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

DRIS

In diligence

IN MOTIONProperty title

Drift Vault

They killed 13 sentences to get listed. That is the product you are about to miss.

Inbound this week: 34. That is demand for a job someone already pays for — not a book.

Drift Vault — 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.

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.

Heat 41 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.

Sprint day

0/14

Window

Closed

Heat

0/99

Inbound / wk

0asks

Asking now

0live

Named pilots

Redacted on the public page

Live nodes

Land registry adapters

Counsel hours

Not offering — locked

Sentences killed

Before listing

Claims live

3/9

Sprint

Our cut

Of any proceeds

Plate Signal · 6179

DRIS

The plate

Signal. Edition 6179.

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

DRIS · Vilnius · Property title

Score

Desk diligence

Pilots

Named, redacted

Sprint

Day 11 of 14

Vilnius

Trade-finance banks

Sells

Warehouse

Warehouse seat

Markets

Vilnius

Years

Founded 2024

Surfaces

Land registry adapters

Complete

File readiness

The wedge

Warehouse seat

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

Why the desk took it

A real job, not a ticker.

They brought a redacted bill, not a tokenised barrel.

Traction

2 named pilots (redacted).

Founded 2024, headquartered in Vilnius. 2 named pilots on file (identities redacted in public). 7 nodes or connected surfaces reported. Desk diligence score 81/100. Sprint day 11 of 14. Two licensed PSPs on a paid pilot — identities off the public file. Architecture says keys / title / NAV liability sit with a named licensed party — not Drift Vault.

Next 12 months

Which law governs title — written, not assumed.

A commodity NFT is the thing this file will not be. 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.

Before the waitlist, before the window, there was a refusal. Drift Vault would not let a public sale sit on this page. That is why a company in Property title is listed here at all — and why the people who wanted a coin left, and the people who wanted the product stayed.

Drift Vault exists because the incumbent brand will not staff the unglamorous middle of Property title. The product is that middle. The token, if it ever exists, is not the product — and is not for sale here. The people in the queue already understood the difference.

A sentence went public and came down in under an hour. Siobhán Shah treated the kill as an operating skill, not a PR event. Files that cannot do this do not stay listed.

From the pilot

The legal source of truth stays with the incumbent register, admin, or custodian. Drift Vault 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.

If you are a founder who wants a pack like this: apply. If you are a buyer: call them — not us.

Window

Closed

Closed. History only — not a place to buy.

Sentences killed: 13
Counsel hours on file: 55
Asks / week: 34
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.
Siobhán Shah, Chief executive

This company

Drift Vault

Open-source looks free until the auditor asks who attests. Drift Vault 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 Vault is priced as software against an invoice that already exists.

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

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
06Kill of a public sentence is an hour, not a committee.

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.

Second market
33%
A counsel memo that can survive a later reader.
Named operators
21%
The remaining certifications and the second named market.
Counsel & perimeter
18%
Hiring the operator who already does this job at a licensed firm.
Claims & campaign ops
28%
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.
ThuCustomerNamed pilot (redacted) sees the same record the auditor saw.
SatDarkNo creators. No threads. Restricted geos stay dark.
MonClaimsEvery public sentence checked against the register. Anything extra is unpublished.

The wedge

Why this one, not the other one.

They sell: Warehouse seat
Who pays: Two licensed PSPs on a paid pilot — identities off the public file.
Unit economics: Seat plus event. If they ever attach a token as the unit of account, the file stops.
Moat on file: A bank has funded against this record on at least one shipment.
Switching cost: Once the record is the record, the incumbent copy has to migrate history. That is the year.
Vs the comps: A commodity NFT is the thing this file will not be.
Why we listed it: They brought a redacted bill, not a tokenised barrel.

Next twelve months

What has to be true.

Which law governs title — written, not assumed.

Architecture says keys / title / NAV liability sit with a named licensed party — not Drift Vault.

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

Traction

What you can verify today.

Operating notes for Land registry adapters
No token contract listed as a public sale
Named founder; customer still a conversation
Vilnius 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.”

Product63
Customers62
Legal path62
Tech maturity57
Demand62
Market access44

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.

Facts vs theatre

A proof of a fake book is still a fake book. Drift Vault has to attach to the real one, in Vilnius.

Ask these next

01Which incumbent can copy this in a quarter, and what would they have to migrate?
02What does renewal look like if no round ever happens?
03Is the waitlist demand for a product, or a queue for a coin?
04Who can unpublish a public sentence in 24 hours, by name?
05Who is the first named paying customer — not a letter of intent?
06Which geography is actually locked, and which is a hope?

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 Vault 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.

Vilniusnamed
EU retailrestricted

Team

Who runs it.

Siobhán ShahChief executive

Stack

Land registry adapters
Property title
Approval trail
Takedown SLA

Named with them

Northbridge Counsel
Meridian Tax

Who can decide

Siobhán Shah came in named. The team is not a handle. Drift Vault Ltd exists, founded 2024, headquartered in Vilnius. Anonymity would have been an automatic decline.

If the first customer renews, the adapter work pays for itself. If they do not, Drift Vault 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 Vault does not sell a token to the public on this pad	Posture lock	live
The product is property title sold to institutions	Architecture + customer type	live
Land registry adapters 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
Production date for the chain layer is not committed	No board minute	draft
No public token is sold on this pad	Engagement terms + posture lock	live
Customers contemplated: Vilnius	Named markets on the file	live

On the record

Day 0 lockKick-offSep
Claim inventoryPackSep
Audience matrix draftPackSep

Operating log

11 Sep 14:20
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

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.