The wedge
Offtaker portal
A national registry as counterpart is the whole company.
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
KAME
Screened
SCREENEDEnergy certificatesKame
A named Helsinki buyer is on the record. You are still reading the public page.
Nia Ibrahim will not run a public sale on this pad. The listing exists because of that sentence.
Kame — A ledger of energy certificates (GOs, RECs) for producers and offtakers who already sit in a national registry. It moves the event faster. It does not invent a green token for Twitter.
Screened, not yet in sprint. Treat every number as provisional. Calendar access is not automatic.
Archive is free. Live access is timed. Kame is timed.
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
Certificate ledger
Counsel hours
0
Not offering — locked
Sentences killed
0
Before listing
Claims live
1/5
Sprint
Our cut
0%
Of any proceeds
Plate Meridian · 6895
KAME
The plate
Meridian. Edition 6895.
A unique plate for Kame. Geometry, orbit, and edition belong to this company — no other listing on the board shares it.
KAME · Helsinki · Energy certificates
Score
0
Desk diligence
Pilots
0
None on file
Stage
upcoming
upcoming
HQ
Helsinki
Producers
Sells
Offtaker
Offtaker portal
Markets
0
Helsinki
Years
0
Founded 2025
Surfaces
0
Certificate ledger
Complete
0
File readiness
Why the desk took it
Early — still a question.
No public token representing a tonne. We searched.
Traction
No paying pilot on the public file.
Founded 2025, headquartered in Helsinki. No named paying pilot on the file yet — that is the first question. 3 nodes or connected surfaces reported. Desk diligence score 76/100. A qualified custodian reconciling against this book. A dual-control drill exists on paper. We have not watched it live yet — that is the next ask.
Next 12 months
Counsel on commodity vs software — one memo.
Xpansiv is a market. This is the event under a registry. 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.
Someone in Helsinki already renewed a slower vendor this year. Kame 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.
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 counsel
We will not describe this as Reg CA-compliant, MiCA-stickered, or FCA-authorised. Issuers retain their own counsel in every relevant jurisdiction.
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.
From ops
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.
Attention is the scarce asset. 1 asks this week are already spending it.
Restricted markets stay dark. Named markets are live. That discipline is the scarce thing.
The scarce thing is not the company. It is the next 21 days of a live conversation.
Window remaining
0days
When this window closes, the campaign is archive.
- Sentences killed
- 14
- Counsel hours on file
- 7
- Asks / week
- 1
- Our cut
- 0% of proceeds
The decline pile is a compliment. It means the screen still means something.
This company
Kame
Twelve Energy certificates decks look the same. One of them has a Helsinki customer on the record.
In the same conversation
- National GO registries
- Xpansiv
- Not a public carbon coin
The bet
Why this company exists.
A national registry as counterpart is the whole company.
A national registry as counterpart is the whole company.
Corporate offtakers are being asked to prove what they bought. Registries lag. A dual record that the registry still owns is sellable.
GO and REC markets are measured in tens of billions. Ops software is a thin slice with high switching costs.
Versus the field
L2 wrappers are cheaper. They are also a different perimeter — and declined here. Kame is priced as software against an invoice that already exists.
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
- 01A certificate that exists in a registry is evented here
- 02Delivery and retirement are visible to the offtaker
- 03The registry remains the legal source
- 04No public ‘carbon token’ sale on this pad
- 05Delivery and retirement are visible to the offtaker; the registry remains source
- 06A named counterparty verifies; Kame does not attest to its own facts.
In the same conversation as
- National GO registries
- Xpansiv
- Not a public carbon coin
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
29%
Keeping the public story from running ahead of the claims register.
Second market
21%
Hiring the operator who already does this job at a licensed firm.
Control environment
20%
Dual-control drills, key ceremonies, and the person who owns them.
Claims & campaign ops
30%
A counsel memo that can survive a later reader.
Operating week
What “in market” actually looks like.
- FriKill switchRehearse unpublish in 24 hours. If it takes a committee, it is not a switch.
- 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.
- SatDarkNo creators. No threads. Restricted geos stay dark.
The wedge
Why this one, not the other one.
- They sell
- Offtaker portal
- Who pays
- A qualified custodian reconciling against this book.
- 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
- A national registry is a counterpart, not a scrape.
- Switching cost
- Network effects only if a second named counterparty writes. One customer is a service firm.
- Vs the comps
- Xpansiv is a market. This is the event under a registry.
- Why we listed it
- No public token representing a tonne. We searched.
Next twelve months
What has to be true.
Counsel on commodity vs software — one memo.
A dual-control drill exists on paper. We have not watched it live yet — that is the next ask.
Growth money would extend the record to a second geography, still permissioned.
Traction
What you can verify today.
Founded 2025, headquartered in Helsinki. No named paying pilot on the file yet — that is the first question. 3 nodes or connected surfaces reported. Desk diligence score 76/100. A qualified custodian reconciling against this book. A dual-control drill exists on paper. We have not watched it live yet — that is the next ask.
- Architecture paper — no production customer on the public file
- No token contract listed as a public sale
- Pilot letters on file, identities redacted
- Helsinki 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.”
- Product16
- Customers18
- Legal path62
- Tech maturity37
- Demand10
- Market access44
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.
Double count
If the registry and this ledger can both be sold, the product is a liability.
Green token
A freely traded climate token is usually a commodity or a security. This pad will not sell it.
Registry cooperation
Without the registry, this is a shadow certificate.
Policy
GO rules move. The product has to move with them, not ahead of them.
Double count
If the registry and this ledger can both be sold, Kame is a liability. Dual-record or nothing.
Path silence
If counsel will not name a path and not-offering is not locked, heated waitlist copy is an accidental offering.
Ask these next
- 01What does renewal look like if no round ever happens?
- 02What happens if a founder later wants a public token?
- 03Which incumbent can copy this in a quarter, and what would they have to migrate?
- 04Where do keys, title, or NAV liability sit — and is that person licensed?
- 05Which geography is actually locked, and which is a hope?
- 06Has counsel written the perimeter in a memo you can file?
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
- Kame 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.
- Helsinkinamed
- Mainland China retailrestricted
- United Statesrestricted
Team
Who runs it.
- Nia IbrahimChief executive
Stack
- Certificate ledger
- Energy certificates
- Approval trail
- Audit log
Named with them
- Northbridge Counsel
Who can decide
The technical founder is on the record as engineering. Contractors in undisclosed jurisdictions are written down as a fact, not hidden. Facts can be managed. Hiding them is how companies die in diligence.
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 |
|---|---|---|
| Kame does not sell a token to the public on this pad | Posture lock | live |
| The product is energy certificates sold to institutions | Architecture + customer type | draft |
| Certificate ledger 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 | Desk file | draft |
| No public token is sold on this pad | Engagement terms + posture lock | live |
| Customers contemplated: Helsinki | Named markets on the file | draft |
On the record
- Application APP-4756ScreenSep
- Counsel questionPathSep
Operating log
06 Sep 15:00
Application scored. Kame 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
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.