The wedge
Per title event
Ivory Mere digitises a hold, not a commodity.
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
IVON
Screened
SCREENEDWarehouse receiptsIvory Mere
Counsel is live. The waitlist is a short list. The public sale is not.
The first buyer already has a vendor. Ivory Mere is taking that invoice. The queue is a short list deep.
Ivory Mere — 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.
Window 12d. Waitlist a short list. 12 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.
Stage
upcoming
Window
0days
Heat
0/99
Inbound / wk
0asks
Asking now
0live
Named pilots
0
Still a question
Live nodes
0
Receipt registry
Counsel hours
0
Undetermined — not a path
Sentences killed
0
Before listing
Claims live
0/5
Sprint
Our cut
0%
Of any proceeds
Plate Horizon · 6158
IVON
The plate
Horizon. Edition 6158.
A unique plate for Ivory Mere. Geometry, orbit, and edition belong to this company — no other listing on the board shares it.
IVON · London · Warehouse receipts
Score
0
Desk diligence
Pilots
0
Named, redacted
Stage
upcoming
upcoming
HQ
London
Trade-finance banks
Sells
Per
Per title event
Markets
0
United Kingdom
Years
0
Founded 2023
Surfaces
0
Receipt registry
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 London. One named pilot on file (redacted in public). 1 nodes or connected surfaces reported. Desk diligence score 62/100. A named London administrator who already signs the pack (redacted). A redacted engagement letter landed in week one. That is why the desk took the meeting.
Next 12 months
One financed shipment against this record.
Contour tried a network. This is an event on cargo that already moves. Seat plus event. If they ever attach a token as the unit of account, the file stops.
The brief
How a serious reader should hold this.
London 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 Mere chose it for that reason. Counterparties who still think this is a ‘global’ story are already late.
If you leave this page without opening the claims table, you have read marketing. The scarce version of Ivory Mere is the version that survives counsel. It is on a clock.
On a Tuesday in London, 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 ops
US persons are outside the audience. A form that asks “are you accredited?” without verification is not an exemption.
From the pilot
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.
Founders who want a pack this tight apply. Readers who wait get a closed stamp.
Counsel hours on file: enough that a later reader can tell this was not improvised.
Read it once, properly, while the number is still green. Then decide.
Window remaining
0days
When this window closes, the campaign is archive.
- Sentences killed
- 6
- Counsel hours on file
- 7
- Asks / week
- 12
- Our cut
- 0% of proceeds
I will take thirty minutes and decide budget. If that person is not me, we should not be listed.
This company
Ivory Mere
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.
Ivory Mere digitises a hold, not a commodity.
Ivory Mere digitises a hold, not a commodity.
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. Ivory Mere is priced as software against an invoice that already exists.
London 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
- 06Retail and unnamed geographies are structurally off the form, not only in the footer.
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.
Counsel & perimeter
24%
The remaining certifications and the second named market.
Control environment
16%
Keeping the public story from running ahead of the claims register.
Certifications & adapters
29%
Dual-control drills, key ceremonies, and the person who owns them.
Operating week
What “in market” actually looks like.
- ThuCustomerNamed pilot (redacted) sees the same record the auditor saw.
- FriKill switchRehearse unpublish in 24 hours. If it takes a committee, it is not a switch.
- SunOwnersWho can decide messaging and budget on a recorded line. If the answer is nobody, stop.
- MonClaimsEvery public sentence checked against the register. Anything extra is unpublished.
The wedge
Why this one, not the other one.
- They sell
- Per title event
- Who pays
- A named London administrator who already signs the pack (redacted).
- Unit economics
- Seat plus event. If they ever attach a token as the unit of account, the file stops.
- Moat on file
- A named warehouse or port has written a live event.
- Switching cost
- The customer’s auditor has seen this book. Switching means a new auditor conversation.
- 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.
One financed shipment against this record.
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.
Founded 2023, headquartered in London. One named pilot on file (redacted in public). 1 nodes or connected surfaces reported. Desk diligence score 62/100. A named London administrator who already signs the pack (redacted). A redacted engagement letter landed in week one. That is why the desk took the meeting.
- Architecture paper — no production customer on the public file
- No token contract listed as a public sale
- Pilot letters on file, identities redacted
- London 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.”
- Product29
- Customers40
- Legal path24
- Tech maturity31
- Demand10
- Market access68
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.
Facts vs theatre
A proof of a fake book is still a fake book. Ivory Mere has to attach to the real one, in London.
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?
- 03What happens if a founder later wants a public token?
- 04Who can unpublish a public sentence in 24 hours, by name?
- 05Has counsel written the perimeter in a memo you can file?
- 06What does renewal look like if no round ever happens?
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 Mere Ltd · England & Wales
- Path on file
- Undetermined — not a path
- 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.
- United Kingdomnamed
- EEA professionalnamed
- Global publicrestricted
- United Statesrestricted
Team
Who runs it.
- Leila NovakChief executive
- Jonah PetrovMarkets
Stack
- Receipt registry
- Warehouse receipts
- Audit log
- Takedown SLA
Named with them
- Helix Audit
Who can decide
Leila Novak (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.
A second counterparty writing into the record is the only network effect that counts. One customer is a consultancy. Two is a market.
Claims with evidence
Statements with evidence.
| Statement | Evidence | Status |
|---|---|---|
| Ivory Mere does not sell a token to the public on this pad | Posture lock | live |
| The product is warehouse receipts sold to institutions | Architecture + customer type | draft |
| Receipt registry 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 |
| Production date for the chain layer is not committed | No board minute | draft |
| No public token is sold on this pad | Engagement terms + posture lock | live |
| Customers contemplated: United Kingdom, EEA professional | Named markets on the file | draft |
On the record
- Application APP-4116ScreenSep
- Counsel questionPathSep
Operating log
02 Sep 13:00
Application scored. Ivory Mere is not a calendar slot.
10 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
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.