The wedge
Annual software
The wedge is a spreadsheet that a board will fund to kill.
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
GORT
Screened
SCREENEDListing agent opsGorse Dock
Certification is in motion. After it lands, access is the scarce thing — not price.
If this pad disappeared tomorrow, the customer could still run the job. That is why they are here.
Gorse Dock — Permissioned infrastructure sold to firms that already operate in this market. The chain is a method. The customer is an institution. A public token sale is not the business.
Screened, not yet in sprint. Treat every number as provisional. Calendar access is not automatic.
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.
Stage
upcoming
Window
Closed
Heat
0/99
Inbound / wk
0asks
Asking now
0live
Named pilots
0
Still a question
Live nodes
0
Agent register
Counsel hours
0
Not offering — locked
Sentences killed
0
Before listing
Claims live
0/4
Sprint
Our cut
0%
Of any proceeds
Plate Lattice · 6396
GORT
The plate
Lattice. Edition 6396.
A unique plate for Gorse Dock. Geometry, orbit, and edition belong to this company — no other listing on the board shares it.
GORT · Toronto · Listing agent ops
Score
0
Desk diligence
Pilots
0
None on file
Stage
upcoming
upcoming
HQ
Toronto
Named institutional customers in a named geography
Sells
Annual
Annual software
Markets
0
Canada
Years
0
Founded 2023
Surfaces
0
Agent register
Complete
0
File readiness
Why the desk took it
Early — still a question.
Revenue is a fee, not a token.
Traction
No paying pilot on the public file.
Founded 2023, headquartered in Toronto. No named paying pilot on the file yet — that is the first question. 3 nodes or connected surfaces reported. Desk diligence score 73/100. 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
Counsel-named path, or a locked not-offering.
The customer’s existing budget is the TAM that matters. Annual software against an ops cost the board can see. Switching cost is the record, not the brand.
The brief
How a serious reader should hold this.
Most Listing agent ops 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.
What you can verify today is smaller than the slide. What you cannot verify is named as a question, not a promise. That is the difference between this company and a pad listing — and why the waitlist is not a coin queue.
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 counsel
Fixed fee. Deposit to start. 0% of proceeds. Token-only pay is declined. Percentage of raise is declined.
From the founder
The legal source of truth stays with the incumbent register, admin, or custodian. Gorse Dock does not attest to its own facts.
From the pilot
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.
The window
Miss this and you read the archive.
You can read twelve thinner companies. Or this one, once, while the window is open.
Certification is in motion. After it lands, the price of the seat is not the question — access is.
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
- 6
- Asks / week
- 3
- 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.
This company
Gorse Dock
Open-source looks free until the auditor asks who attests. Gorse Dock has an answer.
In the same conversation
- Incumbent ops vendors
- Internal builds
- Public tokens (the thing to avoid)
The bet
Why this company exists.
The wedge is a spreadsheet that a board will fund to kill.
The wedge is a spreadsheet that a board will fund to kill.
Boards will fund replacement of a known ops cost. They will not fund a crowd sale dressed as infrastructure.
The customer’s existing ops budget is the TAM that matters.
Versus the field
The incumbent brand sells the relationship. Gorse 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.
Toronto 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 job the customer already does is moved onto a shared record
- 02Access is permissioned
- 03Revenue is software or a service fee
- 04No public allocation on this pad
- 05A named counterparty verifies; Gorse Dock does not attest to its own facts.
In the same conversation as
- Incumbent ops vendors
- Internal builds
- Public tokens (the thing to avoid)
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
38%
Adapter work against the incumbent register, admin, or custodian.
Second market
28%
Keeping the public story from running ahead of the claims register.
Certifications & adapters
17%
A counsel memo that can survive a later reader.
Control environment
17%
The remaining certifications and the second named market.
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.
- 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
- Annual software
- Who pays
- A coverholder or carrier running one binder on this record.
- Unit economics
- Annual software against an ops cost the board can see. Switching cost is the record, not the brand.
- Moat on file
- A named institutional customer, even if redacted.
- Switching cost
- Network effects only if a second named counterparty writes. One customer is a service firm.
- Vs the comps
- The customer’s existing budget is the TAM that matters.
- Why we listed it
- Revenue is a fee, not a token.
Next twelve months
What has to be true.
Counsel-named path, or a locked not-offering.
A redacted engagement letter landed in week one. That is why the desk took the meeting.
Growth money would extend the record to a second geography, still permissioned.
Traction
What you can verify today.
Founded 2023, headquartered in Toronto. No named paying pilot on the file yet — that is the first question. 3 nodes or connected surfaces reported. Desk diligence score 73/100. 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.
- Architecture paper — no production customer on the public file
- No token contract listed as a public sale
- Pilot letters on file, identities redacted
- Toronto 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.”
- Product19
- Customers18
- Legal path62
- Tech maturity37
- Demand10
- Market access90
Risks
What can kill it.
The one that actually kills it
A second geography without a lock
Extending the record into a market that is still restricted is how a clean Toronto story becomes a fact pattern. The restricted list exists for a reason: EU retail.
No customer
A lab without a named buyer is a paper.
Token as business model
If the only revenue is a token, this is the wrong pad.
Path
Counsel has to name how this is offered, or it stays not-offering.
Geography
Retail and unnamed markets are off until someone writes them on.
No customer
A lab without a named buyer is a paper. Gorse Dock has to show one.
Facts vs theatre
A proof of a fake book is still a fake book. Gorse Dock has to attach to the real one, in Toronto.
Ask these next
- 01Has counsel written the perimeter in a memo you can file?
- 02What does renewal look like if no round ever happens?
- 03Where do keys, title, or NAV liability sit — and is that person licensed?
- 04Which geography is actually locked, and which is a hope?
- 05Which incumbent can copy this in a quarter, and what would they have to migrate?
- 06What happens if a founder later wants a public token?
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
- Gorse Dock Inc. · Ontario
- Path on file
- Not offering — locked
- Posture
- Private only
- 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.
- Canadanamed
- United Kingdomnamed
- United Kingdomnamed
- EU retailrestricted
Team
Who runs it.
- Eva VossChief executive
Stack
- Agent register
- Listing agent ops
- Audit log
Named with them
- Northbridge Counsel
Who can decide
The technical founder is on the record as engineering. Contractors in undisclosed jurisdictions are written down as a fact, not hidden. Facts can be managed. Hiding them is how companies die in diligence.
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 Dock does not sell a token to the public on this pad | Posture lock | live |
| The product is listing agent ops sold to institutions | Architecture + customer type | draft |
| Agent register 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 |
| Pilot identities redacted in public | No board minute | draft |
| No public token is sold on this pad | Engagement terms + posture lock | live |
| Customers contemplated: Canada, United Kingdom, United Kingdom | Named markets on the file | draft |
On the record
- Application APP-4735ScreenSep
- Counsel questionPathSep
Operating log
07 Sep 18:00
Application scored. Gorse Dock is not a calendar slot.
11 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.
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.