The wedge
Per NAV event
Shadow books do not survive an audit. This only ships if the admin signs.
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
JUTB
Closed
CLOSEDCap-table opsJute Ledger
Window closed. a short list asked while it was live. You are reading history.
Seats of attention are not infinite. 0 counterparties are in the live thread. You are not — yet.
Jute Ledger — An operational layer for funds: NAV events, share-class records, books an AIFM can defend. The administrator remains the administrator. This is co-sourced infrastructure, not a tokenised fund on a public board.
Closed on this board. Any capital event was completed with the issuer’s own providers. RCA Pad took 0%.
Closed. The live conversation is over. The pack remains as archive.
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
completed
Window
Closed
Heat
0/99
Inbound / wk
0asks
Asking now
0live
Named pilots
0
Redacted on the public page
Live nodes
0
Share register
Counsel hours
0
Brussels · closed private round
Sentences killed
0
Before listing
Claims live
0/12
Build
Our cut
0%
Of any proceeds
Plate Lattice · 3101
JUTB
The plate
Lattice. Edition 3101.
A unique plate for Jute Ledger. Geometry, orbit, and edition belong to this company — no other listing on the board shares it.
JUTB · Brussels · Cap-table ops
Score
0
Desk diligence
Pilots
0
Named, redacted
Stage
completed
completed
HQ
Brussels
Fund administrators
Sells
Per
Per NAV event
Markets
0
Brussels
Years
0
Founded 2024
Surfaces
0
Share register
Complete
0
File readiness
Why the desk took it
A real job, not a ticker.
Unit-as-token was refused in notes. We will not reverse that.
Traction
3 named pilots (redacted).
Founded 2024, headquartered in Brussels. 3 named pilots on file (identities redacted in public). 18 nodes or connected surfaces reported. Desk diligence score 87/100. A qualified custodian reconciling against this book. Architecture says keys / title / NAV liability sit with a named licensed party — not Jute Ledger.
Next 12 months
Daily NAV in one live fund.
A public tokenised fund is a different file — and usually the wrong house. They win if they are cheaper than the internal build, not cheaper than a protocol.
The brief
How a serious reader should hold this.
Someone in Brussels already renewed a slower vendor this year. Jute Ledger is the conversation that happens before they do it again. Miss this cycle and you explain the next one.
What you can verify today is smaller than the slide. What you cannot verify is named as a question, not a promise. That is the difference between this company and a pad listing — and why the waitlist is not a coin queue.
US traffic was taken off the public surfaces in the first working session. Jute Ledger did not argue. Adult companies do not costume a US offering.
From ops
The legal source of truth stays with the incumbent register, admin, or custodian. Jute Ledger does not attest to its own facts.
From the founder
Fixed fee. Deposit to start. 0% of proceeds. Token-only pay is declined. Percentage of raise is declined.
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.
When the heat drops, the named customer is still named — they just stop taking new calls.
Certification is in motion. After it lands, the price of the seat is not the question — access is.
Read it once, properly, while the number is still green. Then decide.
Window
Closed
Closed. History only — not a place to buy.
- Sentences killed
- 13
- Counsel hours on file
- 58
- Asks / week
- 3
- Our cut
- 0% of proceeds
Renewal is the round. If nobody renews, there is no company. A token would not fix that.
This company
Jute Ledger
Twelve Cap-table ops decks look the same. One of them has a Brussels customer on the record.
In the same conversation
- SS&C
- Apex
- Citi TA
- Not a public tokenised fund
The bet
Why this company exists.
Shadow books do not survive an audit. This only ships if the admin signs.
Shadow books do not survive an audit. This only ships if the admin signs.
Allocators want faster marks. Administrators cannot staff that with people. A dual-record (their books + this event) is how they sleep.
Fund administration is a fee business measured in basis points of AUM. A faster close is retained business.
Versus the field
The incumbent brand sells the relationship. Jute Ledger 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.
The live path is Brussels · closed private round. Proposed Regulation Crypto Assets is not treated as a calendar slot. Build as if it never opens.
How it works
- 01Administrator remains source of truth
- 02Events (NAV, subscription, share-class) are signed and timestamped
- 03Investors and auditors query what they are allowed to see
- 04The fund unit is not listed here as a token you can buy
- 05Investors and auditors query only what they are allowed to see
- 06Kill of a public sentence is an hour, not a committee.
In the same conversation as
- SS&C
- Apex
- Citi TA
- Not a public tokenised fund
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
33%
Hiring the operator who already does this job at a licensed firm.
Second market
20%
A counsel memo that can survive a later reader.
Named operators
16%
Dual-control drills, key ceremonies, and the person who owns them.
Control environment
31%
The remaining certifications and the second named market.
Operating week
What “in market” actually looks like.
- SunOwnersWho can decide messaging and budget on a recorded line. If the answer is nobody, stop.
