapse

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

Ask these next

01Where do keys, title, or NAV liability sit — and is that person licensed?
02What does renewal look like if no round ever happens?
03Who is the first named paying customer — not a letter of intent?
04If RCA Pad disappeared tomorrow, could the customer still run the job?
05What happens if a founder later wants a public token?
06Is the waitlist demand for a product, or a queue for a coin?

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: Drift Ledger GmbH
Path on file: Undetermined — not a path
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.

Germanynamed
EEA professionalnamed
Mainland China retailrestricted
United Statesrestricted

Team

Who runs it.

Ibrahim PetrovChief executive
Elena ReillyChief compliance

Stack

Receipt registry
Warehouse receipts
Disclosure templates
Approval trail

Named with them

Northbridge Counsel

Who can decide

Ibrahim Petrov (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, Drift Ledger is a services firm with a slide. The twelve-month test is renewal, not waitlist.

Claims with evidence

Statements with evidence.

Statement	Evidence	Status
Drift Ledger does not sell a token to the public on this pad	Posture lock	live
The product is warehouse receipts sold to institutions	Architecture + customer type	draft
Receipt registry 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
Production date for the chain layer is not committed	Desk file	draft
No public token is sold on this pad	Engagement terms + posture lock	live
Customers contemplated: Germany, EEA professional	Named markets on the file	draft

On the record

Application APP-4186ScreenSep
Counsel questionPathSep

Operating log

01 Sep 16:00
Application scored. Drift Ledger 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.