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

GORD

In market

IN MARKETAviation title

Gorse Book

If you read one Aviation title company this quarter, make it this one.

Seats of attention are not infinite. 9 counterparties are in the live thread. You are not — yet.

Gorse Book — 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.

Live campaign. 1,735 on the product waitlist — that is demand, not an allocation.

9 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.

Waitlist

Window

Closed

Heat

0/99

Inbound / wk

0asks

Asking now

0live

Named pilots

Redacted on the public page

Live nodes

Airframe registry

Counsel hours

Switzerland · counsel-named

Sentences killed

Before listing

Claims live

8/11

Growth

Our cut

Of any proceeds

Plate Meridian · 6904

GORD

The plate

Meridian. Edition 6904.

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

GORD · Zurich · Aviation title

Score

Desk diligence

Pilots

Named, redacted

Waitlist

Product demand

Zurich

Trade-finance banks

Sells

Per

Per financed invoice

Markets

Switzerland

Years

Founded 2025

Surfaces

Airframe registry

Complete

File readiness

The wedge

Per financed invoice

Gorse Book digitises a hold, not a commodity.

Why the desk took it

A real job, not a ticker.

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

Traction

2 named pilots (redacted).

Founded 2025, headquartered in Zurich. 2 named pilots on file (identities redacted in public). 1,735 on the waitlist, gated — product demand, not a book built. 11 nodes or connected surfaces reported. Desk diligence score 93/100. Four origination desks posting into a closed tape. No public APY, no public book, no ‘how to buy’ on any surface we could find.

Next 12 months

One financed shipment against this record.

A commodity NFT is the thing this file will not be. Per-event pricing so a pilot can start without a transformation programme.

The brief

How a serious reader should hold this.

Zurich is not a backdrop. It is the jurisdiction where a named customer can be sued, called, and asked a question on a recorded line. Gorse Book chose it for that reason. Counterparties who still think this is a ‘global’ story are already late.

If you leave this page without opening the claims table, you have read marketing. The scarce version of Gorse Book is the version that survives counsel. It is on a clock.

US traffic was taken off the public surfaces in the first working session. Gorse Book did not argue. Adult companies do not costume a US offering.

From counsel

This communication is not an offer. Participation mechanics do not exist on this pad. If a later reader treats the public stack as the offer, the stack was already wrong.

From the founder

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

From ops

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.

Founders who want a pack this tight apply. Readers who wait get a closed stamp.

Switching cost is the auditor conversation. Once it happens, you are late.

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: 7
Counsel hours on file: 87
Asks / week: 217
Our cut: 0% of proceeds

The decline pile is a compliment. It means the screen still means something.
Ines Ribeiro, Chief executive

This company

Gorse Book

Twelve Aviation title decks look the same. One of them has a Zurich 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.

Gorse Book digitises a hold, not a commodity.

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

A generalist vendor can copy the slide in a quarter. They cannot copy the named record, the scheme map, or the auditor conversation. That is the year they would have to buy.

The live path is Switzerland · counsel-named. 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
06Retail and unnamed geographies are structurally off the form, not only in the footer.

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.

Certifications & adapters
34%
Dual-control drills, key ceremonies, and the person who owns them.
Control environment
23%
Adapter work against the incumbent register, admin, or custodian.
Claims & campaign ops
16%
Hiring the operator who already does this job at a licensed firm.
Named operators
27%
The remaining certifications and the second named market.

Operating week

What “in market” actually looks like.

FriKill switchRehearse unpublish in 24 hours. If it takes a committee, it is not a switch.
SatDarkNo creators. No threads. Restricted geos stay dark.
MonClaimsEvery public sentence checked against the register. Anything extra is unpublished.
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 financed invoice
Who pays: Four origination desks posting into a closed tape.
Unit economics: Per-event pricing so a pilot can start without a transformation programme.
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.

One financed shipment against this record.

No public APY, no public book, no ‘how to buy’ on any surface we could find.

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

Traction

What you can verify today.

Operating notes for Airframe registry
No token contract listed as a public sale
Pilot letters on file, identities redacted
Zurich 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.”

Product66
Customers78
Legal path84
Tech maturity79
Demand49
Market access68

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.

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, Gorse Book is a services shop with a ledger. Ask for the second.

Ask these next

01Who can unpublish a public sentence in 24 hours, by name?
02What happens if a founder later wants a public token?
03Is the waitlist demand for a product, or a queue for a coin?
04Where do keys, title, or NAV liability sit — and is that person licensed?
05What does renewal look like if no round ever happens?
06Who is the first named paying customer — not a letter of intent?

Structure

How money would actually move.

If this company raises, it raises with its own counsel and providers. The waitlist is a product list. It is not a round, a book, or an allocation on RCA Pad. We do not take a cut.

Entity: Gorse Book AG
Path on file: Switzerland · counsel-named
Posture: No public sale
Pack: Growth

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.

Switzerlandnamed
EEA professionalnamed
Global publicrestricted
United Statesrestricted

Team

Who runs it.

Ines RibeiroChief executive
Amira NairHead of product

Stack

Airframe registry
Aviation title
Audit log
Disclosure templates

Named with them

Northbridge Counsel
Helix Audit
Clearline

Who can decide

Ines Ribeiro came in named. The team is not a handle. Gorse Book AG exists, founded 2025, headquartered in Zurich. Anonymity would have been an automatic decline.

Year two is a second named market and the remaining certifications — still permissioned. It is not a public book. A public book would be a different company.

Claims with evidence

Statements with evidence.

Statement	Evidence	Status
Gorse Book does not sell a token to the public on this pad	Posture lock	live
The product is aviation title sold to institutions	Architecture + customer type	live
Airframe registry 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: Switzerland, EEA professional	Named markets on the file	live

On the record

Sprint packPackJun
Counsel lockPathJul
Claims register liveRegisterAug
Creator briefBriefSep

Operating log

11 Sep 09:48
Takedown SLA idle-tested.
08 Sep 11:40
A claim held for missing evidence.
04 Sep 08:22
Weekly report issued to the desk.
01 Sep 14:08
Creator set on disclosure. No buy language.

Path to now

Sprint
Pack accepted
Narrative, matrix, claims locked.
Path
Counsel names it
Or the file stays not-offering.
Live
Campaign
Waitlist and register. No purchase journey.

Not a subscription

This is not a sale page.

If this company raises, it raises with its own counsel and providers. The waitlist is a product list. It is not a round, a book, or an allocation on RCA Pad. We do not take a cut. 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.