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

LART

In diligence
IN MOTIONRoyalty admin

Larch Dock

If you read one Royalty admin company this quarter, make it this one.

The window is a few days. After that Larch Dock archives. Diligence does not reopen as a live conversation.

Larch Dock — 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 4). This is when the story, the customers and the legal path get written down — or the file stops.

The named customer already picked. The waitlist is everyone who was late to that fact.

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

0

Redacted on the public page

Live nodes

0

Rights ledger

Counsel hours

0

Not offering — locked

Sentences killed

0

Before listing

Claims live

3/8

Sprint

Our cut

0%

Of any proceeds

Plate Lattice · 2351

LART

The plate

Lattice. Edition 2351.

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

LART · Edinburgh · Royalty admin

Score

0

Desk diligence

Pilots

0

Named, redacted

Sprint

0

Day 4 of 14

HQ

Edinburgh

Producers

Sells

Producer

Producer seat

Markets

0

Edinburgh

Years

0

Founded 2022

Surfaces

0

Rights ledger

Complete

0

File readiness

The wedge

Producer seat

The wedge is double-counting: corporate offtakers are being asked to prove what they bought.

Why the desk took it

A real job, not a ticker.

No public token representing a tonne. We searched.

Traction

One named pilot (redacted).

Founded 2022, headquartered in Edinburgh. One named pilot on file (redacted in public). 5 nodes or connected surfaces reported. Desk diligence score 78/100. Sprint day 4 of 14. A named Edinburgh administrator who already signs the pack (redacted). Counsel is named, even if the memo is still a draft. Unnamed counsel is how files die.

Next 12 months

Still dual-record with the registry.

A public carbon coin is a commodity or a security. This pad will not sell it. 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.

A dual-control drill sits on paper. Keys, title, or NAV liability sit with a named licensed party — not Larch Dock. 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 ops

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 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.

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

If you are a founder who wants a pack like this: apply. If you are a buyer: call them — not us.

Window

Closed

Closed. History only — not a place to buy.

Sentences killed
8
Counsel hours on file
39
Asks / week
17
Our cut
0% of proceeds

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

Marcus Petrov, Chief executive

This company

Larch Dock

A L2 wrapper is cheaper. It is also a different perimeter — and declined here.

In the same conversation

  • National GO registries
  • Xpansiv
  • Not a public carbon coin

The bet

Why this company exists.

The wedge is double-counting: corporate offtakers are being asked to prove what they bought.

The wedge is double-counting: corporate offtakers are being asked to prove what they bought.

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. Larch Dock is priced as software against an invoice that already exists.

Edinburgh 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 certificate that exists in a registry is evented here
  2. 02Delivery and retirement are visible to the offtaker
  3. 03The registry remains the legal source
  4. 04No public ‘carbon token’ sale on this pad
  5. 05Delivery and retirement are visible to the offtaker; the registry remains source
  6. 06A named counterparty verifies; Larch Dock 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.

  • Counsel & perimeter

    34%

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

  • Control environment

    18%

    A counsel memo that can survive a later reader.

  • Named operators

    17%

    The remaining certifications and the second named market.

  • Second market

    31%

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

Operating week

What “in market” actually looks like.

  1. SunOwnersWho can decide messaging and budget on a recorded line. If the answer is nobody, stop.
  2. ThuCustomerNamed pilot (redacted) sees the same record the auditor saw.
  3. WedCounselPerimeter diffs. If the site drifted from the memo, the site moves — not the memo.
  4. FriKill switchRehearse unpublish in 24 hours. If it takes a committee, it is not a switch.

The wedge

Why this one, not the other one.

They sell
Producer seat
Who pays
A named Edinburgh administrator who already signs the pack (redacted).
Unit economics
Per-event pricing so a pilot can start without a transformation programme.
Moat on file
A national registry is a counterpart, not a scrape.
Switching cost
Scheme maps, ISO, LMA language, registry adapters — eighteen months of unglamorous work.
Vs the comps
A public carbon coin is a commodity or a security. This pad will not sell it.
Why we listed it
No public token representing a tonne. We searched.

Next twelve months

What has to be true.

Still dual-record with the registry.

Counsel is named, even if the memo is still a draft. Unnamed counsel is how files die.

If they raise, it is to hire the remaining certifications and the second market — not to float a coin.

Traction

What you can verify today.

Founded 2022, headquartered in Edinburgh. One named pilot on file (redacted in public). 5 nodes or connected surfaces reported. Desk diligence score 78/100. Sprint day 4 of 14. A named Edinburgh administrator who already signs the pack (redacted). Counsel is named, even if the memo is still a draft. Unnamed counsel is how files die.

  • Operating notes for Rights ledger
  • No token contract listed as a public sale
  • Named founder; customer still a conversation
  • Edinburgh 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.”

  • Product47
  • Customers40
  • Legal path62
  • Tech maturity51
  • Demand34
  • Market access44

Risks

What can kill it.

The one that actually kills it

The founder wants a public book

The moment Larch Dock 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.

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, Larch Dock is a liability. Dual-record or nothing.

Facts vs theatre

A proof of a fake book is still a fake book. Larch Dock has to attach to the real one, in Edinburgh.

Ask these next

  1. 01Which incumbent can copy this in a quarter, and what would they have to migrate?
  2. 02If RCA Pad disappeared tomorrow, could the customer still run the job?
  3. 03Who can unpublish a public sentence in 24 hours, by name?
  4. 04Who is the first named paying customer — not a letter of intent?
  5. 05Which geography is actually locked, and which is a hope?
  6. 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
Larch Dock 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.

  • Edinburghnamed
  • Mainland China retailrestricted
  • United Statesrestricted

Team

Who runs it.

  • Marcus PetrovChief executive
  • Owen ShahMarkets

Stack

  • Rights ledger
  • Royalty admin
  • Audit log
  • Takedown SLA

Named with them

  • Helix Audit
  • Meridian Tax

Who can decide

Marcus Petrov (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.

If the first customer renews, the adapter work pays for itself. If they do not, Larch Dock is a services firm with a slide. The twelve-month test is renewal, not waitlist.

Claims with evidence

Statements with evidence.

StatementEvidenceStatus
Larch Dock does not sell a token to the public on this padPosture locklive
The product is royalty admin sold to institutionsArchitecture + customer typelive
Rights ledger is the method — not a listed assetDesk snapshotlive
Retail buyers are out of scopeNamed markets locklive
Any raise completes with the issuer’s counsel and providers — not on RCA PadFixed-fee termslive
Production date for the chain layer is not committedDesk filedraft
No public token is sold on this padEngagement terms + posture locklive
Customers contemplated: EdinburghNamed markets on the filelive

On the record

  1. Day 0 lockKick-offSep
  2. Claim inventoryPackSep
  3. Audience matrix draftPackSep

Operating log

  1. 11 Sep 17:36

    Workshop. Funnel has no purchase step.

  2. 08 Sep 09:00

    Kick-off. Exclusions recorded.

  3. 09 Sep 16:20

    A claim killed for missing evidence.

Path to now

  1. D0

    Kick-off

    Geographies, owners, SLA, exclusions.

  2. 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

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