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

MAPM

In diligence
IN MOTIONTransfer agency

Maple Fen

Pilots named (redacted). Waitlist not. a short list names. Your move.

Closed files are history. Live files have a clock. Maple Fen has a few days.

Maple Fen — An attestation graph: a fund or investor proves one fact (accredited, name, share-class) to a transfer agent or administrator without handing over the whole file. Selective disclosure is the product.

In a 14-day diligence sprint (day 2). This is when the story, the customers and the legal path get written down — or the file stops.

Archive is free. Live access is timed. Maple Fen is timed.

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

TA adapters

Counsel hours

0

Not offering — locked

Sentences killed

0

Before listing

Claims live

4/9

Sprint

Our cut

0%

Of any proceeds

Plate Concentric · 9618

MAPM

The plate

Concentric. Edition 9618.

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

MAPM · Tel Aviv · Transfer agency

Score

0

Desk diligence

Pilots

0

Named, redacted

Sprint

0

Day 2 of 14

HQ

Tel Aviv

Fund administrators

Sells

Fund

Fund seat

Markets

0

Tel Aviv

Years

0

Founded 2026

Surfaces

0

TA adapters

Complete

0

File readiness

The wedge

Fund seat

Maple Fen sells a cost cut in onboarding, not an identity coin.

Why the desk took it

A real job, not a ticker.

US retail identity was taken off before we asked.

Traction

One named pilot (redacted).

Founded 2026, headquartered in Tel Aviv. One named pilot on file (redacted in public). 3 nodes or connected surfaces reported. Desk diligence score 80/100. Sprint day 2 of 14. An AIFM whose auditor has seen the dual-record. Counsel is named, even if the memo is still a draft. Unnamed counsel is how files die.

Next 12 months

Three funds onboarding on the graph, not a demo.

Jumio does not speak share-class. 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 Tel Aviv, the person who signs the monthly pack already has a vendor. Maple Fen 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 Maple Fen. The architecture says so. We have not watched the drill live. That is the next ask, not a slogan.

From the pilot

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

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

From the founder

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.

Attention is the scarce asset. 10 asks this week are already spending it.

The comment period is not a path. This company is priced as if that is already true.

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
4
Counsel hours on file
51
Asks / week
10
Our cut
0% of proceeds

The decline pile is a compliment. It means the screen still means something.

Siobhán Okafor, Chief executive

This company

Maple Fen

The protocol pitch is the thing this company has already refused.

In the same conversation

  • Onfido / Jumio for people
  • Fund-admin KYC teams
  • W3C attestations
  • Not a ‘passport token’

The bet

Why this company exists.

Maple Fen sells a cost cut in onboarding, not an identity coin.

Maple Fen sells a cost cut in onboarding, not an identity coin.

Transfer agents and AIFMs are being asked for faster onboarding without becoming identity companies. Attestations they can revoke are the compromise.

Fund onboarding cost is a known line item. A 20–40% cut in cycle time is a budget, not a vision deck.

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: Tel Aviv. Off-limits: Global public, United States. A US person hearing an offering communication is a US problem even if the company sits in Tel Aviv. Blocking an IP and taking a US Telegram admin is not a block.

How it works

  1. 01A fact is attested by a party the recipient already trusts
  2. 02The holder discloses only the field requested
  3. 03The rest of the file stays dark
  4. 04Revocation is a first-class event
  5. 05The recipient never sees the rest of the file — selective disclosure is enforced, not promised
  6. 06Retail and unnamed geographies are structurally off the form, not only in the footer.

In the same conversation as

  • Onfido / Jumio for people
  • Fund-admin KYC teams
  • W3C attestations
  • Not a ‘passport token’

If they raise

Where the money would actually go.

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

  • Certifications & adapters

    37%

    A counsel memo that can survive a later reader.

  • Counsel & perimeter

    28%

    Keeping the public story from running ahead of the claims register.

  • Named operators

    20%

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

  • Second market

    15%

    Adapter work against the incumbent register, admin, or custodian.

Operating week

What “in market” actually looks like.

  1. FriKill switchRehearse unpublish in 24 hours. If it takes a committee, it is not a switch.
  2. TueExceptionsOvernight breaks post back into the customer’s case system. No side book.
  3. SatDarkNo creators. No threads. Restricted geos stay dark.
  4. SunOwnersWho can decide messaging and budget on a recorded line. If the answer is nobody, stop.

The wedge

Why this one, not the other one.

They sell
Fund seat
Who pays
An AIFM whose auditor has seen the dual-record.
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
Revoke has been tested against a live register.
Switching cost
Once the record is the record, the incumbent copy has to migrate history. That is the year.
Vs the comps
Jumio does not speak share-class.
Why we listed it
US retail identity was taken off before we asked.

Next twelve months

What has to be true.

Three funds onboarding on the graph, not a demo.

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

Growth money would extend the record to a second geography, still permissioned.

Traction

What you can verify today.

Founded 2026, headquartered in Tel Aviv. One named pilot on file (redacted in public). 3 nodes or connected surfaces reported. Desk diligence score 80/100. Sprint day 2 of 14. An AIFM whose auditor has seen the dual-record. Counsel is named, even if the memo is still a draft. Unnamed counsel is how files die.

  • Operating notes for TA adapters
  • No token contract listed as a public sale
  • Pilot letters on file, identities redacted
  • Tel Aviv 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.”

  • Product35
  • Customers40
  • Legal path62
  • Tech maturity45
  • Demand26
  • Market access44

Risks

What can kill it.

The one that actually kills it

The founder wants a public book

The moment Maple Fen 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.

Who attests

If the attester is the company itself, this is a database with extra steps.

Portability theatre

A graph nobody else reads is a PDF with a hash.

US

US retail identity products are a different statute. Many of these files keep the US off.

Utility token

Paying for attestations in a native token is usually a securities problem in costume.

Self-attestation

If Maple Fen is the attester, this is a database with extra steps. The graph only matters if someone else signs.

Token relapse

A later round that wants a public token puts Maple Fen in a different perimeter. The file treats that as a hard stop.

Ask these next

  1. 01If RCA Pad disappeared tomorrow, could the customer still run the job?
  2. 02Which geography is actually locked, and which is a hope?
  3. 03Where do keys, title, or NAV liability sit — and is that person licensed?
  4. 04Has counsel written the perimeter in a memo you can file?
  5. 05Is the waitlist demand for a product, or a queue for a coin?
  6. 06Which incumbent can copy this in a quarter, and what would they have to migrate?

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
Maple Fen Ltd
Path on file
Not offering — locked
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.

  • Tel Avivnamed
  • Global publicrestricted
  • United Statesrestricted

Team

Who runs it.

  • Siobhán OkaforChief executive
  • Hannah KhanChief executive

Stack

  • TA adapters
  • Transfer agency
  • Approval trail
  • Takedown SLA

Named with them

  • Meridian Tax

Who can decide

The technical founder is on the record as Chief executive. Contractors in undisclosed jurisdictions are written down as a fact, not hidden. Facts can be managed. Hiding them is how companies die in diligence.

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

Claims with evidence

Statements with evidence.

StatementEvidenceStatus
Maple Fen does not sell a token to the public on this padPosture locklive
The product is transfer agency sold to institutionsArchitecture + customer typelive
TA adapters 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
Pilot identities redacted in publicNo board minutedraft
No public token is sold on this padEngagement terms + posture locklive
Customers contemplated: Tel AvivNamed markets on the filelive

On the record

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

Operating log

  1. 11 Sep 9:41

    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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