The wedge
Corporate-action event
Maple Post sells the middle office of custody, not the keys.
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
MAP7
Screened
SCREENEDQualified custody opsMaple Post
A named Stockholm buyer is on the record. You are still reading the public page.
Pilots are named and redacted. The waitlist is not. a short list people already asked.
Maple Post — 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.
Screened, not yet in sprint. Treat every number as provisional. Calendar access is not automatic.
Window 17d. Waitlist a short list. 5 asks this week. This is not a quiet listing.
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
Custody accounting
Counsel hours
0
Undetermined — not a path
Sentences killed
0
Before listing
Claims live
1/7
Sprint
Our cut
0%
Of any proceeds
Plate Orbit · 8243
MAP7
The plate
Orbit. Edition 8243.
A unique plate for Maple Post. Geometry, orbit, and edition belong to this company — no other listing on the board shares it.
MAP7 · Stockholm · Qualified custody ops
Score
0
Desk diligence
Pilots
0
None on file
Stage
upcoming
upcoming
HQ
Stockholm
Asset managers
Sells
Corporate-action
Corporate-action event
Markets
0
Sweden
Years
0
Founded 2024
Surfaces
0
Custody accounting
Complete
0
File readiness
Why the desk took it
Early — still a question.
They walked in with a custodian, not a retail waitlist.
Traction
No paying pilot on the public file.
Founded 2024, headquartered in Stockholm. No named paying pilot on the file yet — that is the first question. Desk diligence score 56/100. Two licensed PSPs on a paid pilot — identities off the public file. A dual-control drill exists on paper. We have not watched it live yet — that is the next ask.
Next 12 months
Corporate actions running without a side ticket pile.
BitGo and Coinbase Prime are custodians. This is the book they might buy. 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.
Most Qualified custody ops 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.
Maple Post exists because the incumbent brand will not staff the unglamorous middle of Qualified custody ops. The product is that middle. The token, if it ever exists, is not the product — and is not for sale here. The people in the queue already understood the difference.
The auditor of a redacted pilot has seen a dual-record. Switching away now means a new auditor conversation. That is the switching cost — not the logo.
From ops
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 founder
US persons are outside the audience. A form that asks “are you accredited?” without verification is not an exemption.
From the pilot
The legal source of truth stays with the incumbent register, admin, or custodian. Maple Post does not attest to its own facts.
The window
Miss this and you read the archive.
Waiting for a proposed US rule is how you miss a Stockholm buyer who already has budget.
Restricted markets stay dark. Named markets are live. That discipline is the scarce thing.
Read it once, properly, while the number is still green. Then decide.
Window remaining
0days
When this window closes, the campaign is archive.
- Sentences killed
- 3
- Counsel hours on file
- 14
- Asks / week
- 5
- Our cut
- 0% of proceeds
US came off the site in the first session. We did not argue. We are not children.
This company
Maple Post
A generalist vendor copies the slide. They cannot copy the named record.
In the same conversation
- Fund admins
- Custodian reporting
- Public ‘vault tokens’ (the thing this is not)
The bet
Why this company exists.
Maple Post sells the middle office of custody, not the keys.
Maple Post sells the middle office of custody, not the keys.
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
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.
Stockholm 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
- 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
- 05Positions are accounted; the licensed custodian still holds
- 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.
Control environment
29%
Keeping the public story from running ahead of the claims register.
Certifications & adapters
23%
The remaining certifications and the second named market.
Claims & campaign ops
22%
Hiring the operator who already does this job at a licensed firm.
Second market
26%
Dual-control drills, key ceremonies, and the person who owns them.
Operating week
What “in market” actually looks like.
- ThuCustomerNamed pilot (redacted) sees the same record the auditor saw.
- WedCounselPerimeter diffs. If the site drifted from the memo, the site moves — not the memo.
- MonClaimsEvery public sentence checked against the register. Anything extra is unpublished.
- TueExceptionsOvernight breaks post back into the customer’s case system. No side book.
The wedge
Why this one, not the other one.
- They sell
- Corporate-action event
- Who pays
- Two licensed PSPs on a paid pilot — identities off the public file.
- Unit economics
- Annual software against an ops cost the board can see. Switching cost is the record, not the brand.
- Moat on file
- Corporate actions processed as events, not tickets.
- Switching cost
- Scheme maps, ISO, LMA language, registry adapters — eighteen months of unglamorous work.
- Vs the comps
- BitGo and Coinbase Prime are custodians. This is the book they might buy.
- Why we listed it
- They walked in with a custodian, not a retail waitlist.
Next twelve months
What has to be true.
Corporate actions running without a side ticket pile.
A dual-control drill exists on paper. We have not watched it live yet — that is the next ask.
They have not asked us to run a sale. That ask would close the file.
Traction
What you can verify today.
Founded 2024, headquartered in Stockholm. No named paying pilot on the file yet — that is the first question. Desk diligence score 56/100. Two licensed PSPs on a paid pilot — identities off the public file. A dual-control drill exists on paper. We have not watched it live yet — that is the next ask.
- Architecture paper — no production customer on the public file
- No token contract listed as a public sale
- Pilot letters on file, identities redacted
- Stockholm 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.”
- Product19
- Customers18
- Legal path24
- Tech maturity28
- Demand10
- Market access68
Risks
What can kill it.
The one that actually kills it
The named customer is a letter of intent
Pilots that cannot be named, even redacted, are theatre. One paying seat that an auditor has seen is worth more than a waitlist of a short list.
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.
Accidental custody
One key on a Maple Post box and the licence problem is immediate. The architecture has to make that impossible.
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
- 01Who is the first named paying customer — not a letter of intent?
- 02Who can unpublish a public sentence in 24 hours, by name?
- 03If RCA Pad disappeared tomorrow, could the customer still run the job?
- 04Has counsel written the perimeter in a memo you can file?
- 05Which geography is actually locked, and which is a hope?
- 06Which incumbent can copy this in a quarter, and what would they have to migrate?
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 Post AB
- Path on file
- Undetermined — not a path
- 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.
- Swedennamed
- EEA professionalnamed
- Public residual claimsrestricted
- United Statesrestricted
Team
Who runs it.
- Siobhán ChoChief executive
Stack
- Custody accounting
- Qualified custody ops
- Audit log
- Takedown SLA
Named with them
- Northbridge Counsel
Who can decide
Siobhán Cho (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 Post 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 Post does not sell a token to the public on this pad | Posture lock | live |
| The product is qualified custody ops sold to institutions | Architecture + customer type | draft |
| Custody accounting 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 | No board minute | draft |
| No public token is sold on this pad | Engagement terms + posture lock | live |
| Customers contemplated: Sweden, EEA professional | Named markets on the file | draft |
On the record
- Application APP-4272ScreenSep
- Counsel questionPathSep
Operating log
06 Sep 11:00
Application scored. Maple Post 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
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.