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

GORF

In diligence

IN MOTIONProperty title

Gorse Hold

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

Devon Petrov will not run a public sale on this pad. The listing exists because of that sentence.

Gorse Hold — 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 5). This is when the story, the customers and the legal path get written down — or the file stops.

Most Property title applications this quarter were declined. You are looking at one that was not.

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

3/8

Sprint

Our cut

Of any proceeds

Plate Lattice · 1350

GORF

The plate

Lattice. Edition 1350.

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

GORF · Manchester · Property title

Score

Desk diligence

Pilots

Named, redacted

Sprint

Day 5 of 14

Manchester

Trade-finance banks

Sells

Per

Per financed invoice

Markets

Manchester

Years

Founded 2022

Surfaces

Land registry adapters

Complete

File readiness

The wedge

Per financed invoice

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

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 2022, headquartered in Manchester. One named pilot on file (redacted in public). 6 nodes or connected surfaces reported. Desk diligence score 86/100. Sprint day 5 of 14. An AIFM whose auditor has seen the dual-record. Architecture says keys / title / NAV liability sit with a named licensed party — not Gorse Hold.

Next 12 months

A second warehouse, or the network is a customer.

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.

Before the waitlist, before the window, there was a refusal. Gorse Hold 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.

If you leave this page without opening the claims table, you have read marketing. The scarce version of Gorse Hold 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 Hold did not argue. Adult companies do not costume a US offering.

From the screen

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

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.

The window

Miss this and you read the archive.

Attention is the scarce asset. 18 asks this week are already spending it.

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: 10
Counsel hours on file: 78
Asks / week: 18
Our cut: 0% of proceeds

The auditor has seen the dual-record. Switching now is a new conversation. That is the lock.
Devon Petrov, Chief executive

This company

Gorse Hold

Not the incumbent brand. Gorse Hold sells the job the brand will not staff.

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. Gorse Hold is priced as software against an invoice that already exists.

Named: Manchester. Off-limits: Global public. A US person hearing an offering communication is a US problem even if the company sits in Manchester. Blocking an IP and taking a US Telegram admin is not a block.

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.

Counsel & perimeter
34%
Adapter work against the incumbent register, admin, or custodian.
Named operators
21%
Dual-control drills, key ceremonies, and the person who owns them.
Claims & campaign ops
20%
A counsel memo that can survive a later reader.
Control environment
25%
The remaining certifications and the second named market.

Operating week

What “in market” actually looks like.

SunOwnersWho can decide messaging and budget on a recorded line. If the answer is nobody, stop.
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.
FriKill switchRehearse unpublish in 24 hours. If it takes a committee, it is not a switch.

The wedge

Why this one, not the other one.

They sell: Per financed invoice
Who pays: An AIFM whose auditor has seen the dual-record.
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.

A second warehouse, or the network is a customer.

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

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

Traction

What you can verify today.

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

Product51
Customers40
Legal path62
Tech maturity54
Demand38
Market access44

Risks

What can kill it.

The one that actually kills it

The founder wants a public book

The moment Gorse Hold 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.

Single-customer gravity

If the first named buyer is also the only buyer, Gorse Hold is a services shop with a ledger. Ask for the second.

Ask these next

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

Manchesternamed
Global publicrestricted

Team

Who runs it.

Devon PetrovChief executive
Priya ShahChief compliance

Stack

Land registry adapters
Property title
Disclosure templates

Named with them

Northbridge Counsel
Helix Audit

Who can decide

Devon Petrov (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, Gorse Hold is a services firm with a slide. The twelve-month test is renewal, not waitlist.

Claims with evidence

Statements with evidence.

Statement	Evidence	Status
Gorse Hold 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: Manchester	Named markets on the file	live

On the record

Day 0 lockKick-offSep
Claim inventoryPackSep
Audience matrix draftPackSep

Operating log

11 Sep 12:45
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.