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

MAPA

In market
IN MARKETFund NAV

Maple Quay

Window a fewd · waitlist 2,580 · our cut 0%. Do the maths.

Inbound this week: 81. That is demand for a job someone already pays for — not a book.

Maple Quay — An operational layer for funds: NAV events, share-class records, books an AIFM can defend. The administrator remains the administrator. This is co-sourced infrastructure, not a tokenised fund on a public board.

Live campaign. 2,580 on the product waitlist — that is demand, not an allocation.

Archive is free. Live access is timed. Maple Quay is timed.

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

Fund-admin adapters

Counsel hours

0

Vancouver · counsel-named

Sentences killed

0

Before listing

Claims live

8/10

Build

Our cut

0%

Of any proceeds

Plate Meridian · 9691

MAPA

The plate

Meridian. Edition 9691.

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

MAPA · Vancouver · Fund NAV

Score

0

Desk diligence

Pilots

0

Named, redacted

Waitlist

0

Product demand

HQ

Vancouver

Fund administrators

Sells

Bps

Bps of AUM on the books

Markets

0

Vancouver

Years

0

Founded 2021

Surfaces

0

Fund-admin adapters

Complete

0

File readiness

The wedge

Bps of AUM on the books

Maple Quay sells a 15-day lag down to a day, without turning the unit into a coin.

Why the desk took it

A real job, not a ticker.

Unit-as-token was refused in notes. We will not reverse that.

Traction

2 named pilots (redacted).

Founded 2021, headquartered in Vancouver. 2 named pilots on file (identities redacted in public). 2,580 on the waitlist, gated — product demand, not a book built. 9 nodes or connected surfaces reported. Desk diligence score 87/100. Two licensed PSPs on a paid pilot — identities off the public file. Counsel is named, even if the memo is still a draft. Unnamed counsel is how files die.

Next 12 months

Daily NAV in one live fund.

A public tokenised fund is a different file — and usually the wrong house. 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.

Vancouver 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 Quay chose it for that reason. Counterparties who still think this is a ‘global’ story are already late.

The bet is narrow. A named Vancouver buyer already has budget for this invoice. Maple Quay wins if it is cheaper than the internal build and cleaner than the protocol pitch. It loses if a founder later wants a public book. The window is the time you have to decide which it is.

On a Tuesday in Vancouver, an exception posts back into the customer’s existing case system. Nobody opens a side spreadsheet. That is the product: the night someone in ops does not stay late.

From the screen

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

From the founder

A dual-control drill exists on paper. Production evidence is the next artefact, not a tweet.

From the pilot

We will not describe this as Reg CA-compliant, MiCA-stickered, or FCA-authorised. Issuers retain their own counsel in every relevant jurisdiction.

The window

Miss this and you read the archive.

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

0% of proceeds. Fixed fee. The incentive is a clean campaign — not a raise.

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
5
Counsel hours on file
45
Asks / week
323
Our cut
0% of proceeds

If RCA Pad ever asked for a cut of a raise, we would walk. That is in the first email.

Leila Park, Chief executive

This company

Maple Quay

A L2 wrapper is cheaper. It is also a different perimeter — and declined here.

In the same conversation

  • SS&C
  • Apex
  • Citi TA
  • Not a public tokenised fund

The bet

Why this company exists.

Maple Quay sells a 15-day lag down to a day, without turning the unit into a coin.

Maple Quay sells a 15-day lag down to a day, without turning the unit into a coin.

Allocators want faster marks. Administrators cannot staff that with people. A dual-record (their books + this event) is how they sleep.

Fund administration is a fee business measured in basis points of AUM. A faster close is retained business.

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

How it works

  1. 01Administrator remains source of truth
  2. 02Events (NAV, subscription, share-class) are signed and timestamped
  3. 03Investors and auditors query what they are allowed to see
  4. 04The fund unit is not listed here as a token you can buy
  5. 05Investors and auditors query only what they are allowed to see
  6. 06Retail and unnamed geographies are structurally off the form, not only in the footer.

In the same conversation as

  • SS&C
  • Apex
  • Citi TA
  • Not a public tokenised fund

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

    36%

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

  • Certifications & adapters

    21%

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

  • Named operators

    16%

    Adapter work against the incumbent register, admin, or custodian.

  • Control environment

    27%

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

Operating week

What “in market” actually looks like.

  1. MonClaimsEvery public sentence checked against the register. Anything extra is unpublished.
  2. FriKill switchRehearse unpublish in 24 hours. If it takes a committee, it is not a switch.
  3. WedCounselPerimeter diffs. If the site drifted from the memo, the site moves — not the memo.
  4. SatDarkNo creators. No threads. Restricted geos stay dark.

