RCA Pad
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

KTCH

Closed
CLOSEDWarehouse receipts

Ketch

Window closed. 2,888 asked while it was live. You are reading history.

Renewal — not the round — is the twelve-month test. The people in this queue already know that.

Ketch — 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.

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.

Waitlist

0

Window

Closed

Heat

0/99

Inbound / wk

0asks

Asking now

0live

Named pilots

0

Redacted on the public page

Live nodes

0

Receipt registry

Counsel hours

0

Singapore · closed private round

Sentences killed

0

Before listing

Claims live

0/15

Sprint

Our cut

0%

Of any proceeds

Plate Orbit · 1963

KTCH

The plate

Orbit. Edition 1963.

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

KTCH · Singapore · Warehouse receipts

Score

0

Desk diligence

Pilots

0

Named, redacted

Waitlist

0

Product demand

HQ

Singapore

Trade-finance banks

Sells

Warehouse

Warehouse seat

Markets

0

Singapore

Years

0

Founded 2023

Surfaces

0

Receipt registry

Complete

0

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.

Public listing of cargo was refused on day one.

Traction

3 named pilots (redacted).

Founded 2023, headquartered in Singapore. 3 named pilots on file (identities redacted in public). 2,888 on the waitlist, gated — product demand, not a book built. 13 nodes or connected surfaces reported. Desk diligence score 81/100. A warehouse or port that has written a live event. Architecture says keys / title / NAV liability sit with a named licensed party — not Ketch.

Next 12 months

Which law governs title — written, not assumed.

A commodity NFT is the thing this file will not be. Per-event pricing so a pilot can start without a transformation programme.

The brief

How a serious reader should hold this.

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

The bet is narrow. A named Singapore buyer already has budget for this invoice. Ketch 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 dual-control drill sits on paper. Keys, title, or NAV liability sit with a named licensed party — not Ketch. The architecture says so. We have not watched the drill live. That is the next ask, not a slogan.

From the screen

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

From the pilot

US persons are outside the audience. A form that asks “are you accredited?” without verification is not an exemption.

From counsel

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.

You can read twelve thinner companies. Or this one, once, while the window is open.

Restricted markets stay dark. Named markets are live. That discipline is the scarce thing.

We do not allocate. We do not take a cut. We will not hold the window open for you.

Window

Closed

Closed. History only — not a place to buy.

Sentences killed
9
Counsel hours on file
52
Asks / week
361
Our cut
0% of proceeds

Our TAM is an invoice the customer already pays. A coin would not make it larger. It would make the licence harder.

Mei Okafor, Chief executive

This company

Ketch

Twelve Warehouse receipts decks look the same. One of them has a Singapore customer on the record.

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.

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

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.

Singapore being the city does not make local retail a default audience. Communications capable of inducing investment activity still have a promotions problem.

How it works

  1. 01A document that already exists is hashed and evented
  2. 02Title changes when the parties that already can change it say so
  3. 03Financiers see the state they are underwriting
  4. 04No public listing of the cargo as an asset
  5. 05Title changes only when the parties that already can change it say so
  6. 06Exceptions post back into the customer’s existing case system — no side spreadsheet.

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.

  • Control environment

    32%

    Dual-control drills, key ceremonies, and the person who owns them.

  • Counsel & perimeter

    27%

    Adapter work against the incumbent register, admin, or custodian.

  • Named operators

    18%

    Hiring the operator who already does this job at a licensed firm.

  • Claims & campaign ops

    23%

    A counsel memo that can survive a later reader.

Operating week

What “in market” actually looks like.

  1. ThuCustomerNamed pilot (redacted) sees the same record the auditor saw.
  2. SatDarkNo creators. No threads. Restricted geos stay dark.
  3. FriKill switchRehearse unpublish in 24 hours. If it takes a committee, it is not a switch.
  4. SunOwnersWho can decide messaging and budget on a recorded line. If the answer is nobody, stop.

The wedge

Why this one, not the other one.

They sell
Warehouse seat
Who pays
A warehouse or port that has written a live event.
Unit economics
Per-event pricing so a pilot can start without a transformation programme.
Moat on file
A bank has funded against this record on at least one shipment.
Switching cost
Once the record is the record, the incumbent copy has to migrate history. That is the year.
Vs the comps
A commodity NFT is the thing this file will not be.
Why we listed it
Public listing of cargo was refused on day one.

Next twelve months

What has to be true.

Which law governs title — written, not assumed.

Architecture says keys / title / NAV liability sit with a named licensed party — not Ketch.

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

Traction

What you can verify today.

Founded 2023, headquartered in Singapore. 3 named pilots on file (identities redacted in public). 2,888 on the waitlist, gated — product demand, not a book built. 13 nodes or connected surfaces reported. Desk diligence score 81/100. A warehouse or port that has written a live event. Architecture says keys / title / NAV liability sit with a named licensed party — not Ketch.

  • Operating notes for Receipt registry
  • No token contract listed as a public sale
  • Named founder; customer still a conversation
  • Singapore 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
  • Customers96
  • Legal path84
  • Tech maturity67
  • Demand54
  • 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 Singapore story becomes a fact pattern. The restricted list exists for a reason: EU retail.

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.

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

  1. 01Which incumbent can copy this in a quarter, and what would they have to migrate?
  2. 02What happens if a founder later wants a public token?
  3. 03Where do keys, title, or NAV liability sit — and is that person licensed?
  4. 04Which geography is actually locked, and which is a hope?
  5. 05If RCA Pad disappeared tomorrow, could the customer still run the job?
  6. 06Who can unpublish a public sentence in 24 hours, by name?

Structure

How money would actually move.

Window closed. Tombstone is theirs. Archive is ours. 0% of proceeds.

Entity
Ketch Pte. Ltd.
Path on file
Singapore · closed private round
Posture
Window closed
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.

  • Singaporenamed
  • Hong Kong professionalnamed
  • EU retailrestricted

Team

Who runs it.

  • Mei OkaforChief executive
  • Mei OkaforMarkets

Stack

  • Receipt registry
  • Warehouse receipts
  • Disclosure templates
  • Approval trail

Named with them

  • Clearline
  • Meridian Tax

Who can decide

Mei Okafor (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.

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.

StatementEvidenceStatus
Ketch does not sell a token to the public on this padPosture lockwithdrawn
The product is warehouse receipts sold to institutionsArchitecture + customer typewithdrawn
Receipt registry is the method — not a listed assetDesk snapshotwithdrawn
Retail buyers are out of scopeNamed markets lockwithdrawn
Any raise completes with the issuer’s counsel and providers — not on RCA PadFixed-fee termswithdrawn
Pilot identities redacted in publicNo board minutewithdrawn
No public token is sold on this padEngagement terms + posture lockwithdrawn
Customers contemplated: Singapore, Hong Kong professionalNamed markets on the filewithdrawn

On the record

  1. Final registerArchiveAug
  2. Close reportReportAug
  3. Tombstone copyArchiveAug

Operating log

  1. 19 Aug 10:00

    Close report. 0% of proceeds.

  2. 12 Aug 18:00

    Ketch archived. Live claims withdrawn.

  3. 11 Aug 09:30

    Final creator pass. Residual claims pulled.

Path to now

  1. Open

    File

    Before any public sentence.

  2. 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.

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.