The wedge
Warehouse seat
A warehouse that writes the event is worth more than a bank that only reads it.
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
LARB
Screened
SCREENEDWarehouse receiptsLarch Ledger
They killed 18 sentences to get listed. That is the product you are about to miss.
Inbound this week: 5. That is demand for a job someone already pays for — not a book.
Larch Ledger — 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.
Screened, not yet in sprint. Treat every number as provisional. Calendar access is not automatic.
Window 4d. Waitlist a short list. 5 asks this week. This is not a quiet listing.
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
Receipt registry
Counsel hours
0
Undetermined — not a path
Sentences killed
0
Before listing
Claims live
1/6
Sprint
Our cut
0%
Of any proceeds
Plate Orbit · 1940
LARB
The plate
Orbit. Edition 1940.
A unique plate for Larch Ledger. Geometry, orbit, and edition belong to this company — no other listing on the board shares it.
LARB · Madrid · Warehouse receipts
Score
0
Desk diligence
Pilots
0
None on file
Stage
upcoming
upcoming
HQ
Madrid
Trade-finance banks
Sells
Warehouse
Warehouse seat
Markets
0
Madrid
Years
0
Founded 2022
Surfaces
0
Receipt registry
Complete
0
File readiness
Why the desk took it
Early — still a question.
They brought a redacted bill, not a tokenised barrel.
Traction
No paying pilot on the public file.
Founded 2022, headquartered in Madrid. No named paying pilot on the file yet — that is the first question. 4 nodes or connected surfaces reported. Desk diligence score 81/100. Four origination desks posting into a closed tape. No public APY, no public book, no ‘how to buy’ on any surface we could find.
Next 12 months
Which law governs title — written, not assumed.
A commodity NFT is the thing this file will not be. Bps on a job that already has a budget line. A public coin would not make the invoice larger.
The brief
How a serious reader should hold this.
Someone in Madrid already renewed a slower vendor this year. Larch Ledger is the conversation that happens before they do it again. Miss this cycle and you explain the next one.
If you leave this page without opening the claims table, you have read marketing. The scarce version of Larch Ledger is the version that survives counsel. It is on a clock.
A dual-control drill sits on paper. Keys, title, or NAV liability sit with a named licensed party — not Larch Ledger. The architecture says so. We have not watched the drill live. That is the next ask, not a slogan.
From the pilot
A dual-control drill exists on paper. Production evidence is the next artefact, not a tweet.
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 the founder
Fixed fee. Deposit to start. 0% of proceeds. Token-only pay is declined. Percentage of raise is declined.
The window
Miss this and you read the archive.
The decline pile in Warehouse receipts is full of companies that looked the same on slide one. This one is listed.
Counsel hours on file: enough that a later reader can tell this was not improvised.
If you are a founder who wants a pack like this: apply. If you are a buyer: call them — not us.
Window remaining
0days
When this window closes, the campaign is archive.
- Sentences killed
- 18
- Counsel hours on file
- 10
- Asks / week
- 5
- Our cut
- 0% of proceeds
The waitlist is people who want the product. If they wanted a coin they would be on a different pad.
This company
Larch Ledger
A L2 wrapper is cheaper. It is also a different perimeter — and declined here.
In the same conversation
- Contour / we.trade (history)
- CargoX
- Bank trade portals
- Not a commodity NFT
The bet
Why this company exists.
A warehouse that writes the event is worth more than a bank that only reads it.
A warehouse that writes the event is worth more than a bank that only reads it.
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
L2 wrappers are cheaper. They are also a different perimeter — and declined here. Larch Ledger is priced as software against an invoice that already exists.
Madrid 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
- 01A document that already exists is hashed and evented
- 02Title changes when the parties that already can change it say so
- 03Financiers see the state they are underwriting
- 04No public listing of the cargo as an asset
- 05Title changes only when the parties that already can change it say so
- 06Kill of a public sentence is an hour, not a committee.
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
34%
Hiring the operator who already does this job at a licensed firm.
Claims & campaign ops
21%
The remaining certifications and the second named market.
Named operators
19%
Dual-control drills, key ceremonies, and the person who owns them.
Second market
26%
Adapter work against the incumbent register, admin, or custodian.
Operating week
What “in market” actually looks like.
- TueExceptionsOvernight breaks post back into the customer’s case system. No side book.
- FriKill switchRehearse unpublish in 24 hours. If it takes a committee, it is not a switch.
- WedCounselPerimeter diffs. If the site drifted from the memo, the site moves — not the memo.
- SatDarkNo creators. No threads. Restricted geos stay dark.
The wedge
Why this one, not the other one.
- They sell
- Warehouse seat
- Who pays
- Four origination desks posting into a closed tape.
- Unit economics
- Bps on a job that already has a budget line. A public coin would not make the invoice larger.
- Moat on file
- A bank has funded against this record on at least one shipment.
- Switching cost
- Permissioned connectivity is the moat. Public endpoints would erase it.
- Vs the comps
- A commodity NFT is the thing this file will not be.
- Why we listed it
- They brought a redacted bill, not a tokenised barrel.
Next twelve months
What has to be true.
Which law governs title — written, not assumed.
No public APY, no public book, no ‘how to buy’ on any surface we could find.
A round, if any, sits with their providers. This pad does not take the order.
Traction
What you can verify today.
Founded 2022, headquartered in Madrid. No named paying pilot on the file yet — that is the first question. 4 nodes or connected surfaces reported. Desk diligence score 81/100. Four origination desks posting into a closed tape. No public APY, no public book, no ‘how to buy’ on any surface we could find.
- Architecture paper — no production customer on the public file
- No token contract listed as a public sale
- Pilot letters on file, identities redacted
- Madrid 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.”
- Product20
- Customers18
- Legal path24
- Tech maturity40
- Demand10
- 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. Undetermined — not a path has to be a memo you can file, not a slogan on the hero.
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.
Incumbent feature
The administrator, CCP, scheme or custodian can ship this as a checkbox. Larch Ledger has to be cheaper or faster before that happens.
Ask these next
- 01If RCA Pad disappeared tomorrow, could the customer still run the job?
- 02Has counsel written the perimeter in a memo you can file?
- 03Which geography is actually locked, and which is a hope?
- 04Who can unpublish a public sentence in 24 hours, by name?
- 05Who is the first named paying customer — not a letter of intent?
- 06Is the waitlist demand for a product, or a queue for a coin?
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
- Larch Ledger Ltd
- Path on file
- Undetermined — not a path
- 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.
- Madridnamed
- Mainland China retailrestricted
- United Statesrestricted
Team
Who runs it.
- Owen ChoChief executive
Stack
- Receipt registry
- Warehouse receipts
- Takedown SLA
- Audit log
Named with them
- Northbridge Counsel
Who can decide
Owen Cho came in named. The team is not a handle. Larch Ledger Ltd exists, founded 2022, headquartered in Madrid. Anonymity would have been an automatic decline.
If the first customer renews, the adapter work pays for itself. If they do not, Larch 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 |
|---|---|---|
| Larch Ledger does not sell a token to the public on this pad | Posture lock | live |
| The product is warehouse receipts sold to institutions | Architecture + customer type | draft |
| Receipt registry 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 |
| Production date for the chain layer is not committed | No board minute | draft |
| No public token is sold on this pad | Engagement terms + posture lock | live |
| Customers contemplated: Madrid | Named markets on the file | draft |
On the record
- Application APP-4996ScreenSep
- Counsel questionPathSep
Operating log
03 Sep 15:00
Application scored. Larch Ledger 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.