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

IVO4

In market

IN MARKETShip registry

Ivory Stack

Budget exists on a board line. This is this quarter, not ‘when the rule opens’.

Ivory Stack survived the screen. Most of Ship registry did not. That is not a slogan. It is the decline pile.

Ivory Stack — 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. 1,860 on the product waitlist — that is demand, not an allocation.

They unpublish in an hour. They will not wait for your committee to finish reading.

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

Copenhagen · counsel-named

Sentences killed

Before listing

Claims live

12/13

Build

Our cut

Of any proceeds

Plate Meridian · 2269

IVO4

The plate

Meridian. Edition 2269.

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

IVO4 · Copenhagen · Ship registry

Score

Desk diligence

Pilots

Named, redacted

Waitlist

Product demand

Copenhagen

Trade-finance banks

Sells

Warehouse

Warehouse seat

Markets

Copenhagen

Years

Founded 2024

Surfaces

Hull title chain

Complete

File readiness

The wedge

Warehouse seat

The wedge is the courier: two days of documentary lag is a spread.

Why the desk took it

A real job, not a ticker.

They brought a redacted bill, not a tokenised barrel.

Traction

2 named pilots (redacted).

Founded 2024, headquartered in Copenhagen. 2 named pilots on file (identities redacted in public). 1,860 on the waitlist, gated — product demand, not a book built. 15 nodes or connected surfaces reported. Desk diligence score 93/100. A qualified custodian reconciling against this book. Counsel is named, even if the memo is still a draft. Unnamed counsel is how files die.

Next 12 months

One financed shipment against this record.

Bank portals are silos. Ivory Stack is the record both sides file. 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.

The decline pile in Ship registry is not a rumour. It is how this board stays readable. Ivory Stack is what survived. That is the sell.

Read this as an operating company, not a round. Counsel has a posture: Copenhagen · counsel-named. Restricted markets stay dark. RCA Pad takes 0% if they ever raise. That combination is why inbound did not need a ticker.

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

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.

From ops

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

From the founder

This communication is not an offer. Participation mechanics do not exist on this pad. If a later reader treats the public stack as the offer, the stack was already wrong.

The window

Miss this and you read the archive.

Founders who want a pack this tight apply. Readers who wait get a closed stamp.

0% of proceeds. Fixed fee. The incentive is a clean campaign — not a raise.

Read it once, properly, while the number is still green. Then decide.

Window

Closed

Closed. History only — not a place to buy.

Sentences killed: 11
Counsel hours on file: 86
Asks / week: 233
Our cut: 0% of proceeds

Renewal is the round. If nobody renews, there is no company. A token would not fix that.
Anja Nair, Chief executive

This company

Ivory Stack

The protocol pitch is the thing this company has already refused.

In the same conversation

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

The bet

Why this company exists.

The wedge is the courier: two days of documentary lag is a spread.

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 Stack 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: Copenhagen, United Kingdom. Off-limits: Global public. A US person hearing an offering communication is a US problem even if the company sits in Copenhagen. 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
06Kill of a public sentence is an hour, not a committee.

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.

Certifications & adapters
39%
Keeping the public story from running ahead of the claims register.
Named operators
19%
Adapter work against the incumbent register, admin, or custodian.
Claims & campaign ops
16%
A counsel memo that can survive a later reader.
Second market
26%
Hiring the operator who already does this job at a licensed firm.

Operating week

What “in market” actually looks like.

FriKill switchRehearse unpublish in 24 hours. If it takes a committee, it is not a switch.
TueExceptionsOvernight breaks post back into the customer’s case system. No side book.
MonClaimsEvery public sentence checked against the register. Anything extra is unpublished.
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 qualified custodian reconciling against this book.
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: The customer’s auditor has seen this book. Switching means a new auditor conversation.
Vs the comps: Bank portals are silos. Ivory Stack is the record both sides file.
Why we listed it: They brought a redacted bill, not a tokenised barrel.

Next twelve months

What has to be true.

One financed shipment against this record.

Counsel is named, even if the memo is still a draft. Unnamed counsel is how files die.

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

Traction

What you can verify today.

Operating notes for Hull title chain
No token contract listed as a public sale
Pilot letters on file, identities redacted
Copenhagen 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.”

Product72
Customers78
Legal path84
Tech maturity91
Demand49
Market access68

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 Copenhagen story becomes a fact pattern. The restricted list exists for a reason: Global public.

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. Ivory Stack has to be cheaper or faster before that happens.

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 does renewal look like if no round ever happens?
04Where do keys, title, or NAV liability sit — and is that person licensed?
05Who can unpublish a public sentence in 24 hours, by name?
06If RCA Pad disappeared tomorrow, could the customer still run the job?

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: Ivory Stack Ltd
Path on file: Copenhagen · counsel-named
Posture: No public sale
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.

Copenhagennamed
United Kingdomnamed
Global publicrestricted

Team

Who runs it.

Anja NairChief executive
Hannah DiazChief technology

Stack

Hull title chain
Ship registry
Approval trail
Takedown SLA

Named with them

Northbridge Counsel
Helix Audit

Who can decide

Anja Nair came in named. The team is not a handle. Ivory Stack Ltd exists, founded 2024, headquartered in Copenhagen. Anonymity would have been an automatic decline.

If the first customer renews, the adapter work pays for itself. If they do not, Ivory Stack 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 Stack 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
Pilot identities redacted in public	No board minute	draft
No public token is sold on this pad	Engagement terms + posture lock	live
Customers contemplated: Copenhagen, United Kingdom	Named markets on the file	live

On the record

Sprint packPackJun
Counsel lockPathJul
Claims register liveRegisterAug
Creator briefBriefSep

Operating log

11 Sep 09:32
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.