RCA Pad
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

MAPZ

Closed
CLOSEDReinsurance records

Maple North

Window closed. 913 asked while it was live. You are reading history.

Renewal — not the round — is the twelve-month test. The people in this queue already know that.

Maple North — 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.

Closed on this board. Any capital event was completed with the issuer’s own providers. RCA Pad took 0%.

Closed. The live conversation is over. The pack remains as archive.

Diligence, not a prospectus. RCA Pad does not allocate, take orders, or close funding. If this company raises, it raises with its own counsel.

Waitlist

0

Window

Closed

Heat

0/99

Inbound / wk

0asks

Asking now

0live

Named pilots

0

Redacted on the public page

Live nodes

0

Treaty book

Counsel hours

0

Netherlands · closed private round

Sentences killed

0

Before listing

Claims live

0/15

Build

Our cut

0%

Of any proceeds

Plate Ledger · 3236

MAPZ

The plate

Ledger. Edition 3236.

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

MAPZ · Amsterdam · Reinsurance records

Score

0

Desk diligence

Pilots

0

Named, redacted

Waitlist

0

Product demand

HQ

Amsterdam

Licensed venues

Sells

Carrier

Carrier seat

Markets

0

Netherlands

Years

0

Founded 2026

Surfaces

0

Treaty book

Complete

0

File readiness

The wedge

Carrier seat

Maple North is replacing the PDF slip, not the carrier.

Why the desk took it

A real job, not a ticker.

They named a coverholder, not a protocol.

Traction

4 named pilots (redacted).

Founded 2026, headquartered in Amsterdam. 4 named pilots on file (identities redacted in public). 913 on the waitlist, gated — product demand, not a book built. 6 nodes or connected surfaces reported. Desk diligence score 80/100. A coverholder or carrier running one binder on this record. Counsel is named, even if the memo is still a draft. Unnamed counsel is how files die.

Next 12 months

Counsel on whether the record is a regulated contract.

An insurance DAO is not this file. 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.

Most Reinsurance records decks start with a market size. This one starts with a job: a person at a licensed firm, a record they cannot currently prove, and a calendar that does not wait for a proposed US rule. The calendar is the window. The window is the scarce thing.

Read this as an operating company, not a round. Counsel has a posture: Netherlands · closed private round. 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 North 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 North does not attest to its own facts.

From the founder

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 the screen

Fixed fee. Deposit to start. 0% of proceeds. Token-only pay is declined. Percentage of raise is declined.

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 incumbent copy takes a year. The named customer is already writing into this record.

We do not allocate. We do not take a cut. We will not hold the window open for you.

Window

Closed

Closed. History only — not a place to buy.

Sentences killed
3
Counsel hours on file
47
Asks / week
114
Our cut
0% of proceeds

We would rather be archive-clean than live-loud. The waitlist showed up anyway.

Lars Krüger, Chief executive

This company

Maple North

The protocol pitch is the thing this company has already refused.

In the same conversation

  • LCH / Eurex (incumbent CCPs)
  • Caldastone-style utilities
  • Not a DeFi clearinghouse

The bet

Why this company exists.

Maple North is replacing the PDF slip, not the carrier.

Maple North is replacing the PDF slip, not the carrier.

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

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.

Named: Netherlands, EEA professional. Off-limits: Public residual claims. A US person hearing an offering communication is a US problem even if the company sits in Amsterdam. Blocking an IP and taking a US Telegram admin is not a block.

How it works

  1. 01Members post positions they already hold
  2. 02The engine nets what the rulebook allows
  3. 03Only the residual hits the existing settlement rail
  4. 04Collateral as a token is an exclusion on this file
  5. 05Claim and premium events update the same slip the markets already signed
  6. 06Kill of a public sentence is an hour, not a committee.

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.

  • Named operators

    33%

    Dual-control drills, key ceremonies, and the person who owns them.

  • Certifications & adapters

    19%

    Keeping the public story from running ahead of the claims register.

  • Control environment

    20%

    The remaining certifications and the second named market.

