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

NETW

In diligence

IN MOTIONPrivate credit tape

Nettle Close

a few days until this conversation is history.

Counsel has a live path. The waitlist is a short list. This pad still takes 0% of proceeds.

Nettle Close — A system of record for private-credit funds and desks: tapes, RFQs, or covenants that update when a borrower files. The buyers already have a book. This is plumbing, not a venue that matches strangers.

In a 14-day diligence sprint (day 5). This is when the story, the customers and the legal path get written down — or the file stops.

A year from now this will be an obvious company or a missed one. The window decides which.

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

Redacted on the public page

Live nodes

Credit book

Counsel hours

Not offering — locked

Sentences killed

Before listing

Claims live

2/6

Sprint

Our cut

Of any proceeds

Plate Lattice · 6338

NETW

The plate

Lattice. Edition 6338.

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

NETW · Chicago · Private credit tape

Score

Desk diligence

Pilots

Named, redacted

Sprint

Day 5 of 14

Chicago

Private-credit funds

Sells

Bps

Bps on facilities on the tape

Markets

United States professional

Years

Founded 2026

Surfaces

Credit book

Complete

File readiness

The wedge

Bps on facilities on the tape

The wedge is the shared drive: marks, covenants and RFQs still live in email.

Why the desk took it

A real job, not a ticker.

They asked us to kill ‘marketplace’ in every sentence. We did.

Traction

One named pilot (redacted).

Founded 2026, headquartered in Chicago. One named pilot on file (redacted in public). 5 nodes or connected surfaces reported. Desk diligence score 85/100. Sprint day 5 of 14. Four origination desks posting into a closed tape. Counsel is named, even if the memo is still a draft. Unnamed counsel is how files die.

Next 12 months

Securities memo on the tape itself — is the record a security? Write it down.

A DeFi lending pool is the opposite company. Annual software against an ops cost the board can see. Switching cost is the record, not the brand.

The brief

How a serious reader should hold this.

Chicago is not a backdrop. It is the jurisdiction where a named customer can be sued, called, and asked a question on a recorded line. Nettle Close chose it for that reason. Counterparties who still think this is a ‘global’ story are already late.

Nettle Close exists because the incumbent brand will not staff the unglamorous middle of Private credit tape. 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.

US traffic was taken off the public surfaces in the first working session. Nettle Close did not argue. Adult companies do not costume a US offering.

From the founder

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 screen

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

From the pilot

We will not describe this as Reg CA-compliant, MiCA-stickered, or FCA-authorised. Issuers retain their own counsel in every relevant jurisdiction.

The window

Miss this and you read the archive.

The incumbent will still be slow in a year. The window will not.

0% of proceeds. Fixed fee. The incentive is a clean campaign — not a raise.

We do not allocate. We do not take a cut. We will not hold the window open for you.

Window

Closed

Closed. History only — not a place to buy.

Sentences killed: 9
Counsel hours on file: 76
Asks / week: 19
Our cut: 0% of proceeds

The auditor has seen the dual-record. Switching now is a new conversation. That is the lock.
Ibrahim Ng, Chief executive

This company

Nettle Close

A L2 wrapper is cheaper. It is also a different perimeter — and declined here.

In the same conversation

eFront
Allvue
Closed RFQ wires
Not an on-chain lending pool

The bet

Why this company exists.

The wedge is the shared drive: marks, covenants and RFQs still live in email.

Allocators want daily marks and covenant visibility. Banks want to originate without building a chain team. The first honest tape that does not pretend to be an exchange will be paid for as software.

Private credit AUM is measured in trillions. The software take-rate is small. The switching cost, once a tape is the record, is not.

Versus the field

The incumbent brand sells the relationship. Nettle Close 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.

Chicago being the city does not make local retail a default audience. Communications capable of inducing investment activity still have a promotions problem.

