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

MAPG

Closed

CLOSEDShare-class ops

Maple Yard

Window closed. 2,812 asked while it was live. You are reading history.

Heat 30. Window 0d. If you are going to read one Share-class ops company, this is the one.

Maple Yard — 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.

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

Window

Closed

Heat

0/99

Inbound / wk

0asks

Asking now

0live

Named pilots

Redacted on the public page

Live nodes

Share-class ledger

Counsel hours

Seoul · closed private round

Sentences killed

Before listing

Claims live

0/11

Build

Our cut

Of any proceeds

Plate Vault · 6679

MAPG

The plate

Vault. Edition 6679.

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

MAPG · Seoul · Share-class ops

Score

Desk diligence

Pilots

Named, redacted

Waitlist

Product demand

Seoul

Fund administrators

Sells

Per

Per NAV event

Markets

Seoul

Years

Founded 2022

Surfaces

Share-class ledger

Complete

File readiness

The wedge

Per NAV event

The wedge is staffing: administrators cannot hire the close they promised allocators.

Why the desk took it

A real job, not a ticker.

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

Traction

4 named pilots (redacted).

Founded 2022, headquartered in Seoul. 4 named pilots on file (identities redacted in public). 2,812 on the waitlist, gated — product demand, not a book built. 13 nodes or connected surfaces reported. Desk diligence score 89/100. An AIFM whose auditor has seen the dual-record. A dual-control drill exists on paper. We have not watched it live yet — that is the next ask.

Next 12 months

Counsel on the unit — security or not — in writing.

Citi TA will not be replaced. It might consume this. They win if they are cheaper than the internal build, not cheaper than a protocol.

The brief

How a serious reader should hold this.

Before the waitlist, before the window, there was a refusal. Maple Yard would not let a public sale sit on this page. That is why a company in Share-class ops is listed here at all — and why the people who wanted a coin left, and the people who wanted the product stayed.

Maple Yard exists because the incumbent brand will not staff the unglamorous middle of Share-class 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.

On a Tuesday in Seoul, 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 counsel

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

From ops

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

From the screen

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

The window

Miss this and you read the archive.

Attention is the scarce asset. 9 asks this week are already spending it.

A supervisor is already forcing a perimeter. Houses that pick software over a coin will buy this now.

Open the diligence or watch it close. There is not a third option that still counts as early.

Window

Closed

Closed. History only — not a place to buy.

Sentences killed: 8
Counsel hours on file: 79
Asks / week: 352
Our cut: 0% of proceeds

Kill the public sentence in an hour or do not list us. We can do the hour.
Zara Hale, Chief executive

This company

Maple Yard

The copycats will arrive after certification. That is why the window is now.

In the same conversation

SS&C
Apex
Citi TA
Not a public tokenised fund

The bet

Why this company exists.

The wedge is staffing: administrators cannot hire the close they promised allocators.

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: Seoul. Off-limits: Mainland China retail. A US person hearing an offering communication is a US problem even if the company sits in Seoul. Blocking an IP and taking a US Telegram admin is not a block.

How it works

01Administrator remains source of truth
02Events (NAV, subscription, share-class) are signed and timestamped
03Investors and auditors query what they are allowed to see
04The fund unit is not listed here as a token you can buy
05Investors and auditors query only what they are allowed to see
06Exceptions post back into the customer’s existing case system — no side spreadsheet.

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.

Second market
36%
Adapter work against the incumbent register, admin, or custodian.
Counsel & perimeter
18%
A counsel memo that can survive a later reader.
Claims & campaign ops
17%
Keeping the public story from running ahead of the claims register.
Control environment
29%
The remaining certifications and the second named market.

Operating week

What “in market” actually looks like.

SatDarkNo creators. No threads. Restricted geos stay dark.
TueExceptionsOvernight breaks post back into the customer’s case system. No side book.
WedCounselPerimeter diffs. If the site drifted from the memo, the site moves — not the memo.
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: Per NAV event
Who pays: An AIFM whose auditor has seen the dual-record.
Unit economics: They win if they are cheaper than the internal build, not cheaper than a protocol.
Moat on file: Auditor has seen the dual-record and not walked out.
Switching cost: The customer’s auditor has seen this book. Switching means a new auditor conversation.
Vs the comps: Citi TA will not be replaced. It might consume this.
Why we listed it: Unit-as-token was refused in notes. We will not reverse that.

Next twelve months

What has to be true.

Counsel on the unit — security or not — in writing.

A dual-control drill exists on paper. We have not watched it live yet — that is the next ask.

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

Traction

What you can verify today.

Operating notes for Share-class ledger
No token contract listed as a public sale
Named founder; customer still a conversation
Seoul 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 maturity67
Demand54
Market access44

Risks

What can kill it.

The one that actually kills it

The founder wants a public book

The moment Maple Yard 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.

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 Yard is a copy of a spreadsheet. Copies do not survive the audit.

Token relapse

A later round that wants a public token puts Maple Yard in a different perimeter. The file treats that as a hard stop.

Ask these next

01What does renewal look like if no round ever happens?
02Where do keys, title, or NAV liability sit — and is that person licensed?
03What happens if a founder later wants a public token?
04Which incumbent can copy this in a quarter, and what would they have to migrate?
05If RCA Pad disappeared tomorrow, could the customer still run the job?
06Has counsel written the perimeter in a memo you can file?

Structure

How money would actually move.

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

Entity: Maple Yard Ltd
Path on file: Seoul · closed private round
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.

Seoulnamed
Mainland China retailrestricted

Team

Who runs it.

Zara HaleChief executive

Stack

Share-class ledger
Share-class ops
Takedown SLA
Disclosure templates

Named with them

Helix Audit
Clearline
Meridian Tax

Who can decide

Zara Hale (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 Yard does not sell a token to the public on this pad	Posture lock	withdrawn
The product is share-class ops sold to institutions	Architecture + customer type	withdrawn
Share-class ledger is the method — not a listed asset	Desk snapshot	withdrawn
Retail buyers are out of scope	Named markets lock	withdrawn
Any raise completes with the issuer’s counsel and providers — not on RCA Pad	Fixed-fee terms	withdrawn
Pilot identities redacted in public	Desk file	withdrawn
No public token is sold on this pad	Engagement terms + posture lock	withdrawn
Customers contemplated: Seoul	Named markets on the file	withdrawn

On the record

Final registerArchiveAug
Close reportReportAug
Tombstone copyArchiveAug

Operating log

19 Aug 10:00
Close report. 0% of proceeds.
12 Aug 18:00
Maple Yard archived. Live claims withdrawn.
11 Aug 09:30
Final creator pass. Residual claims pulled.

Path to now

Open
File
Before any public sentence.
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

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.