The wedge
Annual software
The wedge is a spreadsheet that a board will fund to kill.
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
NETD
In diligence
IN MOTIONMunicipal recordsNettle Book
They killed 13 sentences to get listed. That is the product you are about to miss.
A named Vilnius customer is already on the record. The public still thinks this is a deck.
Nettle Book — Permissioned infrastructure sold to firms that already operate in this market. The chain is a method. The customer is an institution. A public token sale is not the business.
In a 14-day diligence sprint (day 7). This is when the story, the customers and the legal path get written down — or the file stops.
They unpublish in an hour. They will not wait for your committee to finish reading.
Diligence, not a prospectus. RCA Pad does not allocate, take orders, or close funding. If this company raises, it raises with its own counsel.
Sprint day
0/14
Window
Closed
Heat
0/99
Inbound / wk
0asks
Asking now
0live
Named pilots
0
Redacted on the public page
Live nodes
0
Civic ledger
Counsel hours
0
Not offering — locked
Sentences killed
0
Before listing
Claims live
3/6
Sprint
Our cut
0%
Of any proceeds
Plate Ledger · 3091
NETD
The plate
Ledger. Edition 3091.
A unique plate for Nettle Book. Geometry, orbit, and edition belong to this company — no other listing on the board shares it.
NETD · Vilnius · Municipal records
Score
0
Desk diligence
Pilots
0
Named, redacted
Sprint
0
Day 7 of 14
HQ
Vilnius
Named institutional customers in a named geography
Sells
Annual
Annual software
Markets
0
Vilnius
Years
0
Founded 2024
Surfaces
0
Civic ledger
Complete
0
File readiness
Why the desk took it
A real job, not a ticker.
They described a job, not a ticker.
Traction
2 named pilots (redacted).
Founded 2024, headquartered in Vilnius. 2 named pilots on file (identities redacted in public). 7 nodes or connected surfaces reported. Desk diligence score 75/100. Sprint day 7 of 14. 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
One paying customer.
A public token as the product is the wrong pad. Seat plus event. If they ever attach a token as the unit of account, the file stops.
The brief
How a serious reader should hold this.
The first sentence Elena Diaz would not let us publish was the exciting one. What remains is slower — and scarcer: Nettle Book Ltd selling Municipal records as software, from Vilnius, to a buyer who already pays someone else to do this badly. That buyer is named. You are not, yet.
Read this as an operating company, not a round. Counsel has a posture: Not offering — locked. Restricted markets stay dark. RCA Pad takes 0% if they ever raise. That combination is why inbound did not need a ticker.
A sentence went public and came down in under an hour. Elena Diaz treated the kill as an operating skill, not a PR event. Files that cannot do this do not stay listed.
From ops
A dual-control drill exists on paper. Production evidence is the next artefact, not a tweet.
From the founder
US persons are outside the audience. A form that asks “are you accredited?” without verification is not an exemption.
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.
The window
Miss this and you read the archive.
If the window closes you still have the pack — as history. Not as a live conversation.
a short list people did not join a waitlist for a ticker. They joined for a job.
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
- 13
- Counsel hours on file
- 23
- Asks / week
- 25
- Our cut
- 0% of proceeds
Renewal is the round. If nobody renews, there is no company. A token would not fix that.
This company
Nettle Book
Services firms hide in ‘platform’ language. Nettle Book sells a seat plus an event. Named.
In the same conversation
- Incumbent ops vendors
- Internal builds
- Public tokens (the thing to avoid)
The bet
Why this company exists.
The wedge is a spreadsheet that a board will fund to kill.
The wedge is a spreadsheet that a board will fund to kill.
Boards will fund replacement of a known ops cost. They will not fund a crowd sale dressed as infrastructure.
The customer’s existing ops budget is the TAM that matters.
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 Not offering — locked. Proposed Regulation Crypto Assets is not treated as a calendar slot. Build as if it never opens.
How it works
- 01A job the customer already does is moved onto a shared record
- 02Access is permissioned
- 03Revenue is software or a service fee
- 04No public allocation on this pad
- 05Kill of a public sentence is an hour, not a committee.
In the same conversation as
- Incumbent ops vendors
- Internal builds
- Public tokens (the thing to avoid)
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
33%
Dual-control drills, key ceremonies, and the person who owns them.
