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

MAP2

In market

IN MARKETAviation title

Maple Ridge

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

The window is a few days. After that Maple Ridge archives. Diligence does not reopen as a live conversation.

Maple Ridge — A permissioned record of title, invoices, warehouse receipts or port documents for houses that already finance or move goods. The event is the product. The bill of lading does not get replaced by a meme.

Live campaign. 4,084 on the product waitlist — that is demand, not an allocation.

If you needed a reason to open diligence tonight: 4,084 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.

Waitlist

Window

Closed

Heat

0/99

Inbound / wk

0asks

Asking now

0live

Named pilots

Redacted on the public page

Live nodes

Airframe registry

Counsel hours

France · counsel-named

Sentences killed

Before listing

Claims live

11/14

Build

Our cut

Of any proceeds

Plate Orbit · 1388

MAP2

The plate

Orbit. Edition 1388.

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

MAP2 · Paris · Aviation title

Score

Desk diligence

Pilots

Named, redacted

Waitlist

Product demand

Paris

Trade-finance banks

Sells

Warehouse

Warehouse seat

Markets

France

Years

Founded 2021

Surfaces

Airframe registry

Complete

File readiness

The wedge

Warehouse seat

A warehouse that writes the event is worth more than a bank that only reads it.

Why the desk took it

A real job, not a ticker.

They brought a redacted bill, not a tokenised barrel.

Traction

3 named pilots (redacted).

Founded 2021, headquartered in Paris. 3 named pilots on file (identities redacted in public). 4,084 on the waitlist, gated — product demand, not a book built. 22 nodes or connected surfaces reported. Desk diligence score 88/100. A national registry counterpart, not a scrape. A redacted engagement letter landed in week one. That is why the desk took the meeting.

Next 12 months

One financed shipment against this record.

A commodity NFT is the thing this file will not be. 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.

The first sentence Ibrahim Nair would not let us publish was the exciting one. What remains is slower — and scarcer: Maple Ridge SAS selling Aviation title as software, from Paris, to a buyer who already pays someone else to do this badly. That buyer is named. You are not, yet.

If you leave this page without opening the claims table, you have read marketing. The scarce version of Maple Ridge is the version that survives counsel. It is on a clock.

A dual-control drill sits on paper. Keys, title, or NAV liability sit with a named licensed party — not Maple Ridge. The architecture says so. We have not watched the drill live. That is the next ask, not a slogan.

From the founder

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

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.

From the pilot

The legal source of truth stays with the incumbent register, admin, or custodian. Maple Ridge does not attest to its own facts.

The window

Miss this and you read the archive.

The next Aviation title company on this board will not have this waitlist, this HQ, or this counsel posture.

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

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: 16
Counsel hours on file: 47
Asks / week: 511
Our cut: 0% of proceeds

We did not come here to sell a token. We came here so a named customer could read a pack that survives counsel.
Ibrahim Nair, Chief executive

This company

Maple Ridge

Open-source looks free until the auditor asks who attests. Maple Ridge has an answer.

In the same conversation

Contour / we.trade (history)
CargoX
Bank trade portals
Not a commodity NFT

The bet

Why this company exists.

A warehouse that writes the event is worth more than a bank that only reads it.

Banks want to digitise without putting a commodity on a public chain. Warehouses will not be first movers. A permissioned title event they already recognise is the on-ramp.

Documentary trade is a trillion-scale flow. Software that shortens a hold by two days is a spread.

Versus the field

The incumbent brand sells the relationship. Maple Ridge 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.

The live path is France · counsel-named. Proposed Regulation Crypto Assets is not treated as a calendar slot. Build as if it never opens.

How it works

01A document that already exists is hashed and evented
02Title changes when the parties that already can change it say so
03Financiers see the state they are underwriting
04No public listing of the cargo as an asset
05Title changes only when the parties that already can change it say so
06Exceptions post back into the customer’s existing case system — no side spreadsheet.

In the same conversation as

Contour / we.trade (history)
CargoX
Bank trade portals
Not a commodity NFT

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
35%
The remaining certifications and the second named market.
Claims & campaign ops
18%
Hiring the operator who already does this job at a licensed firm.
Counsel & perimeter
14%
A counsel memo that can survive a later reader.
Second market
33%
Keeping the public story from running ahead of the claims register.

Operating week

What “in market” actually looks like.

MonClaimsEvery public sentence checked against the register. Anything extra is unpublished.
ThuCustomerNamed pilot (redacted) sees the same record the auditor saw.
TueExceptionsOvernight breaks post back into the customer’s case system. No side book.
SunOwnersWho can decide messaging and budget on a recorded line. If the answer is nobody, stop.

The wedge

Why this one, not the other one.

They sell: Warehouse seat
Who pays: A national registry counterpart, not a scrape.
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 bank has funded against this record on at least one shipment.
Switching cost: Scheme maps, ISO, LMA language, registry adapters — eighteen months of unglamorous work.
Vs the comps: A commodity NFT is the thing this file will not be.
Why we listed it: They brought a redacted bill, not a tokenised barrel.

Next twelve months

What has to be true.

One financed shipment against this record.

A redacted engagement letter landed in week one. That is why the desk took the meeting.

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.

Operating notes for Airframe registry
No token contract listed as a public sale
Named founder; customer still a conversation
Paris 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.”

Product81
Customers96
Legal path84
Tech maturity94
Demand60
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.

Legal title

If the court still wants the paper, the chain is a copy. Ask which jurisdiction has said otherwise.

Warehouse adoption

One bank is not a network. The warehouse has to write the event.

Public token

Tokenising the cargo for a crowd is a different, usually worse, company.

Fraud

Digitising a fake bill faster is not progress. Dual-control is the feature.

Paper still wins in court

If the court wants the original, the chain is a copy. Ask which jurisdiction has said otherwise.

Single-customer gravity

If the first named buyer is also the only buyer, Maple Ridge is a services shop with a ledger. Ask for the second.

Ask these next

01What happens if a founder later wants a public token?
02Is the waitlist demand for a product, or a queue for a coin?
03Which geography is actually locked, and which is a hope?
04If RCA Pad disappeared tomorrow, could the customer still run the job?
05What does renewal look like if no round ever happens?
06Who is the first named paying customer — not a letter of intent?

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 Ridge SAS
Path on file: France · 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.

Francenamed
EEA professionalnamed
Mainland China retailrestricted

Team

Who runs it.

Ibrahim NairChief executive

Stack

Airframe registry
Aviation title
Audit log
Takedown SLA

Named with them

Meridian Tax

Who can decide

Ibrahim Nair (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.

Statement	Evidence	Status
Maple Ridge does not sell a token to the public on this pad	Posture lock	live
The product is aviation title sold to institutions	Architecture + customer type	live
Airframe registry 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
Pilot identities redacted in public	No board minute	draft
No public token is sold on this pad	Engagement terms + posture lock	live
Customers contemplated: France, EEA professional	Named markets on the file	live

On the record

Sprint packPackJun
Counsel lockPathJul
Claims register liveRegisterAug
Creator briefBriefSep

Operating log

11 Sep 09:44
Takedown SLA idle-tested.
08 Sep 11:40
A claim held for missing evidence.
04 Sep 08:22
Weekly report issued to the desk.
01 Sep 14:08
Creator set on disclosure. No buy language.

Path to now

Sprint
Pack accepted
Narrative, matrix, claims locked.
Path
Counsel names it
Or the file stays not-offering.
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

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.