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

DRYD

In diligence

IN MOTIONCommodity title

Dry Dock

They killed 18 sentences to get listed. That is the product you are about to miss.

US was taken off the public stack on day one. Adult companies do that. Then the waitlist filled anyway.

Dry Dock — 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 3). This is when the story, the customers and the legal path get written down — or the file stops.

A year from now this will be an obvious company or a missed one. The window decides which.

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

0days

Heat

0/99

Inbound / wk

0asks

Asking now

0live

Named pilots

Redacted on the public page

Live nodes

Permissioned title chain

Counsel hours

Not offering — locked

Sentences killed

Before listing

Claims live

3/8

Sprint

Our cut

Of any proceeds

Plate Meridian · 7062

DRYD

The plate

Meridian. Edition 7062.

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

DRYD · Rotterdam · Commodity title

Score

Desk diligence

Pilots

Named, redacted

Sprint

Day 3 of 14

Rotterdam

Trade-finance banks

Sells

Per

Per financed invoice

Markets

Rotterdam

Years

Founded 2024

Surfaces

Permissioned title chain

Complete

File readiness

The wedge

Per financed invoice

A warehouse that writes the event is worth more than a bank that only reads it.

Why the desk took it

A real job, not a ticker.

Legal title jurisdiction was in the application. Unusual, and good.

Traction

One named pilot (redacted).

Founded 2024, headquartered in Rotterdam. One named pilot on file (redacted in public). 9 nodes or connected surfaces reported. Desk diligence score 84/100. Sprint day 3 of 14. A coverholder or carrier running one binder on this record. A redacted engagement letter landed in week one. That is why the desk took the meeting.

Next 12 months

Which law governs title — written, not assumed.

A commodity NFT is the thing this file will not be. They win if they are cheaper than the internal build, not cheaper than a protocol.

The brief

How a serious reader should hold this.

Most Commodity title 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.

Dry Dock exists because the incumbent brand will not staff the unglamorous middle of Commodity 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.

The auditor of a redacted pilot has seen a dual-record. Switching away now means a new auditor conversation. That is the switching cost — not the logo.

From the screen

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

From counsel

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

From the founder

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

The window

Miss this and you read the archive.

Miss 9 days and you are explaining to your IC why you read it after it closed.

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 remaining

0days

When this window closes, the campaign is archive.

Sentences killed: 18
Counsel hours on file: 71
Asks / week: 13
Our cut: 0% of proceeds

US came off the site in the first session. We did not argue. We are not children.
Marcus Ellison, Chief executive

This company

Dry Dock

The protocol pitch is the thing this company has already refused.

In the same conversation

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

The bet

Why this company exists.

A warehouse that writes the event is worth more than a bank that only reads it.

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

The incumbent brand sells the relationship. Dry 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.

Rotterdam being the city does not make local retail a default audience. Communications capable of inducing investment activity still have a promotions problem.

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
06Exceptions post back into the customer’s existing case system — no side spreadsheet.

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.

Counsel & perimeter
33%
A counsel memo that can survive a later reader.
Claims & campaign ops
24%
Keeping the public story from running ahead of the claims register.
Named operators
18%
Dual-control drills, key ceremonies, and the person who owns them.
Control environment
25%
Adapter work against the incumbent register, admin, or custodian.

Operating week

What “in market” actually looks like.

ThuCustomerNamed pilot (redacted) sees the same record the auditor saw.
MonClaimsEvery public sentence checked against the register. Anything extra is unpublished.
TueExceptionsOvernight breaks post back into the customer’s case system. No side book.
SatDarkNo creators. No threads. Restricted geos stay dark.

The wedge

Why this one, not the other one.

They sell: Per financed invoice
Who pays: A coverholder or carrier running one binder on this record.
Unit economics: They win if they are cheaper than the internal build, not cheaper than a protocol.
Moat on file: Dual-control on title change — the fraud case is the feature.
Switching cost: The customer’s auditor has seen this book. Switching means a new auditor conversation.
Vs the comps: A commodity NFT is the thing this file will not be.
Why we listed it: Legal title jurisdiction was in the application. Unusual, and good.

Next twelve months

What has to be true.

Which law governs title — written, not assumed.

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

A round, if any, sits with their providers. This pad does not take the order.

Traction

What you can verify today.

Operating notes for Permissioned title chain
No token contract listed as a public sale
Pilot letters on file, identities redacted
Rotterdam 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.”

Product79
Customers40
Legal path62
Tech maturity63
Demand30
Market access44

Risks

What can kill it.

The one that actually kills it

The founder wants a public book

The moment Dry Dock asks this pad to allocate, sell, or complete funding, the listing ends. That is not a moral project. It is how a services firm stays a services firm.

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.

Incumbent feature

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

Ask these next

01Who is the first named paying customer — not a letter of intent?
02What does renewal look like if no round ever happens?
03Which incumbent can copy this in a quarter, and what would they have to migrate?
04What happens if a founder later wants a public token?
05Which geography is actually locked, and which is a hope?
06If RCA Pad disappeared tomorrow, could the customer still run the job?

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: Dry 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.

Rotterdamnamed
EU retailrestricted
United Statesrestricted

Team

Who runs it.

Marcus EllisonChief executive
Jonah RibeiroMarkets

Stack

Permissioned title chain
Commodity title
Audit log
Approval trail

Named with them

Clearline

Who can decide

Marcus Ellison (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, Dry Dock is a services firm with a slide. The twelve-month test is renewal, not waitlist.

Claims with evidence

Statements with evidence.

Statement	Evidence	Status
Dry Dock does not sell a token to the public on this pad	Posture lock	live
The product is commodity title sold to institutions	Architecture + customer type	live
Permissioned title chain 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	No board minute	draft
No public token is sold on this pad	Engagement terms + posture lock	live
Customers contemplated: Rotterdam	Named markets on the file	live

On the record

Day 0 lockKick-offSep
Claim inventoryPackSep
Audience matrix draftPackSep

Operating log

11 Sep 13:11
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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