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

MAPL

In market
HOT WINDOWCommodity title

Maple Forge

They killed 18 sentences to get listed. That is the product you are about to miss.

Montreal is not a backdrop. It is the city where the customer can be called on a recorded line.

Maple Forge — 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. 9,677 on the product waitlist — that is demand, not an allocation.

8 live counterparties in the thread. The public page is the overflow.

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

0

Window

Closed

Heat

0/99

Inbound / wk

0asks

Asking now

0live

Named pilots

0

Redacted on the public page

Live nodes

0

Permissioned title chain

Counsel hours

0

Montreal · counsel-named

Sentences killed

0

Before listing

Claims live

8/11

Growth

Our cut

0%

Of any proceeds

Plate Horizon · 2863

MAPL

The plate

Horizon. Edition 2863.

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

MAPL · Montreal · Commodity title

Score

0

Desk diligence

Pilots

0

Named, redacted

Waitlist

0

Product demand

HQ

Montreal

Trade-finance banks

Sells

Per

Per financed invoice

Markets

0

Montreal

Years

0

Founded 2024

Surfaces

0

Permissioned title chain

Complete

0

File readiness

The wedge

Per financed invoice

A warehouse that writes the event is worth more than a bank that only reads it.

Why the desk took it

A real job, not a ticker.

Public listing of cargo was refused on day one.

Traction

5 named pilots (redacted).

Founded 2024, headquartered in Montreal. 5 named pilots on file (identities redacted in public). 9,677 on the waitlist, gated — product demand, not a book built. 24 nodes or connected surfaces reported. Desk diligence score 87/100. 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

A second warehouse, or the network is a customer.

A commodity NFT is the thing this file will not be. 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.

Montreal is not a backdrop. It is the jurisdiction where a named customer can be sued, called, and asked a question on a recorded line. Maple Forge chose it for that reason. Counterparties who still think this is a ‘global’ story are already late.

If you leave this page without opening the claims table, you have read marketing. The scarce version of Maple Forge 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 Maple Forge. The architecture says so. We have not watched the drill live. That is the next ask, not a slogan.

From counsel

A dual-control drill exists on paper. Production evidence is the next artefact, not a tweet.

From the founder

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

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 Montreal buyer who already has budget.

0% of proceeds. Fixed fee. The incentive is a clean campaign — not a raise.

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
18
Counsel hours on file
42
Asks / week
1,210
Our cut
0% of proceeds

US came off the site in the first session. We did not argue. We are not children.

Lars Ibrahim, Chief executive

This company

Maple Forge

A generalist vendor copies the slide. They cannot copy the named record.

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

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

How it works

  1. 01A document that already exists is hashed and evented
  2. 02Title changes when the parties that already can change it say so
  3. 03Financiers see the state they are underwriting
  4. 04No public listing of the cargo as an asset
  5. 05Title changes only when the parties that already can change it say so
  6. 06A named counterparty verifies; Maple Forge does not attest to its own facts.

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.

  • Claims & campaign ops

    33%

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

  • Second market

    26%

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

  • Counsel & perimeter

    22%

    Dual-control drills, key ceremonies, and the person who owns them.

  • Control environment

    19%

    The remaining certifications and the second named market.

Operating week

What “in market” actually looks like.

  1. ThuCustomerNamed pilot (redacted) sees the same record the auditor saw.
  2. TueExceptionsOvernight breaks post back into the customer’s case system. No side book.
  3. SunOwnersWho can decide messaging and budget on a recorded line. If the answer is nobody, stop.
  4. WedCounselPerimeter diffs. If the site drifted from the memo, the site moves — not the memo.

The wedge

Why this one, not the other one.

They sell
Per financed invoice
Who pays
Four origination desks posting into a closed tape.
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
A named warehouse or port has written a live event.
Switching cost
Scheme maps, ISO, LMA language, registry adapters — eighteen months of unglamorous work.
Vs the comps
A commodity NFT is the thing this file will not be.
Why we listed it
Public listing of cargo was refused on day one.

Next twelve months

What has to be true.

A second warehouse, or the network is a customer.

No public APY, no public book, no ‘how to buy’ on any surface we could find.

They have not asked us to run a sale. That ask would close the file.

Traction

What you can verify today.

Founded 2024, headquartered in Montreal. 5 named pilots on file (identities redacted in public). 9,677 on the waitlist, gated — product demand, not a book built. 24 nodes or connected surfaces reported. Desk diligence score 87/100. Four origination desks posting into a closed tape. No public APY, no public book, no ‘how to buy’ on any surface we could find.

  • Operating notes for Permissioned title chain
  • No token contract listed as a public sale
  • Pilot letters on file, identities redacted
  • Montreal 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.”

  • Product83
  • Customers96
  • Legal path84
  • Tech maturity94
  • Demand88
  • Market access68

Risks

What can kill it.

The one that actually kills it

A second geography without a lock

Extending the record into a market that is still restricted is how a clean Montreal story becomes a fact pattern. The restricted list exists for a reason: Global public, United States.

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.

Single-customer gravity

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

Ask these next

  1. 01Has counsel written the perimeter in a memo you can file?
  2. 02Who can unpublish a public sentence in 24 hours, by name?
  3. 03If RCA Pad disappeared tomorrow, could the customer still run the job?
  4. 04What happens if a founder later wants a public token?
  5. 05Where do keys, title, or NAV liability sit — and is that person licensed?
  6. 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 Forge Ltd
Path on file
Montreal · counsel-named
Posture
Private only
Pack
Growth

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.

  • Montrealnamed
  • United Kingdomnamed
  • Global publicrestricted
  • United Statesrestricted

Team

Who runs it.

  • Lars IbrahimChief executive

Stack

  • Permissioned title chain
  • Commodity title
  • Disclosure templates
  • Audit log

Named with them

  • Northbridge Counsel

Who can decide

Lars Ibrahim (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.

StatementEvidenceStatus
Maple Forge does not sell a token to the public on this padPosture locklive
The product is commodity title sold to institutionsArchitecture + customer typelive
Permissioned title chain 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
Production date for the chain layer is not committedNo board minutedraft
No public token is sold on this padEngagement terms + posture locklive
Customers contemplated: Montreal, United KingdomNamed markets on the filelive

On the record

  1. Sprint packPackJun
  2. Counsel lockPathJul
  3. Claims register liveRegisterAug
  4. Creator briefBriefSep

Operating log

  1. 11 Sep 09:45

    Takedown SLA idle-tested.

  2. 08 Sep 11:40

    A claim held for missing evidence.

  3. 04 Sep 08:22

    Weekly report issued to the desk.

  4. 01 Sep 14:08

    Creator set on disclosure. No buy language.

Path to now

  1. Sprint

    Pack accepted

    Narrative, matrix, claims locked.

  2. Path

    Counsel names it

    Or the file stays not-offering.

  3. 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.