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

MAP6

Screened

SCREENEDWholesale FX

Maple Works

Claire Novak will not run a sale here. That is why serious people are in the queue.

Seats of attention are not infinite. 5 counterparties are in the live thread. You are not — yet.

Maple Works — A permissioned DvP rail: cash against asset between banks, FMIs or funds that already have accounts with each other. It is the moment of exchange, not a new listed asset.

Screened, not yet in sprint. Treat every number as provisional. Calendar access is not automatic.

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.

Stage

upcoming

Window

Closed

Heat

0/99

Inbound / wk

0asks

Asking now

0live

Named pilots

Redacted on the public page

Live nodes

Permissioned FX rail

Counsel hours

Not offering — locked

Sentences killed

Before listing

Claims live

0/6

Sprint

Our cut

Of any proceeds

Plate Ledger · 7822

MAP6

The plate

Ledger. Edition 7822.

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

MAP6 · Barcelona · Wholesale FX

Score

Desk diligence

Pilots

Named, redacted

Stage

upcoming

Barcelona

Banks

Sells

Per

Per million notional

Markets

Barcelona

Years

Founded 2021

Surfaces

Permissioned FX rail

Complete

File readiness

The wedge

Per million notional

Issuing a stablecoin to settle would put them in a different perimeter.

Why the desk took it

Early — still a question.

They do not issue the settlement asset.

Traction

One named pilot (redacted).

Founded 2021, headquartered in Barcelona. One named pilot on file (redacted in public). 4 nodes or connected surfaces reported. Desk diligence score 82/100. A warehouse or port that has written a live event. Counsel is named, even if the memo is still a draft. Unnamed counsel is how files die.

Next 12 months

Two banks quoting live.

CLS is the club. Maple Works has to feed it, not fight it. 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.

Someone in Barcelona already renewed a slower vendor this year. Maple Works is the conversation that happens before they do it again. Miss this cycle and you explain the next one.

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

On a Tuesday in Barcelona, 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 founder

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

From the screen

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 ops

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.

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

a short list people did not join a waitlist for a ticker. They joined for a job.

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: 18
Counsel hours on file: 10
Asks / week: 7
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.
Claire Novak, Chief executive

This company

Maple Works

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

In the same conversation

CLS
Fnality
RTGS upgrades
Not a public L1

The bet

Why this company exists.

Issuing a stablecoin to settle would put them in a different perimeter.

T+1, 24/7 FX and on-chain funds make overnight risk visible. Banks will connect a rail before they will issue a coin.

Wholesale settlement is a volume business. Even a sliver of fails avoided is a number a treasurer recognises.

Versus the field

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

01Two permissioned parties lock an agreed obligation
02Asset and cash move together, or not at all
03Existing accounts are the source of funds
04No public chain sale of the rail’s token
05Matches stay inside named desks; cash still settles where it already settles
06Kill of a public sentence is an hour, not a committee.

In the same conversation as

CLS
Fnality
RTGS upgrades
Not a public L1

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
36%
Dual-control drills, key ceremonies, and the person who owns them.
Claims & campaign ops
23%
Hiring the operator who already does this job at a licensed firm.
Control environment
16%
A counsel memo that can survive a later reader.
Certifications & adapters
25%
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.
SunOwnersWho can decide messaging and budget on a recorded line. If the answer is nobody, stop.
TueExceptionsOvernight breaks post back into the customer’s case system. No side book.

The wedge

Why this one, not the other one.

They sell: Per million notional
Who pays: A warehouse or port that has written a live event.
Unit economics: Bps on a job that already has a budget line. A public coin would not make the invoice larger.
Moat on file: CLS or local RTGS remains the final cash.
Switching cost: Scheme maps, ISO, LMA language, registry adapters — eighteen months of unglamorous work.
Vs the comps: CLS is the club. Maple Works has to feed it, not fight it.
Why we listed it: They do not issue the settlement asset.

Next twelve months

What has to be true.

Two banks quoting live.

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.

Architecture paper — no production customer on the public file
No token contract listed as a public sale
Pilot letters on file, identities redacted
Barcelona 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.”

Product23
Customers40
Legal path62
Tech maturity40
Demand10
Market access44

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.

Money issuance

If the rail issues a settlement asset, it is in the e-money / deposit perimeter.

Legal finality

Atomic in software is not final in court. Ask which law says it is.

Incumbent RTGS

Central banks are not asleep. A feature can become a standard.

Public token

Listing the rail’s unit is a sale. This pad does not run that sale.

Issuing the cash

If Maple Works issues a stablecoin to make this atomic, the company becomes an e-money problem.

Single-customer gravity

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

Ask these next

01Is the waitlist demand for a product, or a queue for a coin?
02Who can unpublish a public sentence in 24 hours, by name?
03What does renewal look like if no round ever happens?
04If RCA Pad disappeared tomorrow, could the customer still run the job?
05What happens if a founder later wants a public token?
06Who is the first named paying customer — not a letter of intent?

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 Works Ltd
Path on file: Not offering — locked
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.

Barcelonanamed
Global publicrestricted
United Statesrestricted

Team

Who runs it.

Claire NovakChief executive

Stack

Permissioned FX rail
Wholesale FX
Disclosure templates
Takedown SLA

Named with them

Helix Audit

Who can decide

Claire Novak (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 Works 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 Works does not sell a token to the public on this pad	Posture lock	live
The product is wholesale fx sold to institutions	Architecture + customer type	draft
Permissioned FX rail 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
Pilot identities redacted in public	No board minute	draft
No public token is sold on this pad	Engagement terms + posture lock	live
Customers contemplated: Barcelona	Named markets on the file	draft

On the record

Application APP-4965ScreenSep
Counsel questionPathSep

Operating log

01 Sep 9:00
Application scored. Maple Works 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.

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.