The wedge
Per financed invoice
A warehouse that writes the event is worth more than a bank that only reads it.
VELMVellum Protocol8,420 waitlistKITEKite Ledger2,190 waitlistPLSDPalisade ID1,640 waitlistNRTLNorthlineDay 8 of 14SABLSable RailDay 5 of 14QULLQuill MarketsDay 11 of 14CDWLCinder Well6,947 waitlistHRTNHartline8,787 waitlistOBSNObsidian Rail4,416 waitlistFENLFen Clearing1,060 waitlistLUMNLumen Books5,510 waitlistRDCTRedact ID6,485 waitlistHRBNHarbor NAV6,973 waitlistQLTDQuilt1,876 waitlistNMBMNimbus Match7,864 waitlistBRASBrass4,166 waitlistSLSTSolstice Credit9,342 waitlistWLTRWillow Transfer7,031 waitlistEMBREmber Registry2,487 waitlistNQAYNorth Quay2,013 waitlistKLNSKiln4,412 waitlistGLSHGlass HouseDay 8 of 14IRNPIron PierDay 1 of 14PLFRPale FireDay 3 of 14VELMVellum Protocol8,420 waitlistKITEKite Ledger2,190 waitlistPLSDPalisade ID1,640 waitlistNRTLNorthlineDay 8 of 14SABLSable RailDay 5 of 14QULLQuill MarketsDay 11 of 14CDWLCinder Well6,947 waitlistHRTNHartline8,787 waitlistOBSNObsidian Rail4,416 waitlistFENLFen Clearing1,060 waitlistLUMNLumen Books5,510 waitlistRDCTRedact ID6,485 waitlistHRBNHarbor NAV6,973 waitlistQLTDQuilt1,876 waitlistNMBMNimbus Match7,864 waitlistBRASBrass4,166 waitlistSLSTSolstice Credit9,342 waitlistWLTRWillow Transfer7,031 waitlistEMBREmber Registry2,487 waitlistNQAYNorth Quay2,013 waitlistKLNSKiln4,412 waitlistGLSHGlass HouseDay 8 of 14IRNPIron PierDay 1 of 14PLFRPale FireDay 3 of 14
Board
EMB5
In diligence
IN MOTIONProperty titleEmber Stack
a few days until this conversation is history.
A named Frankfurt customer is already on the record. The public still thinks this is a deck.
Ember Stack — 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.
Heat 43 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
0
Redacted on the public page
Live nodes
0
Land registry adapters
Counsel hours
0
Not offering — locked
Sentences killed
0
Before listing
Claims live
2/9
Sprint
Our cut
0%
Of any proceeds
Plate Meridian · 5200
EMB5
The plate
Meridian. Edition 5200.
A unique plate for Ember Stack. Geometry, orbit, and edition belong to this company — no other listing on the board shares it.
EMB5 · Frankfurt · Property title
Score
0
Desk diligence
Pilots
0
Named, redacted
Sprint
0
Day 3 of 14
HQ
Frankfurt
Trade-finance banks
Sells
Per
Per financed invoice
Markets
0
Germany
Years
0
Founded 2024
Surfaces
0
Land registry adapters
Complete
0
File readiness
Why the desk took it
A real job, not a ticker.
They brought a redacted bill, not a tokenised barrel.
Traction
One named pilot (redacted).
Founded 2024, headquartered in Frankfurt. One named pilot on file (redacted in public). 9 nodes or connected surfaces reported. Desk diligence score 87/100. Sprint day 3 of 14. A named Frankfurt administrator who already signs the pack (redacted). They killed their own ‘token as fee’ sentence before we asked. Rare, and it scored.
Next 12 months
One financed shipment against this record.
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.
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: Not offering — locked. Restricted markets stay dark. RCA Pad takes 0% if they ever raise. That combination is why inbound did not need a ticker.
A dual-control drill sits on paper. Keys, title, or NAV liability sit with a named licensed party — not Ember Stack. The architecture says so. We have not watched the drill live. That is the next ask, not a slogan.
From ops
Fixed fee. Deposit to start. 0% of proceeds. Token-only pay is declined. Percentage of raise is declined.
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.
From the pilot
The legal source of truth stays with the incumbent register, admin, or custodian. Ember Stack does not attest to its own facts.
The window
Miss this and you read the archive.
The next Property title company on this board will not have this waitlist, this HQ, or this counsel posture.
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
- 17
- Counsel hours on file
- 83
- Asks / week
- 14
- Our cut
- 0% of proceeds
US came off the site in the first session. We did not argue. We are not children.
This company
Ember Stack
Twelve Property title decks look the same. One of them has a Frankfurt customer on the record.
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.
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
L2 wrappers are cheaper. They are also a different perimeter — and declined here. Ember Stack 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
- 06A named counterparty verifies; Ember Stack does not attest to its own facts.
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
19%
The remaining certifications and the second named market.
Second market
15%
Hiring the operator who already does this job at a licensed firm.
Control environment
33%
Dual-control drills, key ceremonies, and the person who owns them.
Operating week
What “in market” actually looks like.
- ThuCustomerNamed pilot (redacted) sees the same record the auditor saw.
- FriKill switchRehearse unpublish in 24 hours. If it takes a committee, it is not a switch.
- MonClaimsEvery public sentence checked against the register. Anything extra is unpublished.
- WedCounselPerimeter diffs. If the site drifted from the memo, the site moves — not the memo.
The wedge
Why this one, not the other one.
- They sell
- Per financed invoice
- Who pays
- A named Frankfurt administrator who already signs the pack (redacted).
- 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
- Network effects only if a second named counterparty writes. One customer is a service firm.
- 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.
One financed shipment against this record.
They killed their own ‘token as fee’ sentence before we asked. Rare, and it scored.
They have not asked us to run a sale. That ask would close the file.
Traction
What you can verify today.
Founded 2024, headquartered in Frankfurt. One named pilot on file (redacted in public). 9 nodes or connected surfaces reported. Desk diligence score 87/100. Sprint day 3 of 14. A named Frankfurt administrator who already signs the pack (redacted). They killed their own ‘token as fee’ sentence before we asked. Rare, and it scored.
- Operating notes for Land registry adapters
- 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.”
- Product74
- Customers40
- Legal path62
- Tech maturity63
- Demand30
- Market access68
Risks
What can kill it.
The one that actually kills it
Counsel is a slide
Unnamed counsel is how companies die in diligence. Not offering — locked has to be a memo you can file, not a slogan on the hero.
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.
Single-customer gravity
If the first named buyer is also the only buyer, Ember Stack is a services shop with a ledger. Ask for the second.
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?
- 04If RCA Pad disappeared tomorrow, could the customer still run the job?
- 05Where do keys, title, or NAV liability sit — and is that person licensed?
- 06Which incumbent can copy this in a quarter, and what would they have to migrate?
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
- Ember Stack GmbH
- 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.
- Germanynamed
- EEA professionalnamed
- EU retailrestricted
Team
Who runs it.
- Siobhán EllisonChief executive
Stack
- Land registry adapters
- Property title
- Disclosure templates
- Takedown SLA
Named with them
- Helix Audit
Who can decide
Siobhán 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, Ember Stack is a services firm with a slide. The twelve-month test is renewal, not waitlist.
Claims with evidence
Statements with evidence.
| Statement | Evidence | Status |
|---|---|---|
| Ember Stack 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 | 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 | live |
On the record
- Day 0 lockKick-offSep
- Claim inventoryPackSep
- Audience matrix draftPackSep
Operating log
11 Sep 10:50
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.
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.