The wedge

Why this one, not the other one.

They sell
Bps of AUM on the books
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
A live NAV event in a real fund, not a demo clock.
Switching cost
Once the record is the record, the incumbent copy has to migrate history. That is the year.
Vs the comps
A public tokenised fund is a different file — and usually the wrong house.
Why we listed it
Unit-as-token was refused in notes. We will not reverse that.

Next twelve months

What has to be true.

Daily NAV in one live fund.

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

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.

Founded 2021, headquartered in Vancouver. 2 named pilots on file (identities redacted in public). 2,580 on the waitlist, gated — product demand, not a book built. 9 nodes or connected surfaces reported. Desk diligence score 87/100. Two licensed PSPs on a paid pilot — identities off the public file. Counsel is named, even if the memo is still a draft. Unnamed counsel is how files die.

  • Operating notes for Fund-admin adapters
  • No token contract listed as a public sale
  • Named founder; customer still a conversation
  • Vancouver 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.”

  • Product63
  • Customers78
  • Legal path84
  • Tech maturity73
  • Demand53
  • Market access68

Risks

What can kill it.

The one that actually kills it

Counsel is a slide

Unnamed counsel is how companies die in diligence. Vancouver · counsel-named has to be a memo you can file, not a slogan on the hero.

Unit token

A share-class token sold to the public is a securities offering. This pad will not run that as a sale.

Admin of record

If the admin has not signed, this is a shadow book. Shadow books do not survive an audit.

NAV liability

Who is wrong when the number is wrong? That sentence has to exist.

Distribution

Using this layer as a public subscription journey is a different file — and usually the wrong house.

Shadow book

If the administrator has not signed, Maple Quay is a copy of a spreadsheet. Copies do not survive the audit.

Incumbent feature

The administrator, CCP, scheme or custodian can ship this as a checkbox. Maple Quay has to be cheaper or faster before that happens.

Ask these next

  1. 01If RCA Pad disappeared tomorrow, could the customer still run the job?
  2. 02Who is the first named paying customer — not a letter of intent?
  3. 03What happens if a founder later wants a public token?
  4. 04What does renewal look like if no round ever happens?
  5. 05Who can unpublish a public sentence in 24 hours, by name?
  6. 06Which geography is actually locked, and which is a hope?

Structure

How money would actually move.

If this company raises, it raises with its own counsel and providers. The waitlist is a product list. It is not a round, a book, or an allocation on RCA Pad. We do not take a cut.

Entity
Maple Quay Ltd
Path on file
Vancouver · counsel-named
Posture
No public sale
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.

  • Vancouvernamed
  • United Kingdomnamed
  • Public residual claimsrestricted

Team

Who runs it.

  • Leila ParkChief executive
  • Owen HolmHead of product

Stack

  • Fund-admin adapters
  • Fund NAV
  • Approval trail
  • Disclosure templates

Named with them

  • Northbridge Counsel
  • Helix Audit

Who can decide

The technical founder is on the record as Head of product. 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.

StatementEvidenceStatus
Maple Quay does not sell a token to the public on this padPosture locklive
The product is fund nav sold to institutionsArchitecture + customer typelive
Fund-admin adapters is the method — not a listed assetDesk snapshotlive
Retail buyers are out of scopeNamed markets locklive
Any raise completes with the issuer’s counsel and providers — not on RCA PadFixed-fee termslive
Production date for the chain layer is not committedNo board minutedraft
No public token is sold on this padEngagement terms + posture locklive
Customers contemplated: Vancouver, United KingdomNamed markets on the filelive

On the record

  1. Sprint packPackJun
  2. Counsel lockPathJul
  3. Claims register liveRegisterAug
  4. Creator briefBriefSep

Operating log

  1. 11 Sep 09:17

    Takedown SLA idle-tested.

  2. 08 Sep 11:40

    A claim held for missing evidence.

  3. 04 Sep 08:22

    Weekly report issued to the desk.

  4. 01 Sep 14:08

    Creator set on disclosure. No buy language.

Path to now

  1. Sprint

    Pack accepted

    Narrative, matrix, claims locked.

  2. Path

    Counsel names it

    Or the file stays not-offering.

  3. Live

    Campaign

    Waitlist and register. No purchase journey.

Not a subscription

This is not a sale page.

If this company raises, it raises with its own counsel and providers. The waitlist is a product list. It is not a round, a book, or an allocation on RCA Pad. We do not take a cut. 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

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