RCA Pad
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

GRIT

Closed
CLOSEDCommodity title

Grit

Window closed. 5,786 asked while it was live. You are reading history.

Heat 30. Window 0d. If you are going to read one Commodity title company, this is the one.

Grit — 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.

Closed on this board. Any capital event was completed with the issuer’s own providers. RCA Pad took 0%.

Closed. The live conversation is over. The pack remains as archive.

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

0

Window

Closed

Heat

0/99

Inbound / wk

0asks

Asking now

0live

Named pilots

0

Redacted on the public page

Live nodes

0

Permissioned title chain

Counsel hours

0

United States professional · closed private round

Sentences killed

0

Before listing

Claims live

0/11

Growth

Our cut

0%

Of any proceeds

Plate Ledger · 8486

GRIT

The plate

Ledger. Edition 8486.

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

GRIT · Houston · Commodity title

Score

0

Desk diligence

Pilots

0

Named, redacted

Waitlist

0

Product demand

HQ

Houston

Trade-finance banks

Sells

Per

Per financed invoice

Markets

0

United States professional

Years

0

Founded 2022

Surfaces

0

Permissioned title chain

Complete

0

File readiness

The wedge

Per financed invoice

A warehouse that writes the event is worth more than a bank that only reads it.

Why the desk took it

A real job, not a ticker.

Public listing of cargo was refused on day one.

Traction

4 named pilots (redacted).

Founded 2022, headquartered in Houston. 4 named pilots on file (identities redacted in public). 5,786 on the waitlist, gated — product demand, not a book built. 23 nodes or connected surfaces reported. Desk diligence score 93/100. A transfer agent willing to consume a revoke in production. No public APY, no public book, no ‘how to buy’ on any surface we could find.

Next 12 months

One financed shipment against this record.

Bank portals are silos. Grit is the record both sides file. 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.

You can wait for a sticker. The named customer did not. They are writing into this record while the rest of the market argues about a comment period.

Grit exists because the incumbent brand will not staff the unglamorous middle of Commodity title. The product is that middle. The token, if it ever exists, is not the product — and is not for sale here. The people in the queue already understood the difference.

A sentence went public and came down in under an hour. Jonah Ng treated the kill as an operating skill, not a PR event. Files that cannot do this do not stay listed.

From the screen

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

From the founder

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

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.

The incumbent will still be slow in a year. The window will not.

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

The scarce thing is not the company. It is the next 0 days of a live conversation.

Window

Closed

Closed. History only — not a place to buy.

Sentences killed
17
Counsel hours on file
92
Asks / week
723
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.

Jonah Ng, Chief executive

This company

Grit

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

In the same conversation

  • Contour / we.trade (history)
  • CargoX
  • Bank trade portals
  • Not a commodity NFT

The bet

Why this company exists.

A warehouse that writes the event is worth more than a bank that only reads it.

A warehouse that writes the event is worth more than a bank that only reads it.

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

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.

Houston 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

  1. 01A document that already exists is hashed and evented
  2. 02Title changes when the parties that already can change it say so
  3. 03Financiers see the state they are underwriting
  4. 04No public listing of the cargo as an asset
  5. 05Title changes only when the parties that already can change it say so
  6. 06The legal source of truth stays with the incumbent register, admin, or custodian.

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.

  • Named operators

    39%

    Keeping the public story from running ahead of the claims register.

  • Claims & campaign ops

    27%

    The remaining certifications and the second named market.

  • Second market

    16%

    Dual-control drills, key ceremonies, and the person who owns them.

  • Counsel & perimeter

    18%

    Adapter work against the incumbent register, admin, or custodian.

Operating week

What “in market” actually looks like.

  1. SatDarkNo creators. No threads. Restricted geos stay dark.
  2. TueExceptionsOvernight breaks post back into the customer’s case system. No side book.
  3. MonClaimsEvery public sentence checked against the register. Anything extra is unpublished.
  4. 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
A transfer agent willing to consume a revoke in production.
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
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
Bank portals are silos. Grit is the record both sides file.
Why we listed it
Public listing of cargo was refused on day one.

Next twelve months

What has to be true.

One financed shipment against this record.

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.

Founded 2022, headquartered in Houston. 4 named pilots on file (identities redacted in public). 5,786 on the waitlist, gated — product demand, not a book built. 23 nodes or connected surfaces reported. Desk diligence score 93/100. A transfer agent willing to consume a revoke in production. No public APY, no public book, no ‘how to buy’ on any surface we could find.

  • Operating notes for Permissioned title chain
  • No token contract listed as a public sale
  • Pilot letters on file, identities redacted
  • Houston is the operating centre
  • The waitlist, if any, is a product list — not a book
  • Raise, if any, closed with issuer providers

Readiness

Six things a serious buyer asks. 100 is “ready to take to counsel and a customer.”

  • Product95
  • Customers96
  • Legal path84
  • Tech maturity94
  • Demand69
  • 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 Houston story becomes a fact pattern. The restricted list exists for a reason: EU retail.

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.

Incumbent feature

The administrator, CCP, scheme or custodian can ship this as a checkbox. Grit has to be cheaper or faster before that happens.

Ask these next

  1. 01What happens if a founder later wants a public token?
  2. 02Is the waitlist demand for a product, or a queue for a coin?
  3. 03Has counsel written the perimeter in a memo you can file?
  4. 04What does renewal look like if no round ever happens?
  5. 05Who is the first named paying customer — not a letter of intent?
  6. 06Who can unpublish a public sentence in 24 hours, by name?

Structure

How money would actually move.

Window closed. Tombstone is theirs. Archive is ours. 0% of proceeds.

Entity
Grit Inc. · Delaware
Path on file
United States professional · closed private round
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.

  • United States professionalnamed
  • EU retailrestricted

Team

Who runs it.

  • Jonah NgChief executive
  • Devon HolmHead of product

Stack

  • Permissioned title chain
  • Commodity title
  • Disclosure templates
  • Audit log

Named with them

  • Helix Audit

Who can decide

Jonah Ng came in named. The team is not a handle. Grit Inc. · Delaware exists, founded 2022, headquartered in Houston. Anonymity would have been an automatic decline.

If the first customer renews, the adapter work pays for itself. If they do not, Grit is a services firm with a slide. The twelve-month test is renewal, not waitlist.

Claims with evidence

Statements with evidence.

StatementEvidenceStatus
Grit does not sell a token to the public on this padPosture lockwithdrawn
The product is commodity title sold to institutionsArchitecture + customer typewithdrawn
Permissioned title chain is the method — not a listed assetDesk snapshotwithdrawn
Retail buyers are out of scopeNamed markets lockwithdrawn
Any raise completes with the issuer’s counsel and providers — not on RCA PadFixed-fee termswithdrawn
Production date for the chain layer is not committedDesk filewithdrawn
No public token is sold on this padEngagement terms + posture lockwithdrawn
Customers contemplated: United States professionalNamed markets on the filewithdrawn

On the record

  1. Final registerArchiveAug
  2. Close reportReportAug
  3. Tombstone copyArchiveAug

Operating log

  1. 19 Aug 10:00

    Close report. 0% of proceeds.

  2. 12 Aug 18:00

    Grit archived. Live claims withdrawn.

  3. 11 Aug 09:30

    Final creator pass. Residual claims pulled.

Path to now

  1. Open

    File

    Before any public sentence.

  2. Close

    Archive

    We did not take a cut.

Not a subscription

This is not a sale page.

Window closed. Tombstone is theirs. Archive is ours. 0% of proceeds. 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

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