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

GRAR

In diligence

IN MOTIONCarbon inventories

Grain Vault

Skip it and you read a PDF. Counterparties who matter will have already called.

The protocol pitch was declined. What remains is software against an invoice. a short list people still asked.

Grain Vault — 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

Inventory ledger

Counsel hours

Not offering — locked

Sentences killed

Before listing

Claims live

5/6

Sprint

Our cut

Of any proceeds

Plate Meridian · 4176

GRAR

The plate

Meridian. Edition 4176.

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

GRAR · Mexico City · Carbon inventories

Score

Desk diligence

Pilots

Named, redacted

Sprint

Day 3 of 14

Mexico City

Producers

Sells

Per

Per certificate event

Markets

Mexico City

Years

Founded 2023

Surfaces

Inventory ledger

Complete

File readiness

The wedge

Per certificate event

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 2023, headquartered in Mexico City. One named pilot on file (redacted in public). 8 nodes or connected surfaces reported. Desk diligence score 80/100. Sprint day 3 of 14. A qualified custodian reconciling against this book. No public APY, no public book, no ‘how to buy’ on any surface we could find.

Next 12 months

One retirement an offtaker will show their auditor.

National GO registries are slow. That slowness is the budget. 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.

The decline pile in Carbon inventories is not a rumour. It is how this board stays readable. Grain Vault is what survived. That is the sell.

Read this as an operating company, not a round. Counsel has a posture: Not offering — locked. Restricted markets stay dark. RCA Pad takes 0% if they ever raise. That combination is why inbound did not need a ticker.

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 ops

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

From the founder

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

From the pilot

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

The window

Miss this and you read the archive.

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

Budget exists on a line the board can see. That is why the window is this quarter.

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: 14
Counsel hours on file: 50
Asks / week: 14
Our cut: 0% of proceeds

The waitlist is people who want the product. If they wanted a coin they would be on a different pad.
Siobhán Adeyemi, Chief executive

This company

Grain Vault

A L2 wrapper is cheaper. It is also a different perimeter — and declined here.

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

L2 wrappers are cheaper. They are also a different perimeter — and declined here. Grain Vault is priced as software against an invoice that already exists.

The live path is Not offering — locked. Proposed Regulation Crypto Assets is not treated as a calendar slot. Build as if it never opens.

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
40%
A counsel memo that can survive a later reader.
Second market
27%
Hiring the operator who already does this job at a licensed firm.
Control environment
16%
Adapter work against the incumbent register, admin, or custodian.
Certifications & adapters
17%
Dual-control drills, key ceremonies, and the person who owns them.

Operating week

What “in market” actually looks like.

TueExceptionsOvernight breaks post back into the customer’s case system. No side book.
FriKill switchRehearse unpublish in 24 hours. If it takes a committee, it is not a switch.
ThuCustomerNamed pilot (redacted) sees the same record the auditor saw.
SatDarkNo creators. No threads. Restricted geos stay dark.

The wedge

Why this one, not the other one.

They sell: Per certificate event
Who pays: A qualified custodian reconciling against this book.
Unit economics: Annual software against an ops cost the board can see. Switching cost is the record, not the brand.
Moat on file: An offtaker has retired a certificate via this event.
Switching cost: Once the record is the record, the incumbent copy has to migrate history. That is the year.
Vs the comps: National GO registries are slow. That slowness is the budget.
Why we listed it: They did not lead with climate Twitter.

Next twelve months

What has to be true.

One retirement an offtaker will show their auditor.

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 Inventory ledger
No token contract listed as a public sale
Named founder; customer still a conversation
Mexico City 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

The named customer is a letter of intent

Pilots that cannot be named, even redacted, are theatre. One paying seat that an auditor has seen is worth more than a waitlist of a short list.

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 Vault is a liability. Dual-record or nothing.

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 geography is actually locked, and which is a hope?
02Has counsel written the perimeter in a memo you can file?
03What does renewal look like if no round ever happens?
04Is the waitlist demand for a product, or a queue for a coin?
05Where do keys, title, or NAV liability sit — and is that person licensed?
06Who is the first named paying customer — not a letter of intent?

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 Vault 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.

Mexico Citynamed
EU retailrestricted
United Statesrestricted

Team

Who runs it.

Siobhán AdeyemiChief executive
Hiro BergChief compliance

Stack

Inventory ledger
Carbon inventories
Takedown SLA
Approval trail

Named with them

Northbridge Counsel
Helix Audit
Meridian Tax

Who can decide

Siobhán Adeyemi (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, Grain Vault is a services firm with a slide. The twelve-month test is renewal, not waitlist.

Claims with evidence

Statements with evidence.

Statement	Evidence	Status
Grain Vault does not sell a token to the public on this pad	Posture lock	live
The product is carbon inventories sold to institutions	Architecture + customer type	live
Inventory 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: Mexico City	Named markets on the file	live

On the record

Day 0 lockKick-offSep
Claim inventoryPackSep
Audience matrix draftPackSep

Operating log

11 Sep 16:31
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

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