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

NETU

In market

HOT WINDOWCredit RFQ

Nettle Mark

Heat 98. 141 asks this week. 0% of any raise comes here.

Inbound this week: 141. That is demand for a job someone already pays for — not a book.

Nettle Mark — 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.

Live campaign. 5,682 on the product waitlist — that is demand, not an allocation.

Closed stamp is coming. 6 days is the number. There is not a second number.

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

0days

Heat

0/99

Inbound / wk

0asks

Asking now

0live

Named pilots

Redacted on the public page

Live nodes

Permissioned matching

Counsel hours

New York · counsel-named

Sentences killed

Before listing

Claims live

4/8

Build

Our cut

Of any proceeds

Plate Ledger · 4604

NETU

The plate

Ledger. Edition 4604.

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

NETU · New York · Credit RFQ

Score

Desk diligence

Pilots

Named, redacted

Waitlist

Product demand

New York

Private-credit funds

Sells

Bps

Bps on facilities on the tape

Markets

New York

Years

Founded 2021

Surfaces

Permissioned matching

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

4 named pilots (redacted).

Founded 2021, headquartered in New York. 4 named pilots on file (identities redacted in public). 5,682 on the waitlist, gated — product demand, not a book built. 12 nodes or connected surfaces reported. Desk diligence score 94/100. An AIFM whose auditor has seen the dual-record. Architecture says keys / title / NAV liability sit with a named licensed party — not Nettle Mark.

Next 12 months

Ten live facilities or this is still a lab.

eFront and Allvue are funds’ books. This is the tape between funds. 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.

In New York, the person who signs the monthly pack already has a vendor. Nettle Mark 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 Mark exists because the incumbent brand will not staff the unglamorous middle of Credit RFQ. 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.

A sentence went public and came down in under an hour. Ibrahim Hale treated the kill as an operating skill, not a PR event. Files that cannot do this do not stay listed.

From the pilot

The legal source of truth stays with the incumbent register, admin, or custodian. Nettle Mark does not attest to its own facts.

From ops

A dual-control drill exists on paper. Production evidence is the next artefact, not a tweet.

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.

Skip it and you read the archive. Counterparties who matter will have already asked.

A supervisor is already forcing a perimeter. Houses that pick software over a coin will buy this now.

Open the diligence or watch it close. There is not a third option that still counts as early.

Window remaining

0days

When this window closes, the campaign is archive.

Sentences killed: 8
Counsel hours on file: 90
Asks / week: 710
Our cut: 0% of proceeds

We did not come here to sell a token. We came here so a named customer could read a pack that survives counsel.
Ibrahim Hale, Chief executive

This company

Nettle Mark

Open-source looks free until the auditor asks who attests. Nettle Mark has an answer.

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 Mark 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.

New York 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 Mark 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
30%
The remaining certifications and the second named market.
Counsel & perimeter
21%
Hiring the operator who already does this job at a licensed firm.
Claims & campaign ops
14%
Dual-control drills, key ceremonies, and the person who owns them.
Certifications & adapters
35%
Adapter work against the incumbent register, admin, or custodian.

Operating week

What “in market” actually looks like.

MonClaimsEvery public sentence checked against the register. Anything extra is unpublished.
ThuCustomerNamed pilot (redacted) sees the same record the auditor saw.
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.

The wedge

Why this one, not the other one.

They sell: Bps on facilities on the tape
Who pays: An AIFM whose auditor has seen the dual-record.
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: Network effects only if a second named counterparty writes. One customer is a service firm.
Vs the comps: eFront and Allvue are funds’ books. This is the tape between funds.
Why we listed it: They asked us to kill ‘marketplace’ in every sentence. We did.

Next twelve months

What has to be true.

Ten live facilities or this is still a lab.

Architecture says keys / title / NAV liability sit with a named licensed party — not Nettle Mark.

A round, if any, sits with their providers. This pad does not take the order.

Traction

What you can verify today.

Operating notes for Permissioned matching
No token contract listed as a public sale
Named founder; customer still a conversation
New York 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.”

Product68
Customers96
Legal path84
Tech maturity82
Demand68
Market access44

Risks

What can kill it.

The one that actually kills it

The founder wants a public book

The moment Nettle Mark asks this pad to allocate, sell, or complete funding, the listing ends. That is not a moral project. It is how a services firm stays a services firm.

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.

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

01Which geography is actually locked, and which is a hope?
02Who can unpublish a public sentence in 24 hours, by name?
03What happens if a founder later wants a public token?
04If RCA Pad disappeared tomorrow, could the customer still run the job?
05Is the waitlist demand for a product, or a queue for a coin?
06Who is the first named paying customer — not a letter of intent?

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 Mark Ltd
Path on file: New York · 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.

New Yorknamed
Mainland China retailrestricted
United Statesrestricted

Team

Who runs it.

Ibrahim HaleChief executive
Yara HaleChief executive

Stack

Permissioned matching
Credit RFQ
Approval trail
Takedown SLA

Who can decide

Ibrahim Hale came in named. The team is not a handle. Nettle Mark Ltd exists, founded 2021, headquartered in New York. 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 Mark does not sell a token to the public on this pad	Posture lock	live
The product is credit rfq sold to institutions	Architecture + customer type	live
Permissioned matching 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: New York	Named markets on the file	live

On the record

Sprint packPackJun
Counsel lockPathJul
Claims register liveRegisterAug
Creator briefBriefSep

Operating log

11 Sep 09:27
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.

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.