The wedge
Carrier seat
A tokenised policy sold to a crowd is a different, usually illegal, 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
MAPY
Screened
SCREENEDInsurance bindersMaple Line
Sasha Petrov will not run a sale here. That is why serious people are in the queue.
They killed 15 public sentences before we listed them. Thin files do not get that far.
Maple Line — A permissioned netting engine for trading venues and brokers that are already licensed. It reduces what has to settle. It is not a new CCP, and it is not a collateral token.
Screened, not yet in sprint. Treat every number as provisional. Calendar access is not automatic.
If you needed a reason to open diligence tonight: a short list other people already did.
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
Redacted on the public page
Live nodes
0
Binder ledger
Counsel hours
0
Not offering — locked
Sentences killed
0
Before listing
Claims live
1/4
Sprint
Our cut
0%
Of any proceeds
Plate Vault · 9616
MAPY
The plate
Vault. Edition 9616.
A unique plate for Maple Line. Geometry, orbit, and edition belong to this company — no other listing on the board shares it.
MAPY · Dublin · Insurance binders
Score
0
Desk diligence
Pilots
0
Named, redacted
Stage
upcoming
upcoming
HQ
Dublin
Licensed venues
Sells
Carrier
Carrier seat
Markets
0
Ireland
Years
0
Founded 2023
Surfaces
0
Binder ledger
Complete
0
File readiness
Why the desk took it
Early — still a question.
No policy-as-token in the revenue model.
Traction
One named pilot (redacted).
Founded 2023, headquartered in Dublin. One named pilot on file (redacted in public). 3 nodes or connected surfaces reported. Desk diligence score 76/100. A transfer agent willing to consume a revoke in production. Architecture says keys / title / NAV liability sit with a named licensed party — not Maple Line.
Next 12 months
Counsel on whether the record is a regulated contract.
Excel bordereaux are the incumbent. Beat that. Bps on a job that already has a budget line. A public coin would not make the invoice larger.
The brief
How a serious reader should hold this.
Before the waitlist, before the window, there was a refusal. Maple Line would not let a public sale sit on this page. That is why a company in Insurance binders is listed here at all — and why the people who wanted a coin left, and the people who wanted the product stayed.
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.
US traffic was taken off the public surfaces in the first working session. Maple Line did not argue. Adult companies do not costume a US offering.
From counsel
The legal source of truth stays with the incumbent register, admin, or custodian. Maple Line does not attest to its own facts.
From the pilot
Fixed fee. Deposit to start. 0% of proceeds. Token-only pay is declined. Percentage of raise is declined.
From the screen
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.
The incumbent will still be slow in a year. The window will not.
Restricted markets stay dark. Named markets are live. That discipline is the scarce thing.
If you are a founder who wants a pack like this: apply. If you are a buyer: call them — not us.
Window remaining
0days
When this window closes, the campaign is archive.
- Sentences killed
- 15
- Counsel hours on file
- 5
- Asks / week
- 9
- Our cut
- 0% of proceeds
I will take thirty minutes and decide budget. If that person is not me, we should not be listed.
This company
Maple Line
A L2 wrapper is cheaper. It is also a different perimeter — and declined here.
In the same conversation
- LCH / Eurex (incumbent CCPs)
- Caldastone-style utilities
- Not a DeFi clearinghouse
The bet
Why this company exists.
A tokenised policy sold to a crowd is a different, usually illegal, company.
A tokenised policy sold to a crowd is a different, usually illegal, company.
T+1 and capital rules make gross settlement expensive. Venues will buy netting as a service before they will buy a new licence.
Post-trade cost is a line on every broker P&L. A 10% cut in settlement fails is a CFO conversation.
Versus the field
The incumbent brand sells the relationship. Maple Line sells the job the brand will not staff. A protocol pitch is the thing this company has already refused. Open-source looks free until the auditor asks who attests.
Dublin 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
- 01Members post positions they already hold
- 02The engine nets what the rulebook allows
- 03Only the residual hits the existing settlement rail
- 04Collateral as a token is an exclusion on this file
- 05Claim and premium events update the same slip the markets already signed
- 06The legal source of truth stays with the incumbent register, admin, or custodian.
