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

LARP

Closed

CLOSEDReinsurance records

Larch Mere

Window closed. 1,888 asked while it was live. You are reading history.

They killed 6 public sentences before we listed them. Thin files do not get that far.

Larch Mere — A permissioned netting engine for trading venues and brokers that are already licensed. It reduces what has to settle. It is not a new CCP, and it is not a collateral token.

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

Window

Closed

Heat

0/99

Inbound / wk

0asks

Asking now

0live

Named pilots

Redacted on the public page

Live nodes

Treaty book

Counsel hours

Brussels · closed private round

Sentences killed

Before listing

Claims live

0/12

Build

Our cut

Of any proceeds

Plate Ledger · 1709

LARP

The plate

Ledger. Edition 1709.

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

LARP · Brussels · Reinsurance records

Score

Desk diligence

Pilots

Named, redacted

Waitlist

Product demand

Brussels

Licensed venues

Sells

Per

Per bordereau cycle

Markets

Brussels

Years

Founded 2021

Surfaces

Treaty book

Complete

File readiness

The wedge

Per bordereau cycle

Larch Mere is replacing the PDF slip, not the carrier.

Why the desk took it

A real job, not a ticker.

They named a coverholder, not a protocol.

Traction

4 named pilots (redacted).

Founded 2021, headquartered in Brussels. 4 named pilots on file (identities redacted in public). 1,888 on the waitlist, gated — product demand, not a book built. 9 nodes or connected surfaces reported. Desk diligence score 91/100. A treasurer at a bank that already settles — not a crypto-native desk. A dual-control drill exists on paper. We have not watched it live yet — that is the next ask.

Next 12 months

One live binder a carrier will show their auditor.

An insurance DAO is not this file. 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.

In Brussels, the person who signs the monthly pack already has a vendor. Larch Mere is not asking them to believe in a token. It is asking them to move one job — the one that currently lives in a spreadsheet, a fax, or a person who is about to retire — onto a record that can be shown to counsel. The queue to read that record is already not empty.

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 Mere. The architecture says so. We have not watched the drill live. That is the next ask, not a slogan.

From counsel

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

From the pilot

We will not describe this as Reg CA-compliant, MiCA-stickered, or FCA-authorised. Issuers retain their own counsel in every relevant jurisdiction.

From ops

The legal source of truth stays with the incumbent register, admin, or custodian. Larch Mere does not attest to its own facts.

The window

Miss this and you read the archive.

The decline pile in Reinsurance records is full of companies that looked the same on slide one. This one is listed.

Certification is in motion. After it lands, the price of the seat is not the question — access is.

The scarce thing is not the company. It is the next 0 days of a live conversation.

Window

Closed

Closed. History only — not a place to buy.

Sentences killed: 6
Counsel hours on file: 83
Asks / week: 236
Our cut: 0% of proceeds

The auditor has seen the dual-record. Switching now is a new conversation. That is the lock.
Owen Moreau, Chief executive

This company

Larch Mere

Services firms hide in ‘platform’ language. Larch Mere sells a seat plus an event. Named.

In the same conversation

LCH / Eurex (incumbent CCPs)
Caldastone-style utilities
Not a DeFi clearinghouse

The bet

Why this company exists.

Larch Mere is replacing the PDF slip, not the carrier.

T+1 and capital rules make gross settlement expensive. Venues will buy netting as a service before they will buy a new licence.

Post-trade cost is a line on every broker P&L. A 10% cut in settlement fails is a CFO conversation.

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.

Named: Brussels, United Kingdom. Off-limits: Public residual claims. A US person hearing an offering communication is a US problem even if the company sits in Brussels. Blocking an IP and taking a US Telegram admin is not a block.

How it works

01Members post positions they already hold
02The engine nets what the rulebook allows
03Only the residual hits the existing settlement rail
04Collateral as a token is an exclusion on this file
05Claim and premium events update the same slip the markets already signed
06The legal source of truth stays with the incumbent register, admin, or custodian.

In the same conversation as

LCH / Eurex (incumbent CCPs)
Caldastone-style utilities
Not a DeFi clearinghouse

If they raise

Where the money would actually go.

