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

GRAH

In diligence

IN MOTIONRoyalty admin

Grain Gate

Heat 42. 15 asks this week. 0% of any raise comes here.

Closed files are history. Live files have a clock. Grain Gate has a few days.

Grain Gate — A ledger of energy certificates (GOs, RECs) for producers and offtakers who already sit in a national registry. It moves the event faster. It does not invent a green token for Twitter.

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.

If you needed a reason to open diligence tonight: a short list other people already did.

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

Rights ledger

Counsel hours

Not offering — locked

Sentences killed

Before listing

Claims live

2/10

Sprint

Our cut

Of any proceeds

Plate Meridian · 4922

GRAH

The plate

Meridian. Edition 4922.

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

GRAH · Seoul · Royalty admin

Score

Desk diligence

Pilots

Named, redacted

Sprint

Day 3 of 14

Seoul

Producers

Sells

Offtaker

Offtaker portal

Markets

Seoul

Years

Founded 2022

Surfaces

Rights ledger

Complete

File readiness

The wedge

Offtaker portal

A national registry as counterpart is the whole company.

Why the desk took it

A real job, not a ticker.

They did not lead with climate Twitter.

Traction

One named pilot (redacted).

Founded 2022, headquartered in Seoul. One named pilot on file (redacted in public). 8 nodes or connected surfaces reported. Desk diligence score 85/100. Sprint day 3 of 14. A named Seoul administrator who already signs the pack (redacted). Architecture says keys / title / NAV liability sit with a named licensed party — not Grain Gate.

Next 12 months

Still dual-record with the registry.

Xpansiv is a market. This is the event under a registry. Bps on a job that already has a budget line. A public coin would not make the invoice larger.

The brief

How a serious reader should hold this.

Before the waitlist, before the window, there was a refusal. Grain Gate would not let a public sale sit on this page. That is why a company in Royalty admin is listed here at all — and why the people who wanted a coin left, and the people who wanted the product stayed.

The bet is narrow. A named Seoul buyer already has budget for this invoice. Grain Gate wins if it is cheaper than the internal build and cleaner than the protocol pitch. It loses if a founder later wants a public book. The window is the time you have to decide which it is.

On a Tuesday in Seoul, an exception posts back into the customer’s existing case system. Nobody opens a side spreadsheet. That is the product: the night someone in ops does not stay late.

From ops

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

From the founder

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

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

The window

Miss this and you read the archive.

When the heat drops, the named customer is still named — they just stop taking new calls.

Restricted markets stay dark. Named markets are live. That discipline is the scarce thing.

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: 14
Counsel hours on file: 75
Asks / week: 15
Our cut: 0% of proceeds

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

This company

Grain Gate

Twelve Royalty admin decks look the same. One of them has a Seoul customer on the record.

In the same conversation

National GO registries
Xpansiv
Not a public carbon coin

The bet

Why this company exists.

A national registry as counterpart is the whole company.

Corporate offtakers are being asked to prove what they bought. Registries lag. A dual record that the registry still owns is sellable.

GO and REC markets are measured in tens of billions. Ops software is a thin slice with high switching costs.

Versus the field

The incumbent brand sells the relationship. Grain Gate 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.

Named: Seoul. Off-limits: Public residual claims, United States. A US person hearing an offering communication is a US problem even if the company sits in Seoul. Blocking an IP and taking a US Telegram admin is not a block.

How it works

01A certificate that exists in a registry is evented here
02Delivery and retirement are visible to the offtaker
03The registry remains the legal source
04No public ‘carbon token’ sale on this pad
05Delivery and retirement are visible to the offtaker; the registry remains source
06Kill of a public sentence is an hour, not a committee.

In the same conversation as

National GO registries
Xpansiv
Not a public carbon coin

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
31%
Keeping the public story from running ahead of the claims register.
Second market
28%
Dual-control drills, key ceremonies, and the person who owns them.
Named operators
18%
Adapter work against the incumbent register, admin, or custodian.
Claims & campaign ops
23%
The remaining certifications and the second named market.

Operating week

What “in market” actually looks like.

ThuCustomerNamed pilot (redacted) sees the same record the auditor saw.
SatDarkNo creators. No threads. Restricted geos stay dark.
FriKill switchRehearse unpublish in 24 hours. If it takes a committee, it is not a switch.
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: Offtaker portal
Who pays: A named Seoul administrator who already signs the pack (redacted).
Unit economics: Bps on a job that already has a budget line. A public coin would not make the invoice larger.
Moat on file: Dual-record: the registry still owns the legal fact.
Switching cost: Permissioned connectivity is the moat. Public endpoints would erase it.
Vs the comps: Xpansiv is a market. This is the event under a registry.
Why we listed it: They did not lead with climate Twitter.

Next twelve months

What has to be true.

Still dual-record with the registry.

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

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

Traction

What you can verify today.

Operating notes for Rights ledger
No token contract listed as a public sale
Pilot letters on file, identities redacted
Seoul 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
Customers40
Legal path62
Tech maturity60
Demand30
Market access44

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 Seoul story becomes a fact pattern. The restricted list exists for a reason: Public residual claims, United States.

Double count

If the registry and this ledger can both be sold, the product is a liability.

Green token

A freely traded climate token is usually a commodity or a security. This pad will not sell it.

Registry cooperation

Without the registry, this is a shadow certificate.

Policy

GO rules move. The product has to move with them, not ahead of them.

Double count

If the registry and this ledger can both be sold, Grain Gate is a liability. Dual-record or nothing.

Token relapse

A later round that wants a public token puts Grain Gate in a different perimeter. The file treats that as a hard stop.

Ask these next

01Who is the first named paying customer — not a letter of intent?
02What happens if a founder later wants a public token?
03Has counsel written the perimeter in a memo you can file?
04Which incumbent can copy this in a quarter, and what would they have to migrate?
05Is the waitlist demand for a product, or a queue for a coin?
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: Grain Gate Ltd
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.

Seoulnamed
Public residual claimsrestricted
United Statesrestricted

Team

Who runs it.

Hannah EllisonChief executive
Ines KhanChief technology

Stack

Rights ledger
Royalty admin
Approval trail
Disclosure templates

Named with them

Northbridge Counsel
Helix Audit

Who can decide

The technical founder is on the record as Chief technology. 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
Grain Gate does not sell a token to the public on this pad	Posture lock	live
The product is royalty admin sold to institutions	Architecture + customer type	live
Rights ledger 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: Seoul	Named markets on the file	live

On the record

Day 0 lockKick-offSep
Claim inventoryPackSep
Audience matrix draftPackSep

Operating log

11 Sep 11:24
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.