  • Claims & campaign ops

    28%

    Hiring the operator who already does this job at a licensed firm.

Operating week

What “in market” actually looks like.

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

The wedge

Why this one, not the other one.

They sell
Carrier seat
Who pays
A coverholder or carrier running one binder on this record.
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
Lloyd’s-adjacent process knowledge — not a generic ledger.
Switching cost
Network effects only if a second named counterparty writes. One customer is a service firm.
Vs the comps
An insurance DAO is not this file.
Why we listed it
They named a coverholder, not a protocol.

Next twelve months

What has to be true.

Counsel on whether the record is a regulated contract.

Counsel is named, even if the memo is still a draft. Unnamed counsel is how files die.

A round, if any, sits with their providers. This pad does not take the order.

Traction

What you can verify today.

Founded 2026, headquartered in Amsterdam. 4 named pilots on file (identities redacted in public). 913 on the waitlist, gated — product demand, not a book built. 6 nodes or connected surfaces reported. Desk diligence score 80/100. A coverholder or carrier running one binder on this record. Counsel is named, even if the memo is still a draft. Unnamed counsel is how files die.

  • Operating notes for Treaty book
  • No token contract listed as a public sale
  • Pilot letters on file, identities redacted
  • Amsterdam is the operating centre
  • The waitlist, if any, is a product list — not a book
  • Raise, if any, closed with issuer providers

Readiness

Six things a serious buyer asks. 100 is “ready to take to counsel and a customer.”

  • Product95
  • Customers96
  • Legal path84
  • Tech maturity46
  • Demand45
  • Market access68

Risks

What can kill it.

The one that actually kills it

The founder wants a public book

The moment Maple North asks this pad to allocate, sell, or complete funding, the listing ends. That is not a moral project. It is how a services firm stays a services firm.

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 North 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 North has to attach to the real one, in Amsterdam.

Ask these next

  1. 01Has counsel written the perimeter in a memo you can file?
  2. 02Who is the first named paying customer — not a letter of intent?
  3. 03Which geography is actually locked, and which is a hope?
  4. 04Who can unpublish a public sentence in 24 hours, by name?
  5. 05What does renewal look like if no round ever happens?
  6. 06Is the waitlist demand for a product, or a queue for a coin?

Structure

How money would actually move.

Window closed. Tombstone is theirs. Archive is ours. 0% of proceeds.

Entity
Maple North B.V.
Path on file
Netherlands · closed private round
Posture
Window closed
Pack
Build

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.

  • Netherlandsnamed
  • EEA professionalnamed
  • Public residual claimsrestricted

Team

Who runs it.

  • Lars KrügerChief executive
  • Devon VossChief executive

Stack

  • Treaty book
  • Reinsurance records
  • Disclosure templates

Who can decide

Lars Krüger (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.

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.

StatementEvidenceStatus
Maple North does not sell a token to the public on this padPosture lockwithdrawn
The product is reinsurance records sold to institutionsArchitecture + customer typewithdrawn
Treaty book is the method — not a listed assetDesk snapshotwithdrawn
Retail buyers are out of scopeNamed markets lockwithdrawn
Any raise completes with the issuer’s counsel and providers — not on RCA PadFixed-fee termswithdrawn
Production date for the chain layer is not committedNo board minutewithdrawn
No public token is sold on this padEngagement terms + posture lockwithdrawn
Customers contemplated: Netherlands, EEA professionalNamed markets on the filewithdrawn

On the record

  1. Final registerArchiveAug
  2. Close reportReportAug
  3. Tombstone copyArchiveAug

Operating log

  1. 19 Aug 10:00

    Close report. 0% of proceeds.

  2. 12 Aug 18:00

    Maple North archived. Live claims withdrawn.

  3. 11 Aug 09:30

    Final creator pass. Residual claims pulled.

Path to now

  1. Open

    File

    Before any public sentence.

  2. Close

    Archive

    We did not take a cut.

Not a subscription

This is not a sale page.

Window closed. Tombstone is theirs. Archive is ours. 0% of proceeds. 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

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