The wedge
Desk seat
Maple House wants to be the record everyone already trusts, without becoming the venue.
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
MAPX
Screened
SCREENEDCredit covenantsMaple House
Pilots named (redacted). Waitlist not. a short list names. Your move.
Counsel has a live path. The waitlist is a short list. This pad still takes 0% of proceeds.
Maple House — A system of record for private-credit funds and desks: tapes, RFQs, or covenants that update when a borrower files. The buyers already have a book. This is plumbing, not a venue that matches strangers.
Screened, not yet in sprint. Treat every number as provisional. Calendar access is not automatic.
A year from now this will be an obvious company or a missed one. The window decides which.
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
EVM · proof of concept
Counsel hours
0
Not offering — locked
Sentences killed
0
Before listing
Claims live
1/6
Sprint
Our cut
0%
Of any proceeds
Plate Orbit · 9043
MAPX
The plate
Orbit. Edition 9043.
A unique plate for Maple House. Geometry, orbit, and edition belong to this company — no other listing on the board shares it.
MAPX · Zurich · Credit covenants
Score
0
Desk diligence
Pilots
0
None on file
Stage
upcoming
upcoming
HQ
Zurich
Private-credit funds
Sells
Desk
Desk seat
Markets
0
Switzerland
Years
0
Founded 2021
Surfaces
0
EVM · proof of concept
Complete
0
File readiness
Why the desk took it
Early — still a question.
They asked us to kill ‘marketplace’ in every sentence. We did.
Traction
No paying pilot on the public file.
Founded 2021, headquartered in Zurich. No named paying pilot on the file yet — that is the first question. Desk diligence score 58/100. A coverholder or carrier running one binder on this record. A redacted engagement letter landed in week one. That is why the desk took the meeting.
Next 12 months
One administrator consuming marks daily.
Closed RFQ wires do this slowly. Maple House does it as a record. Annual software against an ops cost the board can see. Switching cost is the record, not the brand.
The brief
How a serious reader should hold this.
The decline pile in Credit covenants is not a rumour. It is how this board stays readable. Maple House is what survived. That is the sell.
The bet is narrow. A named Zurich buyer already has budget for this invoice. Maple House 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.
US traffic was taken off the public surfaces in the first working session. Maple House did not argue. Adult companies do not costume a US offering.
From ops
The legal source of truth stays with the incumbent register, admin, or custodian. Maple House does not attest to its own facts.
From the pilot
A dual-control drill exists on paper. Production evidence is the next artefact, not a tweet.
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.
The window
Miss this and you read the archive.
When the heat drops, the named customer is still named — they just stop taking new calls.
The comment period is not a path. This company is priced as if that is already true.
The scarce thing is not the company. It is the next 3 days of a live conversation.
Window remaining
0days
When this window closes, the campaign is archive.
- Sentences killed
- 4
- Counsel hours on file
- 10
- Asks / week
- 5
- 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 House
A L2 wrapper is cheaper. It is also a different perimeter — and declined here.
In the same conversation
- eFront
- Allvue
- Closed RFQ wires
- Not an on-chain lending pool
The bet
Why this company exists.
Maple House wants to be the record everyone already trusts, without becoming the venue.
Maple House wants to be the record everyone already trusts, without becoming the venue.
Allocators want daily marks and covenant visibility. Banks want to originate without building a chain team. The first honest tape that does not pretend to be an exchange will be paid for as software.
Private credit AUM is measured in trillions. The software take-rate is small. The switching cost, once a tape is the record, is not.
Versus the field
L2 wrappers are cheaper. They are also a different perimeter — and declined here. Maple House is priced as software against an invoice that already exists.
The live path is Not offering — locked. Proposed Regulation Crypto Assets is not treated as a calendar slot. Build as if it never opens.
How it works
- 01A loan or covenant event is written once
- 02Permissioned counterparties see what they are allowed to see
- 03Marks and RFQs stay inside named desks
- 04No public order book, no retail
- 05Default and amendment events are first-class, not a PDF in a side channel
- 06Exceptions post back into the customer’s existing case system — no side spreadsheet.