How it works

01A loan or covenant event is written once
02Permissioned counterparties see what they are allowed to see
03Marks and RFQs stay inside named desks
04No public order book, no retail
05Default and amendment events are first-class, not a PDF in a side channel
06The legal source of truth stays with the incumbent register, admin, or custodian.

In the same conversation as

eFront
Allvue
Closed RFQ wires
Not an on-chain lending pool

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
33%
Keeping the public story from running ahead of the claims register.
Counsel & perimeter
20%
Hiring the operator who already does this job at a licensed firm.
Second market
21%
Adapter work against the incumbent register, admin, or custodian.
Certifications & adapters
26%
A counsel memo that can survive a later reader.

Operating week

What “in market” actually looks like.

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.
MonClaimsEvery public sentence checked against the register. Anything extra is unpublished.
FriKill switchRehearse unpublish in 24 hours. If it takes a committee, it is not a switch.

The wedge

Why this one, not the other one.

They sell: Bps on facilities on the tape
Who pays: Four origination desks posting into a closed tape.
Unit economics: Annual software against an ops cost the board can see. Switching cost is the record, not the brand.
Moat on file: Covenant language mapped to the LMA set — not a custom dialect.
Switching cost: Scheme maps, ISO, LMA language, registry adapters — eighteen months of unglamorous work.
Vs the comps: A DeFi lending pool is the opposite company.
Why we listed it: They asked us to kill ‘marketplace’ in every sentence. We did.

Next twelve months

What has to be true.

Securities memo on the tape itself — is the record a security? Write it down.

Counsel is named, even if the memo is still a draft. Unnamed counsel is how files die.

They have not asked us to run a sale. That ask would close the file.

Traction

What you can verify today.

Operating notes for Credit book
No token contract listed as a public sale
Pilot letters on file, identities redacted
Chicago 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.”

Product48
Customers40
Legal path62
Tech maturity51
Demand38
Market access68

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 Chicago story becomes a fact pattern. The restricted list exists for a reason: Public residual claims.

Marketplace slip

The moment this looks like a public book, it is a venue. This pad will not list that.

Data rights

Who owns the tape when a fund leaves? If that is unsigned, the enterprise value is a conversation.

Credit cycle

A default cluster will test whether the product is a record or a reputation.

Retail

Retail is prohibited. Any ‘access token’ story is a different company.

Data rights on exit

If a fund leaves and the tape stays, who owns the history? Unsigned, the enterprise value is a conversation.

Incumbent feature

The administrator, CCP, scheme or custodian can ship this as a checkbox. Nettle Close has to be cheaper or faster before that happens.

Ask these next

01Who is the first named paying customer — not a letter of intent?
02Who can unpublish a public sentence in 24 hours, by name?
03What does renewal look like if no round ever happens?
04Has counsel written the perimeter in a memo you can file?
05Which geography is actually locked, and which is a hope?
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 Close LLC
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.

United States professionalnamed
United Kingdomnamed
Public residual claimsrestricted

Team

Who runs it.

Ibrahim NgChief executive

Stack

Credit book
Private credit tape
Disclosure templates
Audit log

Named with them

Northbridge Counsel
Clearline
Meridian Tax

Who can decide

Ibrahim Ng came in named. The team is not a handle. Nettle Close LLC exists, founded 2026, headquartered in Chicago. Anonymity would have been an automatic decline.

If the first customer renews, the adapter work pays for itself. If they do not, Nettle Close is a services firm with a slide. The twelve-month test is renewal, not waitlist.

Claims with evidence

Statements with evidence.

Statement	Evidence	Status
Nettle Close does not sell a token to the public on this pad	Posture lock	live
The product is private credit tape sold to institutions	Architecture + customer type	live
Credit book 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	Desk file	draft
No public token is sold on this pad	Engagement terms + posture lock	live
Customers contemplated: United States professional, United Kingdom	Named markets on the file	live

On the record

Day 0 lockKick-offSep
Claim inventoryPackSep
Audience matrix draftPackSep

Operating log

11 Sep 12:20
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.

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.