The wedge
Per packet
Mull moves facts, not value. That is why it might get paid.
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
MULL
Closed
CLOSEDPermissioned interopMull
Window closed. a short list asked while it was live. You are reading history.
A named Austin customer is already on the record. The public still thinks this is a deck.
Mull — Attestation packets and IBC-style messages between chains that are not public. Banks and funds that already live behind a firewall use this to talk to each other without opening a public bridge.
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.
Stage
completed
Window
Closed
Heat
0/99
Inbound / wk
0asks
Asking now
0live
Named pilots
0
Redacted on the public page
Live nodes
0
Cosmos SDK · permissioned
Counsel hours
0
Austin · closed private round
Sentences killed
0
Before listing
Claims live
0/13
Sprint
Our cut
0%
Of any proceeds
Plate Concentric · 9291
MULL
The plate
Concentric. Edition 9291.
A unique plate for Mull. Geometry, orbit, and edition belong to this company — no other listing on the board shares it.
MULL · Austin · Permissioned interop
Score
0
Desk diligence
Pilots
0
Named, redacted
Stage
completed
completed
HQ
Austin
Banks
Sells
Per
Per packet
Markets
0
Austin
Years
0
Founded 2023
Surfaces
0
Cosmos SDK · permissioned
Complete
0
File readiness
Why the desk took it
A real job, not a ticker.
Security review of the verifier is on file, even if draft.
Traction
2 named pilots (redacted).
Founded 2023, headquartered in Austin. 2 named pilots on file (identities redacted in public). 7 nodes or connected surfaces reported. Desk diligence score 74/100. A treasurer at a bank that already settles — not a crypto-native desk. A redacted engagement letter landed in week one. That is why the desk took the meeting.
Next 12 months
Two production counterparties.
A wrapped asset inside the packet makes this a bridge. It must not. 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.
Before the waitlist, before the window, there was a refusal. Mull would not let a public sale sit on this page. That is why a company in Permissioned interop is listed here at all — and why the people who wanted a coin left, and the people who wanted the product stayed.
If you leave this page without opening the claims table, you have read marketing. The scarce version of Mull is the version that survives counsel. It is on a clock.
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 the founder
US persons are outside the audience. A form that asks “are you accredited?” without verification is not an exemption.
From counsel
We will not describe this as Reg CA-compliant, MiCA-stickered, or FCA-authorised. Issuers retain their own counsel in every relevant jurisdiction.
From the screen
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.
Waiting for a proposed US rule is how you miss a Austin buyer who already has budget.
Switching cost is the auditor conversation. Once it happens, you are late.
The scarce thing is not the company. It is the next 0 days of a live conversation.
Window
Closed
Closed. History only — not a place to buy.
- Sentences killed
- 4
- Counsel hours on file
- 65
- Asks / week
- 1
- Our cut
- 0% of proceeds
US came off the site in the first session. We did not argue. We are not children.
This company
Mull
Open-source looks free until the auditor asks who attests. Mull has an answer.
In the same conversation
- R3 Corda network maps
- Hyperledger interop
- Public IBC (different threat model)
The bet
Why this company exists.
Mull moves facts, not value. That is why it might get paid.
Mull moves facts, not value. That is why it might get paid.
Every permissioned chain is an island. The second chain a bank turns on creates the ticket. The third creates the vendor.
Every extra permissioned deployment is a new integration budget. This product is that budget.
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.
The live path is Austin · closed private round. Proposed Regulation Crypto Assets is not treated as a calendar slot. Build as if it never opens.
How it works
- 01A fact is packed as an attestation, not a free-floating asset
- 02The counterparty chain verifies the packet
- 03Assets do not ‘bridge’; messages do
- 04Public connectivity is off unless counsel names it
- 05The counterparty chain verifies the packet; assets do not ‘bridge’
- 06Kill of a public sentence is an hour, not a committee.
In the same conversation as
- R3 Corda network maps
- Hyperledger interop
- Public IBC (different threat model)
If they raise
Where the money would actually go.
