The wedge
Member seat
They will not tokenise margin. That sentence is why they are on this board.
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
NETB
In market
IN MARKETHealth-claims tapeNettle Ledger
They killed 18 sentences to get listed. That is the product you are about to miss.
The window is a few days. After that Nettle Ledger archives. Diligence does not reopen as a live conversation.
Nettle Ledger — A permissioned netting engine for trading venues and brokers that are already licensed. It reduces what has to settle. It is not a new CCP, and it is not a collateral token.
Live campaign. 3,354 on the product waitlist — that is demand, not an allocation.
Window a fewd. Waitlist 3,354. 96 asks this week. This is not a quiet listing.
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
0
Window
Closed
Heat
0/99
Inbound / wk
0asks
Asking now
0live
Named pilots
0
Redacted on the public page
Live nodes
0
Claims book
Counsel hours
0
Helsinki · counsel-named
Sentences killed
0
Before listing
Claims live
9/12
Build
Our cut
0%
Of any proceeds
Plate Lattice · 1918
NETB
The plate
Lattice. Edition 1918.
A unique plate for Nettle Ledger. Geometry, orbit, and edition belong to this company — no other listing on the board shares it.
NETB · Helsinki · Health-claims tape
Score
0
Desk diligence
Pilots
0
Named, redacted
Waitlist
0
Product demand
HQ
Helsinki
Licensed venues
Sells
Member
Member seat
Markets
0
Helsinki
Years
0
Founded 2026
Surfaces
0
Claims book
Complete
0
File readiness
Why the desk took it
A real job, not a ticker.
Collateral-as-token was an exclusion in the application. We kept it.
Traction
3 named pilots (redacted).
Founded 2026, headquartered in Helsinki. 3 named pilots on file (identities redacted in public). 3,354 on the waitlist, gated — product demand, not a book built. 24 nodes or connected surfaces reported. Desk diligence score 91/100. An AIFM whose auditor has seen the dual-record. They killed their own ‘token as fee’ sentence before we asked. Rare, and it scored.
Next 12 months
Two members netting live, or stop.
A DeFi clearinghouse is a different, usually unlicensed, business. 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.
You can wait for a sticker. The named customer did not. They are writing into this record while the rest of the market argues about a comment period.
What you can verify today is smaller than the slide. What you cannot verify is named as a question, not a promise. That is the difference between this company and a pad listing — and why the waitlist is not a coin queue.
US traffic was taken off the public surfaces in the first working session. Nettle Ledger did not argue. Adult companies do not costume a US offering.
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 screen
A dual-control drill exists on paper. Production evidence is the next artefact, not a tweet.
From counsel
The legal source of truth stays with the incumbent register, admin, or custodian. Nettle Ledger does not attest to its own facts.
The window
Miss this and you read the archive.
The next Health-claims tape company on this board will not have this waitlist, this HQ, or this counsel posture.
The comment period is not a path. This company is priced as if that is already true.
The scarce thing is not the company. It is the next a few days of a live conversation.
Window
Closed
Closed. History only — not a place to buy.
- Sentences killed
- 18
- Counsel hours on file
- 70
- Asks / week
- 419
- Our cut
- 0% of proceeds
The auditor has seen the dual-record. Switching now is a new conversation. That is the lock.
This company
Nettle Ledger
Open-source looks free until the auditor asks who attests. Nettle Ledger has an answer.
In the same conversation
- LCH / Eurex (incumbent CCPs)
- Caldastone-style utilities
- Not a DeFi clearinghouse
The bet
Why this company exists.
They will not tokenise margin. That sentence is why they are on this board.
They will not tokenise margin. That sentence is why they are on this board.
T+1 and capital rules make gross settlement expensive. Venues will buy netting as a service before they will buy a new licence.
Post-trade cost is a line on every broker P&L. A 10% cut in settlement fails is a CFO conversation.
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.
Helsinki 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
- 01Members post positions they already hold
- 02The engine nets what the rulebook allows
- 03Only the residual hits the existing settlement rail
- 04Collateral as a token is an exclusion on this file
- 05Only the residual hits the existing settlement rail — gross never leaves the venue
- 06Retail and unnamed geographies are structurally off the form, not only in the footer.
In the same conversation as
- LCH / Eurex (incumbent CCPs)
- Caldastone-style utilities
- Not a DeFi clearinghouse
If they raise
Where the money would actually go.
Not a token float. A budget against work. RCA Pad still takes 0% of proceeds.
