The wedge
Producer seat
A national registry as counterpart is the whole company.
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
MAPQ
Screened
SCREENEDEnergy certificatesMaple Holt
They killed 18 sentences to get listed. That is the product you are about to miss.
A dual-control drill is on paper. A named licensed party holds the liability. That is rarer than a waitlist.
Maple Holt — A ledger of energy certificates (GOs, RECs) for producers and offtakers who already sit in a national registry. It moves the event faster. It does not invent a green token for Twitter.
Screened, not yet in sprint. Treat every number as provisional. Calendar access is not automatic.
The named customer already picked. The waitlist is everyone who was late to that fact.
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
Certificate ledger
Counsel hours
0
Not offering — locked
Sentences killed
0
Before listing
Claims live
0/7
Sprint
Our cut
0%
Of any proceeds
Plate Orbit · 8908
MAPQ
The plate
Orbit. Edition 8908.
A unique plate for Maple Holt. Geometry, orbit, and edition belong to this company — no other listing on the board shares it.
MAPQ · São Paulo · Energy certificates
Score
0
Desk diligence
Pilots
0
None on file
Stage
upcoming
upcoming
HQ
São Paulo
Producers
Sells
Producer
Producer seat
Markets
0
São Paulo
Years
0
Founded 2022
Surfaces
0
Certificate ledger
Complete
0
File readiness
Why the desk took it
Early — still a question.
They did not lead with climate Twitter.
Traction
No paying pilot on the public file.
Founded 2022, headquartered in São Paulo. No named paying pilot on the file yet — that is the first question. 4 nodes or connected surfaces reported. Desk diligence score 82/100. 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
Counsel on commodity vs software — one memo.
A public carbon coin is a commodity or a security. This pad will not sell it. They win if they are cheaper than the internal build, not cheaper than a protocol.
The brief
How a serious reader should hold this.
São Paulo 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 Holt chose it for that reason. Counterparties who still think this is a ‘global’ story are already late.
The bet is narrow. A named São Paulo buyer already has budget for this invoice. Maple Holt wins if it is cheaper than the internal build and cleaner than the protocol pitch. It loses if a founder later wants a public book. The window is the time you have to decide which it is.
On a Tuesday in São Paulo, an exception posts back into the customer’s existing case system. Nobody opens a side spreadsheet. That is the product: the night someone in ops does not stay late.
From counsel
The legal source of truth stays with the incumbent register, admin, or custodian. Maple Holt does not attest to its own facts.
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.
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.
The window
Miss this and you read the archive.
Waiting for a proposed US rule is how you miss a São Paulo buyer who already has budget.
The incumbent copy takes a year. The named customer is already writing into this record.
Read it once, properly, while the number is still green. Then decide.
Window remaining
0days
When this window closes, the campaign is archive.
- Sentences killed
- 18
- Counsel hours on file
- 14
- Asks / week
- 5
- 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.
This company
Maple Holt
Not the incumbent brand. Maple Holt sells the job the brand will not staff.
In the same conversation
- National GO registries
- Xpansiv
- Not a public carbon coin
The bet
Why this company exists.
A national registry as counterpart is the whole company.
A national registry as counterpart is the whole company.
Corporate offtakers are being asked to prove what they bought. Registries lag. A dual record that the registry still owns is sellable.
GO and REC markets are measured in tens of billions. Ops software is a thin slice with high switching costs.
Versus the field
L2 wrappers are cheaper. They are also a different perimeter — and declined here. Maple Holt is priced as software against an invoice that already exists.
São Paulo being the city does not make local retail a default audience. Communications capable of inducing investment activity still have a promotions problem.
How it works
- 01A certificate that exists in a registry is evented here
- 02Delivery and retirement are visible to the offtaker
- 03The registry remains the legal source
- 04No public ‘carbon token’ sale on this pad
- 05Delivery and retirement are visible to the offtaker; the registry remains source
- 06The legal source of truth stays with the incumbent register, admin, or custodian.
In the same conversation as
- National GO registries
- Xpansiv
- Not a public carbon coin
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
33%
Adapter work against the incumbent register, admin, or custodian.
Claims & campaign ops
25%
Dual-control drills, key ceremonies, and the person who owns them.
Second market
22%
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.
Operating week
What “in market” actually looks like.
- TueExceptionsOvernight breaks post back into the customer’s case system. No side book.
- MonClaimsEvery public sentence checked against the register. Anything extra is unpublished.
- SatDarkNo creators. No threads. Restricted geos stay dark.
- 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
- Producer seat
- 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
- Dual-record: the registry still owns the legal fact.
- Switching cost
- Scheme maps, ISO, LMA language, registry adapters — eighteen months of unglamorous work.
- Vs the comps
- A public carbon coin is a commodity or a security. This pad will not sell it.
- Why we listed it
- They did not lead with climate Twitter.
Next twelve months
What has to be true.
Counsel on commodity vs software — one memo.
No public APY, no public book, no ‘how to buy’ on any surface we could find.
If they raise, it is to hire the remaining certifications and the second market — not to float a coin.
Traction
What you can verify today.
Founded 2022, headquartered in São Paulo. No named paying pilot on the file yet — that is the first question. 4 nodes or connected surfaces reported. Desk diligence score 82/100. 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
- São Paulo 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.”
- Product20
- Customers18
- Legal path62
- Tech maturity40
- Demand10
- Market access44
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 a short list.
Double count
If the registry and this ledger can both be sold, the product is a liability.
Green token
A freely traded climate token is usually a commodity or a security. This pad will not sell it.
Registry cooperation
Without the registry, this is a shadow certificate.
Policy
GO rules move. The product has to move with them, not ahead of them.
Double count
If the registry and this ledger can both be sold, Maple Holt is a liability. Dual-record or nothing.
Single-customer gravity
If the first named buyer is also the only buyer, Maple Holt is a services shop with a ledger. Ask for the second.
Ask these next
- 01Which incumbent can copy this in a quarter, and what would they have to migrate?
- 02Is the waitlist demand for a product, or a queue for a coin?
- 03Has counsel written the perimeter in a memo you can file?
- 04What happens if a founder later wants a public token?
- 05Who is the first named paying customer — not a letter of intent?
- 06What does renewal look like if no round ever happens?
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 Holt Ltd
- Path on file
- Not offering — locked
- Posture
- No public sale
- 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.
- São Paulonamed
- Public residual claimsrestricted
Team
Who runs it.
- Amira SatoChief executive
- Priya ParkChief executive
Stack
- Certificate ledger
- Energy certificates
- Audit log
- Approval trail
Who can decide
Amira Sato came in named. The team is not a handle. Maple Holt Ltd exists, founded 2022, headquartered in São Paulo. Anonymity would have been an automatic decline.
Year two is a second named market and the remaining certifications — still permissioned. It is not a public book. A public book would be a different company.
Claims with evidence
Statements with evidence.
| Statement | Evidence | Status |
|---|---|---|
| Maple Holt does not sell a token to the public on this pad | Posture lock | live |
| The product is energy certificates sold to institutions | Architecture + customer type | draft |
| Certificate 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 | No board minute | draft |
| No public token is sold on this pad | Engagement terms + posture lock | live |
| Customers contemplated: São Paulo | Named markets on the file | draft |
On the record
- Application APP-4243ScreenSep
- Counsel questionPathSep
Operating log
06 Sep 11:00
Application scored. Maple Holt is not a calendar slot.
10 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.