Not a token float. A budget against work. RCA Pad still takes 0% of proceeds.

Named operators
36%
Keeping the public story from running ahead of the claims register.
Counsel & perimeter
20%
Hiring the operator who already does this job at a licensed firm.
Claims & campaign ops
15%
Dual-control drills, key ceremonies, and the person who owns them.
Control environment
29%
Adapter work against the incumbent register, admin, or custodian.

Operating week

What “in market” actually looks like.

MonClaimsEvery public sentence checked against the register. Anything extra is unpublished.
ThuCustomerNamed pilot (redacted) sees the same record the auditor saw.
TueExceptionsOvernight breaks post back into the customer’s case system. No side book.
SatDarkNo creators. No threads. Restricted geos stay dark.

The wedge

Why this one, not the other one.

They sell: Per bordereau cycle
Who pays: A treasurer at a bank that already settles — not a crypto-native desk.
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: Claim events post back into the carrier’s existing system.
Switching cost: Permissioned connectivity is the moat. Public endpoints would erase it.
Vs the comps: An insurance DAO is not this file.
Why we listed it: They named a coverholder, not a protocol.

Next twelve months

What has to be true.

One live binder a carrier will show their auditor.

A dual-control drill exists on paper. We have not watched it live yet — that is the next ask.

A round, if any, sits with their providers. This pad does not take the order.

Traction

What you can verify today.

Operating notes for Treaty book
No token contract listed as a public sale
Named founder; customer still a conversation
Brussels 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 maturity55
Demand49
Market access68

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 1,888.

CCP perimeter

If a regulator reads this as clearing, the licence problem is existential.

Collateral token

That ask has been refused on files like this. It should stay refused.

Member default

Who eats the loss? If the answer is ‘the protocol’, there is no protocol that can.

Incumbent freeze-out

CCPs can copy the netting logic faster than a startup can collect members.

Not a carrier

If Larch Mere looks like it is taking risk, it needs a licence. The file says it does not. Keep it that way.

Single-customer gravity

If the first named buyer is also the only buyer, Larch Mere is a services shop with a ledger. Ask for the second.

Ask these next

01Who can unpublish a public sentence in 24 hours, by name?
02Where do keys, title, or NAV liability sit — and is that person licensed?
03What does renewal look like if no round ever happens?
04Which incumbent can copy this in a quarter, and what would they have to migrate?
05Which geography is actually locked, and which is a hope?
06Who is the first named paying customer — not a letter of intent?

Structure

How money would actually move.

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

Entity: Larch Mere Ltd
Path on file: Brussels · closed private round
Posture: Private only
Pack: Build

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.

Brusselsnamed
United Kingdomnamed
Public residual claimsrestricted

Team

Who runs it.

Owen MoreauChief executive

Stack

Treaty book
Reinsurance records
Audit log
Takedown SLA

Named with them

Meridian Tax

Who can decide

Owen Moreau came in named. The team is not a handle. Larch Mere Ltd exists, founded 2021, headquartered in Brussels. 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
Larch Mere does not sell a token to the public on this pad	Posture lock	withdrawn
The product is reinsurance records sold to institutions	Architecture + customer type	withdrawn
Treaty book is the method — not a listed asset	Desk snapshot	withdrawn
Retail buyers are out of scope	Named markets lock	withdrawn
Any raise completes with the issuer’s counsel and providers — not on RCA Pad	Fixed-fee terms	withdrawn
Pilot identities redacted in public	No board minute	withdrawn
No public token is sold on this pad	Engagement terms + posture lock	withdrawn
Customers contemplated: Brussels, United Kingdom	Named markets on the file	withdrawn

On the record

Final registerArchiveAug
Close reportReportAug
Tombstone copyArchiveAug

Operating log

19 Aug 10:00
Close report. 0% of proceeds.
12 Aug 18:00
Larch Mere archived. Live claims withdrawn.
11 Aug 09:30
Final creator pass. Residual claims pulled.

Path to now

Open
File
Before any public sentence.
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

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