Counsel & perimeter
33%
Adapter work against the incumbent register, admin, or custodian.
Claims & campaign ops
19%
The remaining certifications and the second named market.
Named operators
15%
A counsel memo that can survive a later reader.
Control environment
33%
Keeping the public story from running ahead of the claims register.
Operating week
What “in market” actually looks like.
- SunOwnersWho can decide messaging and budget on a recorded line. If the answer is nobody, stop.
- 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.
- SatDarkNo creators. No threads. Restricted geos stay dark.
The wedge
Why this one, not the other one.
- They sell
- Member 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
- Default waterfall drafted with counsel, not a Discord poll.
- Switching cost
- Once the record is the record, the incumbent copy has to migrate history. That is the year.
- Vs the comps
- A DeFi clearinghouse is a different, usually unlicensed, business.
- Why we listed it
- Collateral-as-token was an exclusion in the application. We kept it.
Next twelve months
What has to be true.
Two members netting live, or stop.
They killed their own ‘token as fee’ sentence before we asked. Rare, and it scored.
They have not asked us to run a sale. That ask would close the file.
Traction
What you can verify today.
Founded 2026, headquartered in Helsinki. 3 named pilots on file (identities redacted in public). 3,354 on the waitlist, gated — product demand, not a book built. 24 nodes or connected surfaces reported. Desk diligence score 91/100. An AIFM whose auditor has seen the dual-record. They killed their own ‘token as fee’ sentence before we asked. Rare, and it scored.
- Operating notes for Claims book
- No token contract listed as a public sale
- Pilot letters on file, identities redacted
- Helsinki 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.”
- Product83
- Customers96
- Legal path84
- Tech maturity94
- Demand57
- 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 Helsinki story becomes a fact pattern. The restricted list exists for a reason: United States retail.
CCP perimeter
If a regulator reads this as clearing, the licence problem is existential.
Collateral token
That ask has been refused on files like this. It should stay refused.
Member default
Who eats the loss? If the answer is ‘the protocol’, there is no protocol that can.
Incumbent freeze-out
CCPs can copy the netting logic faster than a startup can collect members.
CCP copy
The incumbent can ship the same netting as a feature. Nettle Ledger has to be cheaper or faster before that happens.
Path silence
If counsel will not name a path and not-offering is not locked, heated waitlist copy is an accidental offering.
Ask these next
- 01If RCA Pad disappeared tomorrow, could the customer still run the job?
- 02What does renewal look like if no round ever happens?
- 03Has counsel written the perimeter in a memo you can file?
- 04Who can unpublish a public sentence in 24 hours, by name?
- 05Which incumbent can copy this in a quarter, and what would they have to migrate?
- 06Where do keys, title, or NAV liability sit — and is that person licensed?
Structure
How money would actually move.
If this company raises, it raises with its own counsel and providers. The waitlist is a product list. It is not a round, a book, or an allocation on RCA Pad. We do not take a cut.
- Entity
- Nettle Ledger Ltd
- Path on file
- Helsinki · counsel-named
- 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.
- Helsinkinamed
- United States retailrestricted
Team
Who runs it.
- Claire EllisonChief executive
- Zara ColeChief executive
Stack
- Claims book
- Health-claims tape
- Takedown SLA
- Disclosure templates
Named with them
- Clearline
- Meridian Tax
Who can decide
The technical founder is on the record as Chief executive. 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 Ledger does not sell a token to the public on this pad | Posture lock | live |
| The product is health-claims tape sold to institutions | Architecture + customer type | live |
| Claims 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 |
| Pilot identities redacted in public | No board minute | draft |
| No public token is sold on this pad | Engagement terms + posture lock | live |
| Customers contemplated: Helsinki | Named markets on the file | live |
On the record
- Sprint packPackJun
- Counsel lockPathJul
- Claims register liveRegisterAug
- Creator briefBriefSep
Operating log
11 Sep 09:46
Takedown SLA idle-tested.
08 Sep 11:40
A claim held for missing evidence.
04 Sep 08:22
Weekly report issued to the desk.
01 Sep 14:08
Creator set on disclosure. No buy language.
Path to now
Sprint
Pack accepted
Narrative, matrix, claims locked.
Path
Counsel names it
Or the file stays not-offering.
Live
Campaign
Waitlist and register. No purchase journey.
Not a subscription
This is not a sale page.
If this company raises, it raises with its own counsel and providers. The waitlist is a product list. It is not a round, a book, or an allocation on RCA Pad. We do not take a cut. 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.