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

KELG

In diligence

IN MOTIONRoyalty admin

Kelp Yard

A named Vancouver buyer is on the record. You are still reading the public page.

Pilots are named and redacted. The waitlist is not. a short list people already asked.

Kelp Yard — 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.

In a 14-day diligence sprint (day 5). This is when the story, the customers and the legal path get written down — or the file stops.

Most Royalty admin applications this quarter were declined. You are looking at one that was not.

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

Rights ledger

Counsel hours

Not offering — locked

Sentences killed

Before listing

Claims live

1/7

Sprint

Our cut

Of any proceeds

Plate Lattice · 2457

KELG

The plate

Lattice. Edition 2457.

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

KELG · Vancouver · Royalty admin

Score

Desk diligence

Pilots

Named, redacted

Sprint

Day 5 of 14

Vancouver

Producers

Sells

Per

Per certificate event

Markets

Vancouver

Years

Founded 2022

Surfaces

Rights ledger

Complete

File readiness

The wedge

Per certificate event

Kelp Yard shortens retirement, it does not invent a tonne.

Why the desk took it

A real job, not a ticker.

Registry cooperation is in writing, even if early.

Traction

One named pilot (redacted).

Founded 2022, headquartered in Vancouver. One named pilot on file (redacted in public). 4 nodes or connected surfaces reported. Desk diligence score 82/100. Sprint day 5 of 14. A coverholder or carrier running one binder on this record. They killed their own ‘token as fee’ sentence before we asked. Rare, and it scored.

Next 12 months

One retirement an offtaker will show their auditor.

Xpansiv is a market. This is the event under a registry. Per-event pricing so a pilot can start without a transformation programme.

The brief

How a serious reader should hold this.

You can wait for a sticker. The named customer did not. They are writing into this record while the rest of the market argues about a comment period.

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. Kelp Yard 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. Kelp Yard does not attest to its own facts.

From counsel

Fixed fee. Deposit to start. 0% of proceeds. Token-only pay is declined. Percentage of raise is declined.

From the screen

A dual-control drill exists on paper. Production evidence is the next artefact, not a tweet.

The window

Miss this and you read the archive.

If the window closes you still have the pack — as history. Not as a live conversation.

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

Closed

Closed. History only — not a place to buy.

Sentences killed: 5
Counsel hours on file: 62
Asks / week: 19
Our cut: 0% of proceeds

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

This company

Kelp Yard

Twelve Royalty admin decks look the same. One of them has a Vancouver customer on the record.

In the same conversation

National GO registries
Xpansiv
Not a public carbon coin

The bet

Why this company exists.

Kelp Yard shortens retirement, it does not invent a tonne.

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

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

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
06The legal source of truth stays with the incumbent register, admin, or custodian.

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.

Control environment
29%
Hiring the operator who already does this job at a licensed firm.
Certifications & adapters
23%
A counsel memo that can survive a later reader.
Second market
16%
Adapter work against the incumbent register, admin, or custodian.
Counsel & perimeter
32%
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.
ThuCustomerNamed pilot (redacted) sees the same record the auditor saw.
TueExceptionsOvernight breaks post back into the customer’s case system. No side book.
MonClaimsEvery public sentence checked against the register. Anything extra is unpublished.

The wedge

Why this one, not the other one.

They sell: Per certificate event
Who pays: A coverholder or carrier running one binder on this record.
Unit economics: Per-event pricing so a pilot can start without a transformation programme.
Moat on file: An offtaker has retired a certificate via this event.
Switching cost: The customer’s auditor has seen this book. Switching means a new auditor conversation.
Vs the comps: Xpansiv is a market. This is the event under a registry.
Why we listed it: Registry cooperation is in writing, even if early.

Next twelve months

What has to be true.

One retirement an offtaker will show their auditor.

They killed their own ‘token as fee’ sentence before we asked. Rare, and it scored.

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

Traction

What you can verify today.

Operating notes for Rights ledger
No token contract listed as a public sale
Pilot letters on file, identities redacted
Vancouver 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.”

Product38
Customers40
Legal path62
Tech maturity48
Demand38
Market access44

Risks

What can kill it.

The one that actually kills it

Counsel is a slide

Unnamed counsel is how companies die in diligence. Not offering — locked has to be a memo you can file, not a slogan on the hero.

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, Kelp Yard is a liability. Dual-record or nothing.

Incumbent feature

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

Ask these next

01What happens if a founder later wants a public token?
02Has counsel written the perimeter in a memo you can file?
03Who is the first named paying customer — not a letter of intent?
04Is the waitlist demand for a product, or a queue for a coin?
05If RCA Pad disappeared tomorrow, could the customer still run the job?
06Where do keys, title, or NAV liability sit — and is that person licensed?

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: Kelp Yard 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.

Vancouvernamed
Mainland China retailrestricted

Team

Who runs it.

Ines IbrahimChief executive

Stack

Rights ledger
Royalty admin
Approval trail
Takedown SLA

Named with them

Northbridge Counsel
Helix Audit

Who can decide

Ines Ibrahim came in named. The team is not a handle. Kelp Yard Ltd exists, founded 2022, headquartered in Vancouver. Anonymity would have been an automatic decline.

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
Kelp Yard does not sell a token to the public on this pad	Posture lock	live
The product is royalty admin sold to institutions	Architecture + customer type	live
Rights ledger 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: Vancouver	Named markets on the file	live

On the record

Day 0 lockKick-offSep
Claim inventoryPackSep
Audience matrix draftPackSep

Operating log

11 Sep 14:46
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

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