The wedge
Per financed invoice
A warehouse that writes the event is worth more than a bank that only reads it.
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
IVOP
Screened
SCREENEDPort titleIvory Holt
Counsel is live. The waitlist is a short list. The public sale is not.
US was taken off the public stack on day one. Adult companies do that. Then the waitlist filled anyway.
Ivory Holt — 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.
Screened, not yet in sprint. Treat every number as provisional. Calendar access is not automatic.
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.
Stage
upcoming
Window
Closed
Heat
0/99
Inbound / wk
0asks
Asking now
0live
Named pilots
0
Redacted on the public page
Live nodes
0
Title chain
Counsel hours
0
Not offering — locked
Sentences killed
0
Before listing
Claims live
0/6
Sprint
Our cut
0%
Of any proceeds
Plate Ledger · 2971
IVOP
The plate
Ledger. Edition 2971.
A unique plate for Ivory Holt. Geometry, orbit, and edition belong to this company — no other listing on the board shares it.
IVOP · Singapore · Port title
Score
0
Desk diligence
Pilots
0
Named, redacted
Stage
upcoming
upcoming
HQ
Singapore
Trade-finance banks
Sells
Per
Per financed invoice
Markets
0
Singapore
Years
0
Founded 2023
Surfaces
0
Title chain
Complete
0
File readiness
Why the desk took it
Early — still a question.
Legal title jurisdiction was in the application. Unusual, and good.
Traction
One named pilot (redacted).
Founded 2023, headquartered in Singapore. One named pilot on file (redacted in public). 4 nodes or connected surfaces reported. Desk diligence score 80/100. A national registry counterpart, not a scrape. No public APY, no public book, no ‘how to buy’ on any surface we could find.
Next 12 months
A second warehouse, or the network is a customer.
Contour tried a network. This is an event on cargo that already moves. 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.
Singapore is not a backdrop. It is the jurisdiction where a named customer can be sued, called, and asked a question on a recorded line. Ivory Holt chose it for that reason. Counterparties who still think this is a ‘global’ story are already late.
The bet is narrow. A named Singapore buyer already has budget for this invoice. Ivory Holt 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.
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 screen
The legal source of truth stays with the incumbent register, admin, or custodian. Ivory Holt does not attest to its own facts.
From ops
Fixed fee. Deposit to start. 0% of proceeds. Token-only pay is declined. Percentage of raise is declined.
From the founder
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.
A later reader gets the same PDF. They do not get the same access.
0% of proceeds. Fixed fee. The incentive is a clean campaign — not a raise.
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
- 17
- Counsel hours on file
- 11
- Asks / week
- 7
- Our cut
- 0% of proceeds
Our TAM is an invoice the customer already pays. A coin would not make it larger. It would make the licence harder.
This company
Ivory Holt
A generalist vendor copies the slide. They cannot copy the named record.
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
The incumbent brand sells the relationship. Ivory Holt sells the job the brand will not staff. A protocol pitch is the thing this company has already refused. Open-source looks free until the auditor asks who attests.
Named: Singapore, Hong Kong professional. Off-limits: Mainland China retail, United States. A US person hearing an offering communication is a US problem even if the company sits in Singapore. 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.
Named operators
31%
Keeping the public story from running ahead of the claims register.
Claims & campaign ops
24%
Dual-control drills, key ceremonies, and the person who owns them.
Control environment
21%
Adapter work against the incumbent register, admin, or custodian.
Counsel & perimeter
24%
A counsel memo that can survive a later reader.
Operating week
What “in market” actually looks like.
- WedCounselPerimeter diffs. If the site drifted from the memo, the site moves — not the memo.
- 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.
- 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 national registry counterpart, not a scrape.
- Unit economics
- Annual software against an ops cost the board can see. Switching cost is the record, not the brand.
- Moat on file
- Dual-control on title change — the fraud case is the feature.
- Switching cost
- Scheme maps, ISO, LMA language, registry adapters — eighteen months of unglamorous work.
- Vs the comps
- Contour tried a network. This is an event on cargo that already moves.
- 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.
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 2023, headquartered in Singapore. One named pilot on file (redacted in public). 4 nodes or connected surfaces reported. Desk diligence score 80/100. A national registry counterpart, not a scrape. No public APY, no public book, no ‘how to buy’ on any surface we could find.
- Architecture paper — no production customer on the public file
- No token contract listed as a public sale
- Named founder; customer still a conversation
- Singapore 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.”
- Product23
- Customers40
- Legal path62
- Tech maturity40
- Demand10
- Market access68
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.
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.
Token relapse
A later round that wants a public token puts Ivory Holt in a different perimeter. The file treats that as a hard stop.
Ask these next
- 01Who is the first named paying customer — not a letter of intent?
- 02Which incumbent can copy this in a quarter, and what would they have to migrate?
- 03If RCA Pad disappeared tomorrow, could the customer still run the job?
- 04Who can unpublish a public sentence in 24 hours, by name?
- 05Has counsel written the perimeter in a memo you can file?
- 06Which geography is actually locked, and which is a hope?
Structure
How money would actually move.
Too early to talk about a round on this pad. Screen first. A path has to be named by counsel before anyone should wire.
- Entity
- Ivory Holt Pte. Ltd.
- Path on file
- Not offering — locked
- Posture
- No public sale
- 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.
- Singaporenamed
- Hong Kong professionalnamed
- Mainland China retailrestricted
- United Statesrestricted
Team
Who runs it.
- Marcus CostaChief executive
- Rafa AdeyemiChief compliance
Stack
- Title chain
- Port title
- Disclosure templates
- Takedown SLA
Named with them
- Northbridge Counsel
Who can decide
The technical founder is on the record as Chief compliance. Contractors in undisclosed jurisdictions are written down as a fact, not hidden. Facts can be managed. Hiding them is how companies die in diligence.
If the first customer renews, the adapter work pays for itself. If they do not, Ivory Holt is a services firm with a slide. The twelve-month test is renewal, not waitlist.
Claims with evidence
Statements with evidence.
| Statement | Evidence | Status |
|---|---|---|
| Ivory Holt does not sell a token to the public on this pad | Posture lock | live |
| The product is port title sold to institutions | Architecture + customer type | draft |
| Title chain is the method — not a listed asset | Paper only | draft |
| 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: Singapore, Hong Kong professional | Named markets on the file | draft |
On the record
- Application APP-4710ScreenSep
- Counsel questionPathSep
Operating log
08 Sep 13:00
Application scored. Ivory Holt is not a calendar slot.
11 Sep 10:12
Counsel question sent. Name a path or lock not-offering.
Path to now
Now
Screen
Calendar is never automatic.
Next
Counsel or close
A named path, or a locked not-offering.
Not a subscription
This is not a sale page.
Too early to talk about a round on this pad. Screen first. A path has to be named by counsel before anyone should wire. Founders who want a pack like this one apply. Readers who want the company talk to the company — not to this pad.
Other companies
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