In the same conversation as
- LCH / Eurex (incumbent CCPs)
- Caldastone-style utilities
- Not a DeFi clearinghouse
If they raise
Where the money would actually go.
Not a token float. A budget against work. RCA Pad still takes 0% of proceeds.
Second market
37%
Keeping the public story from running ahead of the claims register.
Named operators
22%
Dual-control drills, key ceremonies, and the person who owns them.
Certifications & adapters
21%
Hiring the operator who already does this job at a licensed firm.
Claims & campaign ops
20%
The remaining certifications and the second named market.
Operating week
What “in market” actually looks like.
- ThuCustomerNamed pilot (redacted) sees the same record the auditor saw.
- 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.
- 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
- Carrier seat
- Who pays
- A transfer agent willing to consume a revoke in production.
- Unit economics
- Bps on a job that already has a budget line. A public coin would not make the invoice larger.
- Moat on file
- A coverholder has written a live binder on this record.
- Switching cost
- Once the record is the record, the incumbent copy has to migrate history. That is the year.
- Vs the comps
- Excel bordereaux are the incumbent. Beat that.
- Why we listed it
- No policy-as-token in the revenue model.
Next twelve months
What has to be true.
Counsel on whether the record is a regulated contract.
Architecture says keys / title / NAV liability sit with a named licensed party — not Maple Line.
Growth money would extend the record to a second geography, still permissioned.
Traction
What you can verify today.
Founded 2023, headquartered in Dublin. One named pilot on file (redacted in public). 3 nodes or connected surfaces reported. Desk diligence score 76/100. A transfer agent willing to consume a revoke in production. Architecture says keys / title / NAV liability sit with a named licensed party — not Maple Line.
- Architecture paper — no production customer on the public file
- No token contract listed as a public sale
- Pilot letters on file, identities redacted
- Dublin 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.”
- Product24
- Customers40
- Legal path62
- Tech maturity37
- Demand10
- Market access68
Risks
What can kill it.
The one that actually kills it
The unit of account becomes a token
Seat plus event. If they attach a token as the unit of account, this company is a different company — and not one we will operate a campaign for.
CCP perimeter
If a regulator reads this as clearing, the licence problem is existential.
Collateral token
That ask has been refused on files like this. It should stay refused.
Member default
Who eats the loss? If the answer is ‘the protocol’, there is no protocol that can.
Incumbent freeze-out
CCPs can copy the netting logic faster than a startup can collect members.
Not a carrier
If Maple Line looks like it is taking risk, it needs a licence. The file says it does not. Keep it that way.
Facts vs theatre
A proof of a fake book is still a fake book. Maple Line has to attach to the real one, in Dublin.
Ask these next
- 01What does renewal look like if no round ever happens?
- 02Who is the first named paying customer — not a letter of intent?
- 03Which incumbent can copy this in a quarter, and what would they have to migrate?
- 04Who can unpublish a public sentence in 24 hours, by name?
- 05Is the waitlist demand for a product, or a queue for a coin?
- 06If RCA Pad disappeared tomorrow, could the customer still run the job?
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 Line DAC
- 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.
- Irelandnamed
- EEA professionalnamed
- Public residual claimsrestricted
- United Statesrestricted
Team
Who runs it.
- Sasha PetrovChief executive
- Rafa ChoChief executive
Stack
- Binder ledger
- Insurance binders
- Audit log
Named with them
- Meridian Tax
Who can decide
Sasha Petrov came in named. The team is not a handle. Maple Line DAC exists, founded 2023, headquartered in Dublin. Anonymity would have been an automatic decline.
If the first customer renews, the adapter work pays for itself. If they do not, Maple Line 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 Line does not sell a token to the public on this pad | Posture lock | live |
| The product is insurance binders sold to institutions | Architecture + customer type | draft |
| Binder 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 | Desk file | draft |
| No public token is sold on this pad | Engagement terms + posture lock | live |
| Customers contemplated: Ireland, EEA professional | Named markets on the file | draft |
On the record
- Application APP-4997ScreenSep
- Counsel questionPathSep
Operating log
06 Sep 16:00
Application scored. Maple Line is not a calendar slot.
11 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.