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

GRAN

In market

HOT WINDOWHealth-claims tape

Grain Mere

Pilots named (redacted). Waitlist not. 9,289 names. Your move.

If this pad disappeared tomorrow, the customer could still run the job. That is why they are here.

Grain Mere — A permissioned netting engine for trading venues and brokers that are already licensed. It reduces what has to settle. It is not a new CCP, and it is not a collateral token.

Live campaign. 9,289 on the product waitlist — that is demand, not an allocation.

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.

Waitlist

Window

Closed

Heat

0/99

Inbound / wk

0asks

Asking now

0live

Named pilots

Redacted on the public page

Live nodes

Claims book

Counsel hours

Cape Town · counsel-named

Sentences killed

Before listing

Claims live

12/14

Growth

Our cut

Of any proceeds

Plate Horizon · 6841

GRAN

The plate

Horizon. Edition 6841.

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

GRAN · Cape Town · Health-claims tape

Score

Desk diligence

Pilots

Named, redacted

Waitlist

Product demand

Cape Town

Licensed venues

Sells

Venue

Venue licence add-on

Markets

Cape Town

Years

Founded 2021

Surfaces

Claims book

Complete

File readiness

The wedge

Venue licence add-on

They will not tokenise margin. That sentence is why they are on this board.

Why the desk took it

A real job, not a ticker.

They did not claim to be a CCP. Counsel will still ask.

Traction

5 named pilots (redacted).

Founded 2021, headquartered in Cape Town. 5 named pilots on file (identities redacted in public). 9,289 on the waitlist, gated — product demand, not a book built. 20 nodes or connected surfaces reported. Desk diligence score 87/100. Four origination desks posting into a closed tape. A redacted engagement letter landed in week one. That is why the desk took the meeting.

Next 12 months

A default drill with a number, not a narrative.

Calastone-style utilities move funds. This moves risk. They sell a fee the customer already pays a slower vendor for. TAM is that invoice, not a token float.

The brief

How a serious reader should hold this.

The decline pile in Health-claims tape is not a rumour. It is how this board stays readable. Grain Mere is what survived. That is the sell.

Read this as an operating company, not a round. Counsel has a posture: Cape Town · counsel-named. Restricted markets stay dark. RCA Pad takes 0% if they ever raise. That combination is why inbound did not need a ticker.

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

From counsel

A dual-control drill exists on paper. Production evidence is the next artefact, not a tweet.

From the screen

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

From the pilot

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

The window

Miss this and you read the archive.

Waiting for a proposed US rule is how you miss a Cape Town buyer who already has budget.

Certification is in motion. After it lands, the price of the seat is not the question — access is.

Read it once, properly, while the number is still green. Then decide.

Window

Closed

Closed. History only — not a place to buy.

Sentences killed: 15
Counsel hours on file: 42
Asks / week: 1,161
Our cut: 0% of proceeds

We did not come here to sell a token. We came here so a named customer could read a pack that survives counsel.
Lars Ng, Chief executive

This company

Grain Mere

A generalist vendor copies the slide. They cannot copy the named record.

In the same conversation

LCH / Eurex (incumbent CCPs)
Caldastone-style utilities
Not a DeFi clearinghouse

The bet

Why this company exists.

They will not tokenise margin. That sentence is why they are on this board.

T+1 and capital rules make gross settlement expensive. Venues will buy netting as a service before they will buy a new licence.

Post-trade cost is a line on every broker P&L. A 10% cut in settlement fails is a CFO conversation.

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.

Cape Town 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

01Members post positions they already hold
02The engine nets what the rulebook allows
03Only the residual hits the existing settlement rail
04Collateral as a token is an exclusion on this file
05Only the residual hits the existing settlement rail — gross never leaves the venue
06Kill of a public sentence is an hour, not a committee.

In the same conversation as

LCH / Eurex (incumbent CCPs)
Caldastone-style utilities
Not a DeFi clearinghouse

If they raise

Where the money would actually go.

Not a token float. A budget against work. RCA Pad still takes 0% of proceeds.

Claims & campaign ops
38%
Adapter work against the incumbent register, admin, or custodian.
Named operators
28%
Keeping the public story from running ahead of the claims register.
Counsel & perimeter
22%
Hiring the operator who already does this job at a licensed firm.
Second market
12%
A counsel memo that can survive a later reader.

Operating week

What “in market” actually looks like.

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.
TueExceptionsOvernight breaks post back into the customer’s case system. No side book.

The wedge

Why this one, not the other one.

They sell: Venue licence add-on
Who pays: Four origination desks posting into a closed tape.
Unit economics: They sell a fee the customer already pays a slower vendor for. TAM is that invoice, not a token float.
Moat on file: Named venue LOIs — redacted, but they exist.
Switching cost: Once the record is the record, the incumbent copy has to migrate history. That is the year.
Vs the comps: Calastone-style utilities move funds. This moves risk.
Why we listed it: They did not claim to be a CCP. Counsel will still ask.

Next twelve months

What has to be true.

A default drill with a number, not a narrative.

A redacted engagement letter landed in week one. That is why the desk took the meeting.

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

Traction

What you can verify today.

Operating notes for Claims book
No token contract listed as a public sale
Pilot letters on file, identities redacted
Cape Town 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.”

Product78
Customers96
Legal path84
Tech maturity94
Demand86
Market access44

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.

CCP perimeter

If a regulator reads this as clearing, the licence problem is existential.

Collateral token

That ask has been refused on files like this. It should stay refused.

Member default

Who eats the loss? If the answer is ‘the protocol’, there is no protocol that can.

Incumbent freeze-out

CCPs can copy the netting logic faster than a startup can collect members.

CCP copy

The incumbent can ship the same netting as a feature. Grain Mere has to be cheaper or faster before that happens.

Path silence

If counsel will not name a path and not-offering is not locked, heated waitlist copy is an accidental offering.

Ask these next

01Which incumbent can copy this in a quarter, and what would they have to migrate?
02What does renewal look like if no round ever happens?
03Which geography is actually locked, and which is a hope?
04Who can unpublish a public sentence in 24 hours, by name?
05What happens if a founder later wants a public token?
06Is the waitlist demand for a product, or a queue for a coin?

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: Grain Mere Ltd
Path on file: Cape Town · counsel-named
Posture: Private only
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.

Cape Townnamed
Public residual claimsrestricted
United Statesrestricted

Team

Who runs it.

Lars NgChief executive
Elena SantosMarkets

Stack

Claims book
Health-claims tape
Audit log
Approval trail

Named with them

Helix Audit

Who can decide

The technical founder is on the record as Markets. Contractors in undisclosed jurisdictions are written down as a fact, not hidden. Facts can be managed. Hiding them is how companies die in diligence.

A second counterparty writing into the record is the only network effect that counts. One customer is a consultancy. Two is a market.

Claims with evidence

Statements with evidence.

Statement	Evidence	Status
Grain Mere does not sell a token to the public on this pad	Posture lock	live
The product is health-claims tape sold to institutions	Architecture + customer type	live
Claims book 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: Cape Town	Named markets on the file	live

On the record

Sprint packPackJun
Counsel lockPathJul
Claims register liveRegisterAug
Creator briefBriefSep

Operating log

11 Sep 09:47
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

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