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

MAPU

In diligence

IN MOTIONVault infrastructure

Maple Mark

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

If this pad disappeared tomorrow, the customer could still run the job. That is why they are here.

Maple Mark — Accounting and proof layers for vaults that already hold assets for known clients. zk or otherwise, the point is a statement a counterparty can verify — not a public yield product.

In a 14-day diligence sprint (day 3). This is when the story, the customers and the legal path get written down — or the file stops.

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.

Sprint day

0/14

Window

Closed

Heat

0/99

Inbound / wk

0asks

Asking now

0live

Named pilots

Redacted on the public page

Live nodes

zk testnet

Counsel hours

Not offering — locked

Sentences killed

Before listing

Claims live

1/9

Sprint

Our cut

Of any proceeds

Plate Meridian · 5231

MAPU

The plate

Meridian. Edition 5231.

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

MAPU · London · Vault infrastructure

Score

Desk diligence

Pilots

Named, redacted

Sprint

Day 3 of 14

London

Asset managers

Sells

Fund

Fund seat

Markets

United Kingdom

Years

Founded 2023

Surfaces

zk testnet

Complete

File readiness

The wedge

Fund seat

The wedge is 2022: allocators asked for proof and got demos.

Why the desk took it

A real job, not a ticker.

They called zk a method in the application. Correct.

Traction

One named pilot (redacted).

Founded 2023, headquartered in London. One named pilot on file (redacted in public). 5 nodes or connected surfaces reported. Desk diligence score 82/100. Sprint day 3 of 14. Four origination desks posting into a closed tape. Architecture says keys / title / NAV liability sit with a named licensed party — not Maple Mark.

Next 12 months

Still no yield marketed to the public.

Fund admins already report. This is a proof they can attach. 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.

London 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 Mark 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 Mark is the version that survives counsel. It is on a clock.

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

From the pilot

The legal source of truth stays with the incumbent register, admin, or custodian. Maple Mark 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 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.

Attention is the scarce asset. 15 asks this week are already spending it.

Restricted markets stay dark. Named markets are live. That discipline is the scarce thing.

The scarce thing is not the company. It is the next a few days of a live conversation.

Window

Closed

Closed. History only — not a place to buy.

Sentences killed: 9
Counsel hours on file: 58
Asks / week: 15
Our cut: 0% of proceeds

The decline pile is a compliment. It means the screen still means something.
Yara Diaz, Chief executive

This company

Maple Mark

Not the incumbent brand. Maple Mark sells the job the brand will not staff.

In the same conversation

Fund admins
Custodian reporting
Public ‘vault tokens’ (the thing this is not)

The bet

Why this company exists.

The wedge is 2022: allocators asked for proof and got demos.

Allocators asked for proof after 2022. Labs answered with demos. The first vault accounting that an auditor will sign is a business.

Middle-office spend at alternative managers is a budget that survived the last cycle.

Versus the field

L2 wrappers are cheaper. They are also a different perimeter — and declined here. Maple Mark 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

01Positions are accounted in a book the manager already runs
02A proof or extract is produced for a named counterparty
03Yield is not marketed to the public on this pad
04zk, if present, is a method — not a ticker
05A proof or extract is produced for a named counterparty only
06The legal source of truth stays with the incumbent register, admin, or custodian.

In the same conversation as

Fund admins
Custodian reporting
Public ‘vault tokens’ (the thing this is not)

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%
Hiring the operator who already does this job at a licensed firm.
Named operators
28%
Dual-control drills, key ceremonies, and the person who owns them.
Second market
20%
Adapter work against the incumbent register, admin, or custodian.
Control environment
23%
Keeping the public story from running ahead of the claims register.

Operating week

What “in market” actually looks like.

FriKill switchRehearse unpublish in 24 hours. If it takes a committee, it is not a switch.
MonClaimsEvery public sentence checked against the register. Anything extra is unpublished.
WedCounselPerimeter diffs. If the site drifted from the memo, the site moves — not the memo.
ThuCustomerNamed pilot (redacted) sees the same record the auditor saw.

The wedge

Why this one, not the other one.

They sell: Fund seat
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: Auditor engagement letter — not a tweet.
Switching cost: Scheme maps, ISO, LMA language, registry adapters — eighteen months of unglamorous work.
Vs the comps: Fund admins already report. This is a proof they can attach.
Why we listed it: They called zk a method in the application. Correct.

Next twelve months

What has to be true.

Still no yield marketed to the public.

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

Capital would fund the adapter work and a named counsel memo, not a public sale.

Traction

What you can verify today.

Operating notes for zk testnet
No token contract listed as a public sale
Pilot letters on file, identities redacted
London 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.”

Product50
Customers40
Legal path62
Tech maturity51
Demand30
Market access90

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 London story becomes a fact pattern. The restricted list exists for a reason: Public residual claims, United States.

Yield product

If the landing page is APY, this is a different, usually unlicensed, business.

Proof theatre

A zk circuit of a fake book is still a fake book.

Custodian

Who holds the keys? If it is the startup, that is custody.

Audit

No auditor, no statement. Demo is not diligence.

Proof theatre

A zk circuit of a fake book is still a fake book. Maple Mark has to prove the real one.

Path silence

If counsel will not name a path and not-offering is not locked, heated waitlist copy is an accidental offering.

Ask these next

01Has counsel written the perimeter in a memo you can file?
02Where do keys, title, or NAV liability sit — and is that person licensed?
03If RCA Pad disappeared tomorrow, could the customer still run the job?
04Is the waitlist demand for a product, or a queue for a coin?
05Which geography is actually locked, and which is a hope?
06What happens if a founder later wants a public token?

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 Mark Ltd · England & Wales
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.

United Kingdomnamed
EEA professionalnamed
United Kingdomnamed
Public residual claimsrestricted
United Statesrestricted

Team

Who runs it.

Yara DiazChief executive
Amira HaleChief technology

Stack

zk testnet
Vault infrastructure
Approval trail
Audit log

Named with them

Meridian Tax

Who can decide

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

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.

Statement	Evidence	Status
Maple Mark does not sell a token to the public on this pad	Posture lock	live
The product is vault infrastructure sold to institutions	Architecture + customer type	live
zk testnet 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
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: United Kingdom, EEA professional, United Kingdom	Named markets on the file	live

On the record

Day 0 lockKick-offSep
Claim inventoryPackSep
Audience matrix draftPackSep

Operating log

11 Sep 12:43
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.