Not a token float. A budget against work. RCA Pad still takes 0% of proceeds.
Certifications & adapters
40%
Keeping the public story from running ahead of the claims register.
Counsel & perimeter
23%
A counsel memo that can survive a later reader.
Second market
14%
Adapter work against the incumbent register, admin, or custodian.
Control environment
23%
Dual-control drills, key ceremonies, and the person who owns them.
Operating week
What “in market” actually looks like.
- SatDarkNo creators. No threads. Restricted geos stay dark.
- MonClaimsEvery public sentence checked against the register. Anything extra is unpublished.
- 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.
The wedge
Why this one, not the other one.
- They sell
- Per packet
- Who pays
- A treasurer at a bank that already settles — not a crypto-native desk.
- Unit economics
- Bps on a job that already has a budget line. A public coin would not make the invoice larger.
- Moat on file
- Verifier is independently reviewable — not a black box they run.
- Switching cost
- Permissioned connectivity is the moat. Public endpoints would erase it.
- Vs the comps
- A wrapped asset inside the packet makes this a bridge. It must not.
- Why we listed it
- Security review of the verifier is on file, even if draft.
Next twelve months
What has to be true.
Two production counterparties.
A redacted engagement letter landed in week one. That is why the desk took the meeting.
They have not asked us to run a sale. That ask would close the file.
Traction
What you can verify today.
Founded 2023, headquartered in Austin. 2 named pilots on file (identities redacted in public). 7 nodes or connected surfaces reported. Desk diligence score 74/100. A treasurer at a bank that already settles — not a crypto-native desk. A redacted engagement letter landed in week one. That is why the desk took the meeting.
- Operating notes for Cosmos SDK · permissioned
- No token contract listed as a public sale
- Named founder; customer still a conversation
- Austin 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
- Customers62
- Legal path84
- Tech maturity49
- 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.
Bridge in costume
If value moves as a wrapped asset, this is a bridge. Bridges have a history.
Who verifies
A packet nobody independently checks is email.
Public leak
One public endpoint and the threat model is gone.
Standard war
If a bigger FMI publishes the same packet, this is a feature, not a company.
Bridge in costume
If value moves as a wrapped asset, Mull inherits every bridge post-mortem. Kill that design.
Facts vs theatre
A proof of a fake book is still a fake book. Mull has to attach to the real one, in Austin.
Ask these next
- 01Has counsel written the perimeter in a memo you can file?
- 02Which incumbent can copy this in a quarter, and what would they have to migrate?
- 03Who is the first named paying customer — not a letter of intent?
- 04If RCA Pad disappeared tomorrow, could the customer still run the job?
- 05Where do keys, title, or NAV liability sit — and is that person licensed?
- 06Who can unpublish a public sentence in 24 hours, by name?
Structure
How money would actually move.
Window closed. Tombstone is theirs. Archive is ours. 0% of proceeds.
- Entity
- Mull Ltd
- Path on file
- Austin · closed private round
- Posture
- Window closed
- 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.
- Austinnamed
- United States retailrestricted
- United Statesrestricted
Team
Who runs it.
- Noam AdeyemiChief executive
- Owen HaleChief compliance
Stack
- Cosmos SDK · permissioned
- Permissioned interop
- Disclosure templates
Named with them
- Helix Audit
- Clearline
- Meridian Tax
Who can decide
Noam Adeyemi (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.
Year two is a second named market and the remaining certifications — still permissioned. It is not a public book. A public book would be a different company.
Claims with evidence
Statements with evidence.
| Statement | Evidence | Status |
|---|---|---|
| Mull does not sell a token to the public on this pad | Posture lock | withdrawn |
| The product is permissioned interop sold to institutions | Architecture + customer type | withdrawn |
| Cosmos SDK · permissioned 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 |
| Production date for the chain layer is not committed | No board minute | withdrawn |
| No public token is sold on this pad | Engagement terms + posture lock | withdrawn |
| Customers contemplated: Austin | 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
Mull 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.
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.