The wedge
Bps of AUM on the books
Shadow books do not survive an audit. This only ships if the admin signs.
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
MAPD
Screened
SCREENEDFund booksMaple Book
Certification is in motion. After it lands, access is the scarce thing — not price.
a short list names asked to be first. None of them bought a token here. They asked for the product.
Maple Book — An operational layer for funds: NAV events, share-class records, books an AIFM can defend. The administrator remains the administrator. This is co-sourced infrastructure, not a tokenised fund on a public board.
Screened, not yet in sprint. Treat every number as provisional. Calendar access is not automatic.
Heat 30 of 99. Hot windows do not stay hot. They close.
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
Permissioned ledger
Counsel hours
0
Undetermined — not a path
Sentences killed
0
Before listing
Claims live
0/7
Sprint
Our cut
0%
Of any proceeds
Plate Vault · 2935
MAPD
The plate
Vault. Edition 2935.
A unique plate for Maple Book. Geometry, orbit, and edition belong to this company — no other listing on the board shares it.
MAPD · Auckland · Fund books
Score
0
Desk diligence
Pilots
0
Named, redacted
Stage
upcoming
upcoming
HQ
Auckland
Fund administrators
Sells
Bps
Bps of AUM on the books
Markets
0
Auckland
Years
0
Founded 2021
Surfaces
0
Permissioned ledger
Complete
0
File readiness
Why the desk took it
Early — still a question.
Unit-as-token was refused in notes. We will not reverse that.
Traction
One named pilot (redacted).
Founded 2021, headquartered in Auckland. One named pilot on file (redacted in public). 4 nodes or connected surfaces reported. Desk diligence score 80/100. A treasurer at a bank that already settles — not a crypto-native desk. No public APY, no public book, no ‘how to buy’ on any surface we could find.
Next 12 months
No public ‘buy the token’ language anywhere they touch.
Citi TA will not be replaced. It might consume this. They win if they are cheaper than the internal build, not cheaper than a protocol.
The brief
How a serious reader should hold this.
In Auckland, the person who signs the monthly pack already has a vendor. Maple Book 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.
Maple Book exists because the incumbent brand will not staff the unglamorous middle of Fund books. The product is that middle. The token, if it ever exists, is not the product — and is not for sale here. The people in the queue already understood the difference.
US traffic was taken off the public surfaces in the first working session. Maple Book did not argue. Adult companies do not costume a US offering.
From counsel
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 pilot
A dual-control drill exists on paper. Production evidence is the next artefact, not a tweet.
From the screen
We will not describe this as Reg CA-compliant, MiCA-stickered, or FCA-authorised. Issuers retain their own counsel in every relevant jurisdiction.
The window
Miss this and you read the archive.
Waiting for a proposed US rule is how you miss a Auckland buyer who already has budget.
a short list people did not join a waitlist for a ticker. They joined for a job.
Open the diligence or watch it close. There is not a third option that still counts as early.
Window remaining
0days
When this window closes, the campaign is archive.
- Sentences killed
- 17
- Counsel hours on file
- 14
- Asks / week
- 9
- Our cut
- 0% of proceeds
If RCA Pad ever asked for a cut of a raise, we would walk. That is in the first email.
This company
Maple Book
The copycats will arrive after certification. That is why the window is now.
In the same conversation
- SS&C
- Apex
- Citi TA
- Not a public tokenised fund
The bet
Why this company exists.
Shadow books do not survive an audit. This only ships if the admin signs.
Shadow books do not survive an audit. This only ships if the admin signs.
Allocators want faster marks. Administrators cannot staff that with people. A dual-record (their books + this event) is how they sleep.
Fund administration is a fee business measured in basis points of AUM. A faster close is retained business.
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 Undetermined — not a path. Proposed Regulation Crypto Assets is not treated as a calendar slot. Build as if it never opens.
How it works
- 01Administrator remains source of truth
- 02Events (NAV, subscription, share-class) are signed and timestamped
- 03Investors and auditors query what they are allowed to see
- 04The fund unit is not listed here as a token you can buy
- 05Investors and auditors query only what they are allowed to see
- 06A named counterparty verifies; Maple Book does not attest to its own facts.
