The wedge
Venue licence add-on
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
NETN
In diligence
IN MOTIONClearingNettle Mere
Most of Clearing died in the screen. Nettle Mere did not.
a short list names asked to be first. None of them bought a token here. They asked for the product.
Nettle Mere — 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.
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.
The named customer already picked. The waitlist is everyone who was late to that fact.
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
0
Redacted on the public page
Live nodes
0
Permissioned netting
Counsel hours
0
Not offering — locked
Sentences killed
0
Before listing
Claims live
1/9
Sprint
Our cut
0%
Of any proceeds
Plate Lattice · 8167
NETN
The plate
Lattice. Edition 8167.
A unique plate for Nettle Mere. Geometry, orbit, and edition belong to this company — no other listing on the board shares it.
NETN · Leeds · Clearing
Score
0
Desk diligence
Pilots
0
Named, redacted
Sprint
0
Day 5 of 14
HQ
Leeds
Licensed venues
Sells
Venue
Venue licence add-on
Markets
0
Leeds
Years
0
Founded 2023
Surfaces
0
Permissioned netting
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
One named pilot (redacted).
Founded 2023, headquartered in Leeds. One named pilot on file (redacted in public). 9 nodes or connected surfaces reported. Desk diligence score 80/100. Sprint day 5 of 14. A qualified custodian reconciling against this book. No public APY, no public book, no ‘how to buy’ on any surface we could find.
Next 12 months
Two members netting live, or stop.
LCH is the CCP. This is netting in front of the CCP. They sell a fee the customer already pays a slower vendor for. TAM is that invoice, not a token float.
The brief
How a serious reader should hold this.
Leeds 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 Mere chose it for that reason. Counterparties who still think this is a ‘global’ story are already late.
Nettle Mere exists because the incumbent brand will not staff the unglamorous middle of Clearing. 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 Mere did not argue. Adult companies do not costume a US offering.
From the founder
A dual-control drill exists on paper. Production evidence is the next artefact, not a tweet.
From the pilot
The legal source of truth stays with the incumbent register, admin, or custodian. Nettle Mere does not attest to its own facts.
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.
If the window closes you still have the pack — as history. Not as a live conversation.
Certification is in motion. After it lands, the price of the seat is not the question — access is.
Read it once, properly, while the number is still green. Then decide.
Window
Closed
Closed. History only — not a place to buy.
- Sentences killed
- 17
- Counsel hours on file
- 49
- Asks / week
- 19
- Our cut
- 0% of proceeds
We would rather be archive-clean than live-loud. The waitlist showed up anyway.
This company
Nettle Mere
Services firms hide in ‘platform’ language. Nettle Mere sells a seat plus an event. Named.
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.
The live path is Not offering — locked. Proposed Regulation Crypto Assets is not treated as a calendar slot. Build as if it never opens.
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
- 06Kill of a public sentence is an hour, not a committee.
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.
Control environment
30%
Adapter work against the incumbent register, admin, or custodian.
Claims & campaign ops
18%
Dual-control drills, key ceremonies, and the person who owns them.
Counsel & perimeter
16%
A counsel memo that can survive a later reader.
Second market
36%
Keeping the public story from running ahead of the claims register.
Operating week
What “in market” actually looks like.
- SatDarkNo creators. No threads. Restricted geos stay dark.
- SunOwnersWho can decide messaging and budget on a recorded line. If the answer is nobody, stop.
- MonClaimsEvery public sentence checked against the register. Anything extra is unpublished.
- TueExceptionsOvernight breaks post back into the customer’s case system. No side book.
The wedge
Why this one, not the other one.
- They sell
- Venue licence add-on
- Who pays
- A qualified custodian reconciling against this book.
- Unit economics
- They sell a fee the customer already pays a slower vendor for. TAM is that invoice, not a token float.
- Moat on file
- Default waterfall drafted with counsel, not a Discord poll.
- Switching cost
- Permissioned connectivity is the moat. Public endpoints would erase it.
- Vs the comps
- LCH is the CCP. This is netting in front of the CCP.
- 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.
No public APY, no public book, no ‘how to buy’ on any surface we could find.
They have not asked us to run a sale. That ask would close the file.
Traction
What you can verify today.
Founded 2023, headquartered in Leeds. One named pilot on file (redacted in public). 9 nodes or connected surfaces reported. Desk diligence score 80/100. Sprint day 5 of 14. A qualified custodian reconciling against this book. No public APY, no public book, no ‘how to buy’ on any surface we could find.
- Operating notes for Permissioned netting
- No token contract listed as a public sale
- Named founder; customer still a conversation
- Leeds 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.”
- Product75
- Customers40
- Legal path62
- Tech maturity63
- Demand38
- Market access44
Risks
What can kill it.
The one that actually kills it
The founder wants a public book
The moment Nettle Mere 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.
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 Mere has to be cheaper or faster before that happens.
Facts vs theatre
A proof of a fake book is still a fake book. Nettle Mere has to attach to the real one, in Leeds.
Ask these next
- 01If RCA Pad disappeared tomorrow, could the customer still run the job?
- 02Is the waitlist demand for a product, or a queue for a coin?
- 03Which incumbent can copy this in a quarter, and what would they have to migrate?
- 04Has counsel written the perimeter in a memo you can file?
- 05Who is the first named paying customer — not a letter of intent?
- 06Which geography is actually locked, and which is a hope?
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 Mere Ltd
- 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.
- Leedsnamed
- Global publicrestricted
- United Statesrestricted
Team
Who runs it.
- Oskar NovakChief executive
Stack
- Permissioned netting
- Clearing
- Takedown SLA
- Audit log
Named with them
- Helix Audit
Who can decide
Oskar Novak (Chief executive) will take a 30-minute call and decide budget. If the only person who can accept “we are not opening a sale” is a silent co-founder in another time zone, this company would not be on the board.
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 Mere does not sell a token to the public on this pad | Posture lock | live |
| The product is clearing sold to institutions | Architecture + customer type | live |
| Permissioned netting 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: Leeds | Named markets on the file | live |
On the record
- Day 0 lockKick-offSep
- Claim inventoryPackSep
- Audience matrix draftPackSep
Operating log
11 Sep 12:30
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.
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.