- ThuCustomerNamed pilot (redacted) sees the same record the auditor saw.
- MonClaimsEvery public sentence checked against the register. Anything extra is unpublished.
- TueExceptionsOvernight breaks post back into the customer’s case system. No side book.
The wedge
Why this one, not the other one.
- They sell
- Per NAV event
- Who pays
- A qualified custodian reconciling against this book.
- Unit economics
- They win if they are cheaper than the internal build, not cheaper than a protocol.
- Moat on file
- A live NAV event in a real fund, not a demo clock.
- Switching cost
- Permissioned connectivity is the moat. Public endpoints would erase it.
- Vs the comps
- A public tokenised fund is a different file — and usually the wrong house.
- Why we listed it
- Unit-as-token was refused in notes. We will not reverse that.
Next twelve months
What has to be true.
Daily NAV in one live fund.
Architecture says keys / title / NAV liability sit with a named licensed party — not Jute Ledger.
They have not asked us to run a sale. That ask would close the file.
Traction
What you can verify today.
Founded 2024, headquartered in Brussels. 3 named pilots on file (identities redacted in public). 18 nodes or connected surfaces reported. Desk diligence score 87/100. A qualified custodian reconciling against this book. Architecture says keys / title / NAV liability sit with a named licensed party — not Jute Ledger.
- Operating notes for Share register
- No token contract listed as a public sale
- Pilot letters on file, identities redacted
- Brussels is the operating centre
- The waitlist, if any, is a product list — not a book
- Raise, if any, closed with issuer providers
Readiness
Six things a serious buyer asks. 100 is “ready to take to counsel and a customer.”
- Product95
- Customers84
- Legal path84
- Tech maturity82
- 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.
Unit token
A share-class token sold to the public is a securities offering. This pad will not run that as a sale.
Admin of record
If the admin has not signed, this is a shadow book. Shadow books do not survive an audit.
NAV liability
Who is wrong when the number is wrong? That sentence has to exist.
Distribution
Using this layer as a public subscription journey is a different file — and usually the wrong house.
Shadow book
If the administrator has not signed, Jute Ledger is a copy of a spreadsheet. Copies do not survive the audit.
Token relapse
A later round that wants a public token puts Jute Ledger in a different perimeter. The file treats that as a hard stop.
Ask these next
- 01What happens if a founder later wants a public token?
- 02Who can unpublish a public sentence in 24 hours, by name?
- 03Is the waitlist demand for a product, or a queue for a coin?
- 04Where do keys, title, or NAV liability sit — and is that person licensed?
- 05Who is the first named paying customer — not a letter of intent?
- 06Which incumbent can copy this in a quarter, and what would they have to migrate?
Structure
How money would actually move.
Window closed. Tombstone is theirs. Archive is ours. 0% of proceeds.
- Entity
- Jute Ledger Ltd
- Path on file
- Brussels · closed private round
- 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.
- Brusselsnamed
- United Kingdomnamed
- EU retailrestricted
- United Statesrestricted
Team
Who runs it.
- Tomás ChoChief executive
- Lars MoreauMarkets
Stack
- Share register
- Cap-table ops
- Takedown SLA
- Approval trail
Named with them
- Northbridge Counsel
- Helix Audit
- Clearline
Who can decide
Tomás Cho came in named. The team is not a handle. Jute Ledger Ltd exists, founded 2024, headquartered in Brussels. Anonymity would have been an automatic decline.
If the first customer renews, the adapter work pays for itself. If they do not, Jute Ledger is a services firm with a slide. The twelve-month test is renewal, not waitlist.
Claims with evidence
Statements with evidence.
| Statement | Evidence | Status |
|---|---|---|
| Jute Ledger does not sell a token to the public on this pad | Posture lock | withdrawn |
| The product is cap-table ops sold to institutions | Architecture + customer type | withdrawn |
| Share register is the method — not a listed asset | Desk snapshot | withdrawn |
| Retail buyers are out of scope | Named markets lock | withdrawn |
| Any raise completes with the issuer’s counsel and providers — not on RCA Pad | Fixed-fee terms | withdrawn |
| Production date for the chain layer is not committed | No board minute | withdrawn |
| No public token is sold on this pad | Engagement terms + posture lock | withdrawn |
| Customers contemplated: Brussels, United Kingdom | Named markets on the file | withdrawn |
On the record
- Final registerArchiveAug
- Close reportReportAug
- Tombstone copyArchiveAug
Operating log
19 Aug 10:00
Close report. 0% of proceeds.
12 Aug 18:00
Jute Ledger archived. Live claims withdrawn.
11 Aug 09:30
Final creator pass. Residual claims pulled.
Path to now
Open
File
Before any public sentence.
Close
Archive
We did not take a cut.
Not a subscription
This is not a sale page.
Window closed. Tombstone is theirs. Archive is ours. 0% of proceeds. 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.