In the same conversation as
- SS&C
- Apex
- Citi TA
- Not a public tokenised fund
If they raise
Where the money would actually go.
Not a token float. A budget against work. RCA Pad still takes 0% of proceeds.
Second market
38%
Dual-control drills, key ceremonies, and the person who owns them.
Claims & campaign ops
18%
The remaining certifications and the second named market.
Named operators
22%
Keeping the public story from running ahead of the claims register.
Certifications & adapters
22%
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.
- SatDarkNo creators. No threads. Restricted geos stay dark.
- SunOwnersWho can decide messaging and budget on a recorded line. If the answer is nobody, stop.
- TueExceptionsOvernight breaks post back into the customer’s case system. No side book.
The wedge
Why this one, not the other one.
- They sell
- Bps of AUM on the books
- Who pays
- A treasurer at a bank that already settles — not a crypto-native desk.
- Unit economics
- They win if they are cheaper than the internal build, not cheaper than a protocol.
- Moat on file
- Auditor has seen the dual-record and not walked out.
- Switching cost
- Scheme maps, ISO, LMA language, registry adapters — eighteen months of unglamorous work.
- Vs the comps
- Citi TA will not be replaced. It might consume this.
- Why we listed it
- Unit-as-token was refused in notes. We will not reverse that.
Next twelve months
What has to be true.
No public ‘buy the token’ language anywhere they touch.
No public APY, no public book, no ‘how to buy’ on any surface we could find.
Growth money would extend the record to a second geography, still permissioned.
Traction
What you can verify today.
Founded 2021, headquartered in Auckland. One named pilot on file (redacted in public). 4 nodes or connected surfaces reported. Desk diligence score 80/100. A treasurer at a bank that already settles — not a crypto-native desk. 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
- Named founder; customer still a conversation
- Auckland 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.”
- Product25
- Customers40
- Legal path24
- Tech maturity40
- Demand10
- Market access44
Risks
What can kill it.
The one that actually kills it
The founder wants a public book
The moment Maple Book 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.
Unit token
A share-class token sold to the public is a securities offering. This pad will not run that as a sale.
Admin of record
If the admin has not signed, this is a shadow book. Shadow books do not survive an audit.
NAV liability
Who is wrong when the number is wrong? That sentence has to exist.
Distribution
Using this layer as a public subscription journey is a different file — and usually the wrong house.
Shadow book
If the administrator has not signed, Maple Book is a copy of a spreadsheet. Copies do not survive the audit.
Single-customer gravity
If the first named buyer is also the only buyer, Maple Book is a services shop with a ledger. Ask for the second.
Ask these next
- 01Is the waitlist demand for a product, or a queue for a coin?
- 02Who can unpublish a public sentence in 24 hours, by name?
- 03What does renewal look like if no round ever happens?
- 04Which geography is actually locked, and which is a hope?
- 05What happens if a founder later wants a public token?
- 06Where do keys, title, or NAV liability sit — and is that person licensed?
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
- Maple Book Ltd
- Path on file
- Undetermined — not a path
- Posture
- Private only
- 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.
- Aucklandnamed
- Public residual claimsrestricted
- United Statesrestricted
Team
Who runs it.
- Mei PetrovChief executive
- Jonah AdeyemiMarkets
Stack
- Permissioned ledger
- Fund books
- Audit log
Named with them
- Meridian Tax
Who can decide
The technical founder is on the record as Markets. Contractors in undisclosed jurisdictions are written down as a fact, not hidden. Facts can be managed. Hiding them is how companies die in diligence.
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 |
|---|---|---|
| Maple Book does not sell a token to the public on this pad | Posture lock | live |
| The product is fund books sold to institutions | Architecture + customer type | draft |
| Permissioned ledger 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 | Desk file | draft |
| No public token is sold on this pad | Engagement terms + posture lock | live |
| Customers contemplated: Auckland | Named markets on the file | draft |
On the record
- Application APP-4864ScreenSep
- Counsel questionPathSep
Operating log
08 Sep 12:00
Application scored. Maple Book 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.