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

HAZR

In market

HOT WINDOWShip registry

Hazel Span

Counsel is live. The waitlist is 8,693. The public sale is not.

Closed files are history. Live files have a clock. Hazel Span has a few days.

Hazel Span — 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.

Live campaign. 8,693 on the product waitlist — that is demand, not an allocation.

Window a fewd. Waitlist 8,693. 199 asks this week. This is not a quiet listing.

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

Hull title chain

Counsel hours

Lisbon · counsel-named

Sentences killed

Before listing

Claims live

8/12

Growth

Our cut

Of any proceeds

Plate Horizon · 6982

HAZR

The plate

Horizon. Edition 6982.

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

HAZR · Lisbon · Ship registry

Score

Desk diligence

Pilots

Named, redacted

Waitlist

Product demand

Lisbon

Trade-finance banks

Sells

Per

Per financed invoice

Markets

Lisbon

Years

Founded 2026

Surfaces

Hull title chain

Complete

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

5 named pilots (redacted).

Founded 2026, headquartered in Lisbon. 5 named pilots on file (identities redacted in public). 8,693 on the waitlist, gated — product demand, not a book built. 21 nodes or connected surfaces reported. Desk diligence score 92/100. A warehouse or port that has written a live event. A dual-control drill exists on paper. We have not watched it live yet — that is the next ask.

Next 12 months

Which law governs title — written, not assumed.

Contour tried a network. This is an event on cargo that already moves. They win if they are cheaper than the internal build, not cheaper than a protocol.

The brief

How a serious reader should hold this.

The first sentence Sasha Novak would not let us publish was the exciting one. What remains is slower — and scarcer: Hazel Span Ltd selling Ship registry as software, from Lisbon, to a buyer who already pays someone else to do this badly. That buyer is named. You are not, yet.

What you can verify today is smaller than the slide. What you cannot verify is named as a question, not a promise. That is the difference between this company and a pad listing — and why the waitlist is not a coin queue.

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 the pilot

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

From ops

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.

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

8,693 people did not join a waitlist for a ticker. They joined for a job.

We do not allocate. We do not take a cut. We will not hold the window open for you.

Window

Closed

Closed. History only — not a place to buy.

Sentences killed: 16
Counsel hours on file: 76
Asks / week: 1,087
Our cut: 0% of proceeds

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

This company

Hazel Span

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.

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.

Lisbon 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

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
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.

Claims & campaign ops
31%
Hiring the operator who already does this job at a licensed firm.
Second market
28%
The remaining certifications and the second named market.
Control environment
18%
Dual-control drills, key ceremonies, and the person who owns them.
Counsel & perimeter
23%
A counsel memo that can survive a later reader.

Operating week

What “in market” actually looks like.

SunOwnersWho can decide messaging and budget on a recorded line. If the answer is nobody, stop.
ThuCustomerNamed pilot (redacted) sees the same record the auditor saw.
SatDarkNo creators. No threads. Restricted geos stay dark.
TueExceptionsOvernight breaks post back into the customer’s case system. No side book.

The wedge

Why this one, not the other one.

They sell: Per financed invoice
Who pays: A warehouse or port that has written a live event.
Unit economics: They win if they are cheaper than the internal build, not cheaper than a protocol.
Moat on file: Dual-control on title change — the fraud case is the feature.
Switching cost: Permissioned connectivity is the moat. Public endpoints would erase it.
Vs the comps: Contour tried a network. This is an event on cargo that already moves.
Why we listed it: Public listing of cargo was refused on day one.

Next twelve months

What has to be true.

Which law governs title — written, not assumed.

A dual-control drill exists on paper. We have not watched it live yet — that is the next ask.

Growth money would extend the record to a second geography, still permissioned.

Traction

What you can verify today.

Operating notes for Hull title chain
No token contract listed as a public sale
Named founder; customer still a conversation
Lisbon 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.”

Product80
Customers96
Legal path84
Tech maturity94
Demand83
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 8,693.

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, Hazel Span is a services shop with a ledger. Ask for the second.

Ask these next

01Where do keys, title, or NAV liability sit — and is that person licensed?
02What does renewal look like if no round ever happens?
03Who is the first named paying customer — not a letter of intent?
04Is the waitlist demand for a product, or a queue for a coin?
05Who can unpublish a public sentence in 24 hours, by name?
06Which incumbent can copy this in a quarter, and what would they have to migrate?

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: Hazel Span Ltd
Path on file: Lisbon · counsel-named
Posture: No public sale
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.

Lisbonnamed
United States retailrestricted
United Statesrestricted

Team

Who runs it.

Sasha NovakChief executive

Stack

Hull title chain
Ship registry
Approval trail

Named with them

Northbridge Counsel

Who can decide

Sasha Novak came in named. The team is not a handle. Hazel Span Ltd exists, founded 2026, headquartered in Lisbon. Anonymity would have been an automatic decline.

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
Hazel Span does not sell a token to the public on this pad	Posture lock	live
The product is ship registry sold to institutions	Architecture + customer type	live
Hull title chain 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: Lisbon	Named markets on the file	live

On the record

Sprint packPackJun
Counsel lockPathJul
Claims register liveRegisterAug
Creator briefBriefSep

Operating log

11 Sep 09:35
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

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.