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

IROT

In market

IN MARKETTrade finance

Iron Dock

Window a fewd · waitlist 2,234 · our cut 0%. Do the maths.

They killed 18 public sentences before we listed them. Thin files do not get that far.

Iron Dock — 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. 2,234 on the product waitlist — that is demand, not an allocation.

Archive is free. Live access is timed. Iron Dock is timed.

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

Permissioned L2

Counsel hours

Hong Kong · counsel-named

Sentences killed

Before listing

Claims live

10/12

Build

Our cut

Of any proceeds

Plate Meridian · 8268

IROT

The plate

Meridian. Edition 8268.

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

IROT · Hong Kong · Trade finance

Score

Desk diligence

Pilots

Named, redacted

Waitlist

Product demand

Hong Kong

Trade-finance banks

Sells

Warehouse

Warehouse seat

Markets

Hong Kong

Years

Founded 2024

Surfaces

Permissioned L2

Complete

File readiness

The wedge

Warehouse seat

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.

Legal title jurisdiction was in the application. Unusual, and good.

Traction

2 named pilots (redacted).

Founded 2024, headquartered in Hong Kong. 2 named pilots on file (identities redacted in public). 2,234 on the waitlist, gated — product demand, not a book built. 24 nodes or connected surfaces reported. Desk diligence score 91/100. A warehouse or port that has written a live event. A redacted engagement letter landed in week one. That is why the desk took the meeting.

Next 12 months

A second warehouse, or the network is a customer.

A commodity NFT is the thing this file will not be. 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.

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.

The bet is narrow. A named Hong Kong buyer already has budget for this invoice. Iron Dock 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 Hong Kong, 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 counsel

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

From the founder

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

From the screen

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.

Attention is the scarce asset. 75 asks this week are already spending it.

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

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: 18
Counsel hours on file: 71
Asks / week: 279
Our cut: 0% of proceeds

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

This company

Iron Dock

The copycats will arrive after certification. That is why the window is now.

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

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

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

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
06Exceptions post back into the customer’s existing case system — no side spreadsheet.

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.

Counsel & perimeter
36%
Adapter work against the incumbent register, admin, or custodian.
Claims & campaign ops
22%
Keeping the public story from running ahead of the claims register.
Named operators
20%
A counsel memo that can survive a later reader.
Second market
22%
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.
SunOwnersWho can decide messaging and budget on a recorded line. If the answer is nobody, stop.
SatDarkNo creators. No threads. Restricted geos stay dark.
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: Warehouse seat
Who pays: A warehouse or port that has written a live event.
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-control on title change — the fraud case is the feature.
Switching cost: Once the record is the record, the incumbent copy has to migrate history. That is the year.
Vs the comps: A commodity NFT is the thing this file will not be.
Why we listed it: Legal title jurisdiction was in the application. Unusual, and good.

Next twelve months

What has to be true.

A second warehouse, or the network is a customer.

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

They have not asked us to run a sale. That ask would close the file.

Traction

What you can verify today.

Operating notes for Permissioned L2
No token contract listed as a public sale
Pilot letters on file, identities redacted
Hong Kong 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.”

Product83
Customers78
Legal path84
Tech maturity94
Demand51
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.

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. Iron Dock has to be cheaper or faster before that happens.

Ask these next

01Who can unpublish a public sentence in 24 hours, by name?
02What does renewal look like if no round ever happens?
03Which geography is actually locked, and which is a hope?
04Has counsel written the perimeter in a memo you can file?
05What happens if a founder later wants a public token?
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: Iron Dock Ltd
Path on file: Hong Kong · counsel-named
Posture: Private only
Pack: Build

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.

Hong Kongnamed
Public residual claimsrestricted

Team

Who runs it.

Kofi MbekiChief executive

Stack

Permissioned L2
Trade finance
Takedown SLA
Audit log

Named with them

Northbridge Counsel
Clearline

Who can decide

Kofi Mbeki came in named. The team is not a handle. Iron Dock Ltd exists, founded 2024, headquartered in Hong Kong. Anonymity would have been an automatic decline.

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

Claims with evidence

Statements with evidence.

Statement	Evidence	Status
Iron Dock does not sell a token to the public on this pad	Posture lock	live
The product is trade finance sold to institutions	Architecture + customer type	live
Permissioned L2 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	Desk file	draft
No public token is sold on this pad	Engagement terms + posture lock	live
Customers contemplated: Hong Kong	Named markets on the file	live

On the record

Sprint packPackJun
Counsel lockPathJul
Claims register liveRegisterAug
Creator briefBriefSep

Operating log

11 Sep 09:22
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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