The wedge
Per settled obligation
They will connect a rail before they will issue a coin. That is the company.
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
NETT
Screened
SCREENEDCorporate treasuryNettle Forge
Certification is in motion. After it lands, access is the scarce thing — not price.
Pilots are named and redacted. The waitlist is not. a short list people already asked.
Nettle Forge — 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
0
Redacted on the public page
Live nodes
0
Treasury ledger
Counsel hours
0
Not offering — locked
Sentences killed
0
Before listing
Claims live
0/7
Sprint
Our cut
0%
Of any proceeds
Plate Orbit · 8967
NETT
The plate
Orbit. Edition 8967.
A unique plate for Nettle Forge. Geometry, orbit, and edition belong to this company — no other listing on the board shares it.
NETT · Oslo · Corporate treasury
Score
0
Desk diligence
Pilots
0
None on file
Stage
upcoming
upcoming
HQ
Oslo
Banks
Sells
Per
Per settled obligation
Markets
0
Norway
Years
0
Founded 2023
Surfaces
0
Treasury ledger
Complete
0
File readiness
Why the desk took it
Early — still a question.
Finality law was in the application.
Traction
No paying pilot on the public file.
Founded 2023, headquartered in Oslo. No named paying pilot on the file yet — that is the first question. 4 nodes or connected surfaces reported. Desk diligence score 81/100. A treasurer at a bank that already settles — not a crypto-native desk. Counsel is named, even if the memo is still a draft. Unnamed counsel is how files die.
Next 12 months
Two banks, live DvP, even a small notional.
RTGS upgrades are coming. Nettle Forge has to be a feature they buy, not a rival they block. They win if they are cheaper than the internal build, not cheaper than a protocol.
The brief
How a serious reader should hold this.
The first sentence Eva Okoye would not let us publish was the exciting one. What remains is slower — and scarcer: Nettle Forge AS selling Corporate treasury as software, from Oslo, to a buyer who already pays someone else to do this badly. That buyer is named. You are not, yet.
If you leave this page without opening the claims table, you have read marketing. The scarce version of Nettle Forge is the version that survives counsel. It is on a clock.
US traffic was taken off the public surfaces in the first working session. Nettle Forge did not argue. Adult companies do not costume a US offering.
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 pilot
The legal source of truth stays with the incumbent register, admin, or custodian. Nettle Forge does not attest to its own facts.
The window
Miss this and you read the archive.
Skip it and you read the archive. Counterparties who matter will have already asked.
The incumbent copy takes a year. The named customer is already writing into this record.
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
- 17
- Counsel hours on file
- 13
- Asks / week
- 6
- Our cut
- 0% of proceeds
Our TAM is an invoice the customer already pays. A coin would not make it larger. It would make the licence harder.
This company
Nettle Forge
Open-source looks free until the auditor asks who attests. Nettle Forge has an answer.
In the same conversation
- CLS
- Fnality
- RTGS upgrades
- Not a public L1
The bet
Why this company exists.
They will connect a rail before they will issue a coin. That is the company.
They will connect a rail before they will issue a coin. That is the company.
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
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: Norway, EEA professional. Off-limits: United States retail. A US person hearing an offering communication is a US problem even if the company sits in Oslo. Blocking an IP and taking a US Telegram admin is not a block.
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
- 05Exceptions post back into the customer’s existing case system — no side spreadsheet.
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.
Control environment
38%
The remaining certifications and the second named market.
Claims & campaign ops
22%
Hiring the operator who already does this job at a licensed firm.
Second market
14%
A counsel memo that can survive a later reader.
Certifications & adapters
26%
Dual-control drills, key ceremonies, and the person who owns them.
Operating week
What “in market” actually looks like.
- WedCounselPerimeter diffs. If the site drifted from the memo, the site moves — not the memo.
- ThuCustomerNamed pilot (redacted) sees the same record the auditor saw.
- 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.
The wedge
Why this one, not the other one.
- They sell
- Per settled obligation
- Who pays
- A treasurer at a bank that already settles — not a crypto-native desk.
- Unit economics
- They win if they are cheaper than the internal build, not cheaper than a protocol.
- Moat on file
- Validator set is named operators, not an anon miner.
- Switching cost
- Once the record is the record, the incumbent copy has to migrate history. That is the year.
- Vs the comps
- RTGS upgrades are coming. Nettle Forge has to be a feature they buy, not a rival they block.
- Why we listed it
- Finality law was in the application.
Next twelve months
What has to be true.
Two banks, live DvP, even a small notional.
Counsel is named, even if the memo is still a draft. Unnamed counsel is how files die.
If they raise, it is to hire the remaining certifications and the second market — not to float a coin.
Traction
What you can verify today.
Founded 2023, headquartered in Oslo. No named paying pilot on the file yet — that is the first question. 4 nodes or connected surfaces reported. Desk diligence score 81/100. A treasurer at a bank that already settles — not a crypto-native desk. Counsel is named, even if the memo is still a draft. Unnamed counsel is how files die.
- Architecture paper — no production customer on the public file
- No token contract listed as a public sale
- Pilot letters on file, identities redacted
- Oslo 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.”
- Product21
- Customers18
- Legal path62
- Tech maturity40
- Demand10
- 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 Oslo story becomes a fact pattern. The restricted list exists for a reason: United States retail.
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.
Money issuance
If the rail issues a settlement asset, Nettle Forge is in the e-money / deposit perimeter. That is a different company.
Single-customer gravity
If the first named buyer is also the only buyer, Nettle Forge 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?
- 02Where do keys, title, or NAV liability sit — and is that person licensed?
- 03Has counsel written the perimeter in a memo you can file?
- 04What does renewal look like if no round ever happens?
- 05If RCA Pad disappeared tomorrow, could the customer still run the job?
- 06Who can unpublish a public sentence in 24 hours, by name?
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
- Nettle Forge AS
- Path on file
- Not offering — locked
- Posture
- Private only
- 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.
- Norwaynamed
- EEA professionalnamed
- United States retailrestricted
Team
Who runs it.
- Eva OkoyeChief executive
- Zara PetrovChief technology
Stack
- Treasury ledger
- Corporate treasury
- Takedown SLA
Named with them
- Clearline
Who can decide
The technical founder is on the record as Chief technology. Contractors in undisclosed jurisdictions are written down as a fact, not hidden. Facts can be managed. Hiding them is how companies die in diligence.
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 |
|---|---|---|
| Nettle Forge does not sell a token to the public on this pad | Posture lock | live |
| The product is corporate treasury sold to institutions | Architecture + customer type | draft |
| Treasury ledger 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 |
| 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: Norway, EEA professional | Named markets on the file | draft |
On the record
- Application APP-4885ScreenSep
- Counsel questionPathSep
Operating log
08 Sep 18:00
Application scored. Nettle Forge is not a calendar slot.
11 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.
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.