Second market
19%
Adapter work against the incumbent register, admin, or custodian.
Certifications & adapters
16%
Hiring the operator who already does this job at a licensed firm.
Counsel & perimeter
32%
The remaining certifications and the second named market.
Operating week
What “in market” actually looks like.
- FriKill switchRehearse unpublish in 24 hours. If it takes a committee, it is not a switch.
- SunOwnersWho can decide messaging and budget on a recorded line. If the answer is nobody, stop.
- ThuCustomerNamed pilot (redacted) sees the same record the auditor saw.
- TueExceptionsOvernight breaks post back into the customer’s case system. No side book.
The wedge
Why this one, not the other one.
- They sell
- Annual software
- Who pays
- Two licensed PSPs on a paid pilot — identities off the public file.
- Unit economics
- Seat plus event. If they ever attach a token as the unit of account, the file stops.
- Moat on file
- A named institutional customer, even if redacted.
- Switching cost
- Permissioned connectivity is the moat. Public endpoints would erase it.
- Vs the comps
- A public token as the product is the wrong pad.
- Why we listed it
- They described a job, not a ticker.
Next twelve months
What has to be true.
One paying customer.
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.
Founded 2024, headquartered in Vilnius. 2 named pilots on file (identities redacted in public). 7 nodes or connected surfaces reported. Desk diligence score 75/100. Sprint day 7 of 14. 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 Civic ledger
- No token contract listed as a public sale
- Named founder; customer still a conversation
- Vilnius 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.”
- Product61
- Customers62
- Legal path62
- Tech maturity57
- Demand46
- Market access44
Risks
What can kill it.
The one that actually kills it
A second geography without a lock
Extending the record into a market that is still restricted is how a clean Vilnius story becomes a fact pattern. The restricted list exists for a reason: Mainland China retail.
No customer
A lab without a named buyer is a paper.
Token as business model
If the only revenue is a token, this is the wrong pad.
Path
Counsel has to name how this is offered, or it stays not-offering.
Geography
Retail and unnamed markets are off until someone writes them on.
No customer
A lab without a named buyer is a paper. Nettle Book has to show one.
Incumbent feature
The administrator, CCP, scheme or custodian can ship this as a checkbox. Nettle Book has to be cheaper or faster before that happens.
Ask these next
- 01Which incumbent can copy this in a quarter, and what would they have to migrate?
- 02If RCA Pad disappeared tomorrow, could the customer still run the job?
- 03Who can unpublish a public sentence in 24 hours, by name?
- 04Who is the first named paying customer — not a letter of intent?
- 05What does renewal look like if no round ever happens?
- 06What happens if a founder later wants a public token?
Structure
How money would actually move.
Sprint is diligence, not a raise. A pack at the end is a file the company can take to its own lawyers and investors. RCA Pad does not complete funding.
- Entity
- Nettle Book 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.
- Vilniusnamed
- Mainland China retailrestricted
Team
Who runs it.
- Elena DiazChief executive
Stack
- Civic ledger
- Municipal records
- Takedown SLA
- Disclosure templates
Named with them
- Helix Audit
- Clearline
- Meridian Tax
Who can decide
Elena Diaz came in named. The team is not a handle. Nettle Book Ltd exists, founded 2024, headquartered in Vilnius. Anonymity would have been an automatic decline.
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 |
|---|---|---|
| Nettle Book does not sell a token to the public on this pad | Posture lock | live |
| The product is municipal records sold to institutions | Architecture + customer type | live |
| Civic ledger 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 |
| Production date for the chain layer is not committed | No board minute | draft |
| No public token is sold on this pad | Engagement terms + posture lock | live |
| Customers contemplated: Vilnius | Named markets on the file | live |
On the record
- Day 0 lockKick-offSep
- Claim inventoryPackSep
- Audience matrix draftPackSep
Operating log
11 Sep 17:16
Workshop. Funnel has no purchase step.
08 Sep 09:00
Kick-off. Exclusions recorded.
09 Sep 16:20
A claim killed for missing evidence.
Path to now
D0
Kick-off
Geographies, owners, SLA, exclusions.
D14
Read-out
Accept the pack or stop.
Not a subscription
This is not a sale page.
Sprint is diligence, not a raise. A pack at the end is a file the company can take to its own lawyers and investors. RCA Pad does not complete funding. 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.