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

MAPB

In diligence

IN MOTIONDvP rails

Maple Ledger

A named Sydney buyer is on the record. You are still reading the public page.

Inbound this week: 16. That is demand for a job someone already pays for — not a book.

Maple Ledger — A permissioned DvP rail: cash against asset between banks, FMIs or funds that already have accounts with each other. It is the moment of exchange, not a new listed asset.

In a 14-day diligence sprint (day 4). This is when the story, the customers and the legal path get written down — or the file stops.

Most DvP rails applications this quarter were declined. You are looking at one that was not.

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

Redacted on the public page

Live nodes

Permissioned DvP

Counsel hours

Not offering — locked

Sentences killed

Before listing

Claims live

1/9

Sprint

Our cut

Of any proceeds

Plate Meridian · 9353

MAPB

The plate

Meridian. Edition 9353.

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

MAPB · Sydney · DvP rails

Score

Desk diligence

Pilots

Named, redacted

Sprint

Day 4 of 14

Sydney

Banks

Sells

FMI

FMI seat

Markets

Australia

Years

Founded 2024

Surfaces

Permissioned DvP

Complete

File readiness

The wedge

FMI seat

The wedge is T+1 and 24/7 FX: overnight risk became visible.

Why the desk took it

A real job, not a ticker.

No settlement asset issued by Maple Ledger. We checked the architecture.

Traction

One named pilot (redacted).

Founded 2024, headquartered in Sydney. One named pilot on file (redacted in public). 7 nodes or connected surfaces reported. Desk diligence score 81/100. Sprint day 4 of 14. Two licensed PSPs on a paid pilot — identities off the public file. Architecture says keys / title / NAV liability sit with a named licensed party — not Maple Ledger.

Next 12 months

Two banks, live DvP, even a small notional.

CLS is FX. Fnality is the club. This is a rail those clubs might use. 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.

You can wait for a sticker. The named customer did not. They are writing into this record while the rest of the market argues about a comment period.

Read this as an operating company, not a round. Counsel has a posture: Not offering — locked. Restricted markets stay dark. RCA Pad takes 0% if they ever raise. That combination is why inbound did not need a ticker.

US traffic was taken off the public surfaces in the first working session. Maple Ledger did not argue. Adult companies do not costume a US offering.

From the founder

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.

From ops

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

The window

Miss this and you read the archive.

Founders who want a pack this tight apply. Readers who wait get a closed stamp.

a short list people did not join a waitlist for a ticker. They joined for a job.

Read it once, properly, while the number is still green. Then decide.

Window

Closed

Closed. History only — not a place to buy.

Sentences killed: 12
Counsel hours on file: 53
Asks / week: 16
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.
Oskar Cho, Chief executive

This company

Maple Ledger

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

In the same conversation

CLS
Fnality
RTGS upgrades
Not a public L1

The bet

Why this company exists.

The wedge is T+1 and 24/7 FX: overnight risk became visible.

T+1, 24/7 FX and on-chain funds make overnight risk visible. Banks will connect a rail before they will issue a coin.

Wholesale settlement is a volume business. Even a sliver of fails avoided is a number a treasurer recognises.

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.

Sydney 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

01Two permissioned parties lock an agreed obligation
02Asset and cash move together, or not at all
03Existing accounts are the source of funds
04No public chain sale of the rail’s token
05Retail and unnamed geographies are structurally off the form, not only in the footer.

In the same conversation as

CLS
Fnality
RTGS upgrades
Not a public L1

If they raise

Where the money would actually go.

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

Counsel & perimeter
29%
Dual-control drills, key ceremonies, and the person who owns them.
Named operators
21%
A counsel memo that can survive a later reader.
Control environment
16%
Hiring the operator who already does this job at a licensed firm.
Claims & campaign ops
34%
Keeping the public story from running ahead of the claims register.

Operating week

What “in market” actually looks like.

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

The wedge

Why this one, not the other one.

They sell: FMI seat
Who pays: Two licensed PSPs on a paid pilot — identities off the public file.
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: Legal opinion on finality in the governing law.
Switching cost: The customer’s auditor has seen this book. Switching means a new auditor conversation.
Vs the comps: CLS is FX. Fnality is the club. This is a rail those clubs might use.
Why we listed it: No settlement asset issued by Maple Ledger. We checked the architecture.

Next twelve months

What has to be true.

Two banks, live DvP, even a small notional.

Architecture says keys / title / NAV liability sit with a named licensed party — not Maple Ledger.

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.

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

Product58
Customers40
Legal path62
Tech maturity57
Demand34
Market access44

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 Sydney story becomes a fact pattern. The restricted list exists for a reason: Mainland China retail.

Money issuance

If the rail issues a settlement asset, it is in the e-money / deposit perimeter.

Legal finality

Atomic in software is not final in court. Ask which law says it is.

Incumbent RTGS

Central banks are not asleep. A feature can become a standard.

Public token

Listing the rail’s unit is a sale. This pad does not run that sale.

Money issuance

If the rail issues a settlement asset, Maple Ledger is in the e-money / deposit perimeter. That is a different company.

Token relapse

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

Ask these next

01What does renewal look like if no round ever happens?
02Who can unpublish a public sentence in 24 hours, by name?
03Which geography is actually locked, and which is a hope?
04What happens if a founder later wants a public token?
05Which incumbent can copy this in a quarter, and what would they have to migrate?
06Is the waitlist demand for a product, or a queue for a coin?

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 Ledger Pty 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.

Australianamed
Mainland China retailrestricted

Team

Who runs it.

Oskar ChoChief executive
Lars IbrahimFinance

Stack

Permissioned DvP
DvP rails
Audit log
Approval trail

Named with them

Northbridge Counsel
Clearline
Meridian Tax

Who can decide

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

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 Ledger does not sell a token to the public on this pad	Posture lock	live
The product is dvp rails sold to institutions	Architecture + customer type	live
Permissioned DvP 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
Pilot identities redacted in public	No board minute	draft
No public token is sold on this pad	Engagement terms + posture lock	live
Customers contemplated: Australia	Named markets on the file	live

On the record

Day 0 lockKick-offSep
Claim inventoryPackSep
Audience matrix draftPackSep

Operating log

11 Sep 17:30
Workshop. Funnel has no purchase step.
08 Sep 09:00
Kick-off. Exclusions recorded.
09 Sep 16:20
A claim killed for missing evidence.

Path to now

D0
Kick-off
Geographies, owners, SLA, exclusions.
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

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.