In the same conversation as
- eFront
- Allvue
- Closed RFQ wires
- Not an on-chain lending pool
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
37%
A counsel memo that can survive a later reader.
Certifications & adapters
20%
Keeping the public story from running ahead of the claims register.
Second market
18%
Dual-control drills, key ceremonies, and the person who owns them.
Named operators
25%
Hiring the operator who already does this job at a licensed firm.
Operating week
What “in market” actually looks like.
- MonClaimsEvery public sentence checked against the register. Anything extra is unpublished.
- FriKill switchRehearse unpublish in 24 hours. If it takes a committee, it is not a switch.
- 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
- Desk seat
- Who pays
- A coverholder or carrier running one binder on this record.
- Unit economics
- Annual software against an ops cost the board can see. Switching cost is the record, not the brand.
- Moat on file
- Four origination desks already post into a closed tape.
- Switching cost
- Permissioned connectivity is the moat. Public endpoints would erase it.
- Vs the comps
- Closed RFQ wires do this slowly. Maple House does it as a record.
- Why we listed it
- They asked us to kill ‘marketplace’ in every sentence. We did.
Next twelve months
What has to be true.
One administrator consuming marks daily.
A redacted engagement letter landed in week one. That is why the desk took the meeting.
Capital would fund the adapter work and a named counsel memo, not a public sale.
Traction
What you can verify today.
Founded 2021, headquartered in Zurich. No named paying pilot on the file yet — that is the first question. Desk diligence score 58/100. A coverholder or carrier running one binder on this record. A redacted engagement letter landed in week one. That is why the desk took the meeting.
- Architecture paper — no production customer on the public file
- No token contract listed as a public sale
- Named founder; customer still a conversation
- Zurich 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 maturity28
- Demand10
- 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 Zurich story becomes a fact pattern. The restricted list exists for a reason: EU retail.
Marketplace slip
The moment this looks like a public book, it is a venue. This pad will not list that.
Data rights
Who owns the tape when a fund leaves? If that is unsigned, the enterprise value is a conversation.
Credit cycle
A default cluster will test whether the product is a record or a reputation.
Retail
Retail is prohibited. Any ‘access token’ story is a different company.
Data rights on exit
If a fund leaves and the tape stays, who owns the history? Unsigned, the enterprise value is a conversation.
Incumbent feature
The administrator, CCP, scheme or custodian can ship this as a checkbox. Maple House has to be cheaper or faster before that happens.
Ask these next
- 01Where do keys, title, or NAV liability sit — and is that person licensed?
- 02What does renewal look like if no round ever happens?
- 03Has counsel written the perimeter in a memo you can file?
- 04Who is the first named paying customer — not a letter of intent?
- 05Which incumbent can copy this in a quarter, and what would they have to migrate?
- 06What happens if a founder later wants a public token?
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 House AG
- 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.
- Switzerlandnamed
- EEA professionalnamed
- EU retailrestricted
Team
Who runs it.
- Owen PetrovChief executive
- Jonah ChoChief executive
Stack
- EVM · proof of concept
- Credit covenants
- Takedown SLA
- Approval trail
Who can decide
Owen Petrov (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.
If the first customer renews, the adapter work pays for itself. If they do not, Maple House is a services firm with a slide. The twelve-month test is renewal, not waitlist.
Claims with evidence
Statements with evidence.
| Statement | Evidence | Status |
|---|---|---|
| Maple House does not sell a token to the public on this pad | Posture lock | live |
| The product is credit covenants sold to institutions | Architecture + customer type | draft |
| EVM · proof of concept 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 |
| Pilot identities redacted in public | No board minute | draft |
| No public token is sold on this pad | Engagement terms + posture lock | live |
| Customers contemplated: Switzerland, EEA professional | Named markets on the file | draft |
On the record
- Application APP-4836ScreenSep
- Counsel questionPathSep
Operating log
02 Sep 17:00
Application scored. Maple House 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
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