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

JUNN

In diligence

IN MOTIONClearing

Juniper Mere

The incumbent copy takes a year. The named customer is already writing.

They killed 9 public sentences before we listed them. Thin files do not get that far.

Juniper Mere — A permissioned netting engine for trading venues and brokers that are already licensed. It reduces what has to settle. It is not a new CCP, and it is not a collateral token.

In a 14-day diligence sprint (day 9). This is when the story, the customers and the legal path get written down — or the file stops.

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.

Sprint day

0/14

Window

Closed

Heat

0/99

Inbound / wk

0asks

Asking now

0live

Named pilots

Redacted on the public page

Live nodes

Permissioned netting

Counsel hours

Not offering — locked

Sentences killed

Before listing

Claims live

3/8

Sprint

Our cut

Of any proceeds

Plate Ledger · 5724

JUNN

The plate

Ledger. Edition 5724.

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

JUNN · Copenhagen · Clearing

Score

Desk diligence

Pilots

Named, redacted

Sprint

Day 9 of 14

Copenhagen

Licensed venues

Sells

Member

Member seat

Markets

Copenhagen

Years

Founded 2024

Surfaces

Permissioned netting

Complete

File readiness

The wedge

Member seat

The wedge is T+1: gross settlement got expensive overnight.

Why the desk took it

A real job, not a ticker.

A broker named a fail-cost number. That is a budget.

Traction

2 named pilots (redacted).

Founded 2024, headquartered in Copenhagen. 2 named pilots on file (identities redacted in public). 5 nodes or connected surfaces reported. Desk diligence score 82/100. Sprint day 9 of 14. Four origination desks posting into a closed tape. A redacted engagement letter landed in week one. That is why the desk took the meeting.

Next 12 months

A default drill with a number, not a narrative.

A DeFi clearinghouse is a different, usually unlicensed, business. They sell a fee the customer already pays a slower vendor for. TAM is that invoice, not a token float.

The brief

How a serious reader should hold this.

Copenhagen is not a backdrop. It is the jurisdiction where a named customer can be sued, called, and asked a question on a recorded line. Juniper Mere chose it for that reason. Counterparties who still think this is a ‘global’ story are already late.

The bet is narrow. A named Copenhagen buyer already has budget for this invoice. Juniper Mere 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.

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

From counsel

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

From the pilot

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.

a short list people did not join a waitlist for a ticker. They joined for a job.

The scarce thing is not the company. It is the next a few days of a live conversation.

Window

Closed

Closed. History only — not a place to buy.

Sentences killed: 9
Counsel hours on file: 60
Asks / week: 28
Our cut: 0% of proceeds

Do not put a participate button on our page. If you do, we leave.
Zara Ibrahim, Chief executive

This company

Juniper Mere

Open-source looks free until the auditor asks who attests. Juniper Mere has an answer.

In the same conversation

LCH / Eurex (incumbent CCPs)
Caldastone-style utilities
Not a DeFi clearinghouse

The bet

Why this company exists.

The wedge is T+1: gross settlement got expensive overnight.

T+1 and capital rules make gross settlement expensive. Venues will buy netting as a service before they will buy a new licence.

Post-trade cost is a line on every broker P&L. A 10% cut in settlement fails is a CFO conversation.

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.

The live path is Not offering — locked. Proposed Regulation Crypto Assets is not treated as a calendar slot. Build as if it never opens.

How it works

01Members post positions they already hold
02The engine nets what the rulebook allows
03Only the residual hits the existing settlement rail
04Collateral as a token is an exclusion on this file
05Only the residual hits the existing settlement rail — gross never leaves the venue
06Exceptions post back into the customer’s existing case system — no side spreadsheet.

In the same conversation as

LCH / Eurex (incumbent CCPs)
Caldastone-style utilities
Not a DeFi clearinghouse

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
35%
Hiring the operator who already does this job at a licensed firm.
Counsel & perimeter
22%
Adapter work against the incumbent register, admin, or custodian.
Second market
21%
Dual-control drills, key ceremonies, and the person who owns them.
Control environment
22%
Keeping the public story from running ahead of the claims register.

Operating week

What “in market” actually looks like.

SunOwnersWho can decide messaging and budget on a recorded line. If the answer is nobody, stop.
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.
SatDarkNo creators. No threads. Restricted geos stay dark.

The wedge

Why this one, not the other one.

They sell: Member seat
Who pays: Four origination desks posting into a closed tape.
Unit economics: They sell a fee the customer already pays a slower vendor for. TAM is that invoice, not a token float.
Moat on file: Default waterfall drafted with counsel, not a Discord poll.
Switching cost: The customer’s auditor has seen this book. Switching means a new auditor conversation.
Vs the comps: A DeFi clearinghouse is a different, usually unlicensed, business.
Why we listed it: A broker named a fail-cost number. That is a budget.

Next twelve months

What has to be true.

A default drill with a number, not a narrative.

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

Capital would fund the adapter work and a named counsel memo, not a public sale.

Traction

What you can verify today.

Operating notes for Permissioned netting
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.”

Product48
Customers62
Legal path62
Tech maturity51
Demand54
Market access68

Risks

What can kill it.

The one that actually kills it

The founder wants a public book

The moment Juniper Mere asks this pad to allocate, sell, or complete funding, the listing ends. That is not a moral project. It is how a services firm stays a services firm.

CCP perimeter

If a regulator reads this as clearing, the licence problem is existential.

Collateral token

That ask has been refused on files like this. It should stay refused.

Member default

Who eats the loss? If the answer is ‘the protocol’, there is no protocol that can.

Incumbent freeze-out

CCPs can copy the netting logic faster than a startup can collect members.

CCP copy

The incumbent can ship the same netting as a feature. Juniper Mere has to be cheaper or faster before that happens.

Incumbent feature

The administrator, CCP, scheme or custodian can ship this as a checkbox. Juniper Mere has to be cheaper or faster before that happens.

Ask these next

01What does renewal look like if no round ever happens?
02Is the waitlist demand for a product, or a queue for a coin?
03Who can unpublish a public sentence in 24 hours, by name?
04Who is the first named paying customer — not a letter of intent?
05If RCA Pad disappeared tomorrow, could the customer still run the job?
06Which geography is actually locked, and which is a hope?

Structure

How money would actually move.

Sprint is diligence, not a raise. A pack at the end is a file the company can take to its own lawyers and investors. RCA Pad does not complete funding.

Entity: Juniper Mere 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.

Copenhagennamed
United Kingdomnamed
Mainland China retailrestricted

Team

Who runs it.

Zara IbrahimChief executive
Claire KrügerChief technology

Stack

Permissioned netting
Clearing
Takedown SLA
Approval trail

Named with them

Clearline

Who can decide

Zara Ibrahim (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.

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
Juniper Mere does not sell a token to the public on this pad	Posture lock	live
The product is clearing sold to institutions	Architecture + customer type	live
Permissioned netting 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: Copenhagen, United Kingdom	Named markets on the file	live

On the record

Day 0 lockKick-offSep
Claim inventoryPackSep
Audience matrix draftPackSep

Operating log

11 Sep 13:21
Workshop. Funnel has no purchase step.
08 Sep 09:00
Kick-off. Exclusions recorded.
09 Sep 16:20
A claim killed for missing evidence.

Path to now

D0
Kick-off
Geographies, owners, SLA, exclusions.
D14
Read-out
Accept the pack or stop.

Not a subscription

This is not a sale page.

Sprint is diligence, not a raise. A pack at the end is a file the company can take to its own lawyers and investors. RCA Pad does not complete funding. 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.