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

NETJ

Closed

CLOSEDCollateral records

Nettle Kiln

Window closed. 5,212 asked while it was live. You are reading history.

The first buyer already has a vendor. Nettle Kiln is taking that invoice. The queue is 5,212 deep.

Nettle Kiln — 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.

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

Margin ledger

Counsel hours

Geneva · closed private round

Sentences killed

Before listing

Claims live

0/13

Build

Our cut

Of any proceeds

Plate Ledger · 6406

NETJ

The plate

Ledger. Edition 6406.

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

NETJ · Geneva · Collateral records

Score

Desk diligence

Pilots

Named, redacted

Waitlist

Product demand

Geneva

Private-credit funds

Sells

Desk

Desk seat

Markets

Geneva

Years

Founded 2026

Surfaces

Margin ledger

Complete

File readiness

The wedge

Desk seat

They sell a faster close to administrators, not access to a crowd.

Why the desk took it

A real job, not a ticker.

A redacted facility list landed in week one.

Traction

4 named pilots (redacted).

Founded 2026, headquartered in Geneva. 4 named pilots on file (identities redacted in public). 5,212 on the waitlist, gated — product demand, not a book built. 21 nodes or connected surfaces reported. Desk diligence score 93/100. An AIFM whose auditor has seen the dual-record. No public APY, no public book, no ‘how to buy’ on any surface we could find.

Next 12 months

Ten live facilities or this is still a lab.

A DeFi lending pool is the opposite company. 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.

In Geneva, the person who signs the monthly pack already has a vendor. Nettle Kiln is not asking them to believe in a token. It is asking them to move one job — the one that currently lives in a spreadsheet, a fax, or a person who is about to retire — onto a record that can be shown to counsel. The queue to read that record is already not empty.

Nettle Kiln exists because the incumbent brand will not staff the unglamorous middle of Collateral records. 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 Geneva, 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 the founder

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

From ops

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 pilot

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.

When the heat drops, the named customer is still named — they just stop taking new calls.

The comment period is not a path. This company is priced as if that is already true.

If you are a founder who wants a pack like this: apply. If you are a buyer: call them — not us.

Window

Closed

Closed. History only — not a place to buy.

Sentences killed: 16
Counsel hours on file: 91
Asks / week: 652
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.
Owen Okafor, Chief executive

This company

Nettle Kiln

The protocol pitch is the thing this company has already refused.

In the same conversation

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

The bet

Why this company exists.

They sell a faster close to administrators, not access to a crowd.

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 Kiln 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.

Geneva 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
06A named counterparty verifies; Nettle Kiln does not attest to its own facts.

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.

Named operators
33%
Adapter work against the incumbent register, admin, or custodian.
Claims & campaign ops
22%
A counsel memo that can survive a later reader.
Second market
15%
The remaining certifications and the second named market.
Counsel & perimeter
30%
Dual-control drills, key ceremonies, and the person who owns them.

Operating week

What “in market” actually looks like.

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.
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: Desk seat
Who pays: An AIFM whose auditor has seen the dual-record.
Unit economics: Bps on a job that already has a budget line. A public coin would not make the invoice larger.
Moat on file: Covenant language mapped to the LMA set — not a custom dialect.
Switching cost: Network effects only if a second named counterparty writes. One customer is a service firm.
Vs the comps: A DeFi lending pool is the opposite company.
Why we listed it: A redacted facility list landed in week one.

Next twelve months

What has to be true.

Ten live facilities or this is still a lab.

No public APY, no public book, no ‘how to buy’ on any surface we could find.

Growth money would extend the record to a second geography, still permissioned.

Traction

What you can verify today.

Operating notes for Margin ledger
No token contract listed as a public sale
Pilot letters on file, identities redacted
Geneva 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 maturity91
Demand66
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.

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.

Facts vs theatre

A proof of a fake book is still a fake book. Nettle Kiln has to attach to the real one, in Geneva.

Ask these next

01If RCA Pad disappeared tomorrow, could the customer still run the job?
02Where do keys, title, or NAV liability sit — and is that person licensed?
03Who is the first named paying customer — not a letter of intent?
04Who can unpublish a public sentence in 24 hours, by name?
05What happens if a founder later wants a public token?
06Is the waitlist demand for a product, or a queue for a coin?

Structure

How money would actually move.

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

Entity: Nettle Kiln Ltd
Path on file: Geneva · 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.

Genevanamed
Global publicrestricted

Team

Who runs it.

Owen OkaforChief executive
Priya PetrovMarkets

Stack

Margin ledger
Collateral records
Approval trail
Audit log

Who can decide

Owen Okafor came in named. The team is not a handle. Nettle Kiln Ltd exists, founded 2026, headquartered in Geneva. Anonymity would have been an automatic decline.

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 Kiln does not sell a token to the public on this pad	Posture lock	withdrawn
The product is collateral records sold to institutions	Architecture + customer type	withdrawn
Margin 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: Geneva	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
Nettle Kiln 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.