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

MAPT

In market

IN MARKETTrade finance

Maple Dock

Most of Trade finance died in the screen. Maple Dock did not.

4,901 names asked to be first. None of them bought a token here. They asked for the product.

Maple Dock — 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.

Live campaign. 4,901 on the product waitlist — that is demand, not an allocation.

Closed stamp is coming. a few days is the number. There is not a second number.

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

Permissioned L2

Counsel hours

Nairobi · counsel-named

Sentences killed

Before listing

Claims live

8/13

Build

Our cut

Of any proceeds

Plate Orbit · 4454

MAPT

The plate

Orbit. Edition 4454.

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

MAPT · Nairobi · Trade finance

Score

Desk diligence

Pilots

Named, redacted

Waitlist

Product demand

Nairobi

Trade-finance banks

Sells

Warehouse

Warehouse seat

Markets

Nairobi

Years

Founded 2022

Surfaces

Permissioned L2

Complete

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.

They brought a redacted bill, not a tokenised barrel.

Traction

3 named pilots (redacted).

Founded 2022, headquartered in Nairobi. 3 named pilots on file (identities redacted in public). 4,901 on the waitlist, gated — product demand, not a book built. 16 nodes or connected surfaces reported. Desk diligence score 86/100. A named Nairobi administrator who already signs the pack (redacted). A redacted engagement letter landed in week one. That is why the desk took the meeting.

Next 12 months

Which law governs title — written, not assumed.

Contour tried a network. This is an event on cargo that already moves. Per-event pricing so a pilot can start without a transformation programme.

The brief

How a serious reader should hold this.

Someone in Nairobi already renewed a slower vendor this year. Maple Dock is the conversation that happens before they do it again. Miss this cycle and you explain the next one.

Maple Dock exists because the incumbent brand will not staff the unglamorous middle of Trade finance. 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 Dock did not argue. Adult companies do not costume a US offering.

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 screen

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

From counsel

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 Trade finance is full of companies that looked the same on slide one. This one is listed.

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

Open the diligence or watch it close. There is not a third option that still counts as early.

Window

Closed

Closed. History only — not a place to buy.

Sentences killed: 11
Counsel hours on file: 36
Asks / week: 613
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.
Luca Costa, Chief executive

This company

Maple Dock

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

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.

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

Named: Nairobi, United Kingdom. Off-limits: Mainland China retail, United States. A US person hearing an offering communication is a US problem even if the company sits in Nairobi. Blocking an IP and taking a US Telegram admin is not a block.

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
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
30%
Keeping the public story from running ahead of the claims register.
Named operators
18%
Dual-control drills, key ceremonies, and the person who owns them.
Certifications & adapters
19%
A counsel memo that can survive a later reader.
Claims & campaign ops
33%
The remaining certifications and the second named market.

Operating week

What “in market” actually looks like.

TueExceptionsOvernight breaks post back into the customer’s case system. No side book.
SunOwnersWho can decide messaging and budget on a recorded line. If the answer is nobody, stop.
SatDarkNo creators. No threads. Restricted geos stay dark.
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: Warehouse seat
Who pays: A named Nairobi 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 named warehouse or port has written a live event.
Switching cost: Permissioned connectivity is the moat. Public endpoints would erase it.
Vs the comps: Contour tried a network. This is an event on cargo that already moves.
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.

A redacted engagement letter landed in week one. That is why the desk took the meeting.

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

Traction

What you can verify today.

Operating notes for Permissioned L2
No token contract listed as a public sale
Named founder; customer still a conversation
Nairobi 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.”

Product73
Customers96
Legal path84
Tech maturity94
Demand65
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 4,901.

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. Maple Dock has to be cheaper or faster before that happens.

Ask these next

01Who is the first named paying customer — not a letter of intent?
02Which geography is actually locked, and which is a hope?
03Is the waitlist demand for a product, or a queue for a coin?
04If RCA Pad disappeared tomorrow, could the customer still run the job?
05Has counsel written the perimeter in a memo you can file?
06What does renewal look like if no round ever happens?

Structure

How money would actually move.

If this company raises, it raises with its own counsel and providers. The waitlist is a product list. It is not a round, a book, or an allocation on RCA Pad. We do not take a cut.

Entity: Maple Dock Ltd
Path on file: Nairobi · counsel-named
Posture: No public sale
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.

Nairobinamed
United Kingdomnamed
Mainland China retailrestricted
United Statesrestricted

Team

Who runs it.

Luca CostaChief executive
Noam ColeHead of product

Stack

Permissioned L2
Trade finance
Takedown SLA
Disclosure templates

Named with them

Clearline
Meridian Tax

Who can decide

Luca Costa (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.

Statement	Evidence	Status
Maple Dock does not sell a token to the public on this pad	Posture lock	live
The product is trade finance sold to institutions	Architecture + customer type	live
Permissioned L2 is the method — not a listed asset	Desk snapshot	live
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: Nairobi, United Kingdom	Named markets on the file	live

On the record

Sprint packPackJun
Counsel lockPathJul
Claims register liveRegisterAug
Creator briefBriefSep

Operating log

11 Sep 09:48
Takedown SLA idle-tested.
08 Sep 11:40
A claim held for missing evidence.
04 Sep 08:22
Weekly report issued to the desk.
01 Sep 14:08
Creator set on disclosure. No buy language.

Path to now

Sprint
Pack accepted
Narrative, matrix, claims locked.
Path
Counsel names it
Or the file stays not-offering.
Live
Campaign
Waitlist and register. No purchase journey.

Not a subscription

This is not a sale page.

If this company raises, it raises with its own counsel and providers. The waitlist is a product list. It is not a round, a book, or an allocation on RCA Pad. We do not take a cut. 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.