The wedge
Warehouse seat
A warehouse that writes the event is worth more than a bank that only reads it.
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
NETZ
Screened
SCREENEDPort titleNettle North
Counsel is live. The waitlist is a short list. The public sale is not.
Counsel has a live path. The waitlist is a short list. This pad still takes 0% of proceeds.
Nettle North — A permissioned record of title, invoices, warehouse receipts or port documents for houses that already finance or move goods. The event is the product. The bill of lading does not get replaced by a meme.
Screened, not yet in sprint. Treat every number as provisional. Calendar access is not automatic.
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.
Stage
upcoming
Window
Closed
Heat
0/99
Inbound / wk
0asks
Asking now
0live
Named pilots
0
Redacted on the public page
Live nodes
0
Title chain
Counsel hours
0
Not offering — locked
Sentences killed
0
Before listing
Claims live
1/5
Sprint
Our cut
0%
Of any proceeds
Plate Meridian · 1637
NETZ
The plate
Meridian. Edition 1637.
A unique plate for Nettle North. Geometry, orbit, and edition belong to this company — no other listing on the board shares it.
NETZ · Toronto · Port title
Score
0
Desk diligence
Pilots
0
None on file
Stage
upcoming
upcoming
HQ
Toronto
Trade-finance banks
Sells
Warehouse
Warehouse seat
Markets
0
Canada
Years
0
Founded 2024
Surfaces
0
Title chain
Complete
0
File readiness
Why the desk took it
Early — still a question.
They brought a redacted bill, not a tokenised barrel.
Traction
No paying pilot on the public file.
Founded 2024, headquartered in Toronto. No named paying pilot on the file yet — that is the first question. 3 nodes or connected surfaces reported. Desk diligence score 77/100. Four origination desks posting into a closed tape. They killed their own ‘token as fee’ sentence before we asked. Rare, and it scored.
Next 12 months
One financed shipment against this record.
Contour tried a network. This is an event on cargo that already moves. Per-event pricing so a pilot can start without a transformation programme.
The brief
How a serious reader should hold this.
Someone in Toronto already renewed a slower vendor this year. Nettle North is the conversation that happens before they do it again. Miss this cycle and you explain the next one.
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.
The auditor of a redacted pilot has seen a dual-record. Switching away now means a new auditor conversation. That is the switching cost — not the logo.
From the screen
The legal source of truth stays with the incumbent register, admin, or custodian. Nettle North does not attest to its own facts.
From ops
US persons are outside the audience. A form that asks “are you accredited?” without verification is not an exemption.
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.
Founders who want a pack this tight apply. Readers who wait get a closed stamp.
A supervisor is already forcing a perimeter. Houses that pick software over a coin will buy this now.
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
- 15
- Counsel hours on file
- 9
- Asks / week
- 2
- Our cut
- 0% of proceeds
US came off the site in the first session. We did not argue. We are not children.
This company
Nettle North
The copycats will arrive after certification. That is why the window is now.
In the same conversation
- Contour / we.trade (history)
- CargoX
- Bank trade portals
- Not a commodity NFT
The bet
Why this company exists.
A warehouse that writes the event is worth more than a bank that only reads it.
A warehouse that writes the event is worth more than a bank that only reads it.
Banks want to digitise without putting a commodity on a public chain. Warehouses will not be first movers. A permissioned title event they already recognise is the on-ramp.
Documentary trade is a trillion-scale flow. Software that shortens a hold by two days is a spread.
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
- 01A document that already exists is hashed and evented
- 02Title changes when the parties that already can change it say so
- 03Financiers see the state they are underwriting
- 04No public listing of the cargo as an asset
- 05Title changes only when the parties that already can change it say so
- 06Exceptions post back into the customer’s existing case system — no side spreadsheet.
In the same conversation as
- Contour / we.trade (history)
- CargoX
- Bank trade portals
- Not a commodity NFT
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
31%
The remaining certifications and the second named market.
Second market
20%
Dual-control drills, key ceremonies, and the person who owns them.
Control environment
16%
A counsel memo that can survive a later reader.
Claims & campaign ops
33%
Adapter work against the incumbent register, admin, or custodian.
Operating week
What “in market” actually looks like.
- ThuCustomerNamed pilot (redacted) sees the same record the auditor saw.
- SunOwnersWho can decide messaging and budget on a recorded line. If the answer is nobody, stop.
- SatDarkNo creators. No threads. Restricted geos stay dark.
- MonClaimsEvery public sentence checked against the register. Anything extra is unpublished.
The wedge
Why this one, not the other one.
- They sell
- Warehouse seat
- Who pays
- Four origination desks posting into a closed tape.
- Unit economics
- Per-event pricing so a pilot can start without a transformation programme.
- Moat on file
- A bank has funded against this record on at least one shipment.
- Switching cost
- The customer’s auditor has seen this book. Switching means a new auditor conversation.
- Vs the comps
- Contour tried a network. This is an event on cargo that already moves.
- Why we listed it
- They brought a redacted bill, not a tokenised barrel.
Next twelve months
What has to be true.
One financed shipment against this record.
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 2024, headquartered in Toronto. No named paying pilot on the file yet — that is the first question. 3 nodes or connected surfaces reported. Desk diligence score 77/100. Four origination desks posting into a closed tape. They killed their own ‘token as fee’ sentence before we asked. Rare, and it scored.
- Architecture paper — no production customer on the public file
- No token contract listed as a public sale
- Pilot letters on file, identities redacted
- Toronto 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.”
- Product18
- Customers18
- Legal path62
- Tech maturity37
- Demand10
- Market access68
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.
Legal title
If the court still wants the paper, the chain is a copy. Ask which jurisdiction has said otherwise.
Warehouse adoption
One bank is not a network. The warehouse has to write the event.
Public token
Tokenising the cargo for a crowd is a different, usually worse, company.
Fraud
Digitising a fake bill faster is not progress. Dual-control is the feature.
Paper still wins in court
If the court wants the original, the chain is a copy. Ask which jurisdiction has said otherwise.
Token relapse
A later round that wants a public token puts Nettle North in a different perimeter. The file treats that as a hard stop.
Ask these next
- 01Who can unpublish a public sentence in 24 hours, by name?
- 02Is the waitlist demand for a product, or a queue for a coin?
- 03What happens if a founder later wants a public token?
- 04Has counsel written the perimeter in a memo you can file?
- 05Where do keys, title, or NAV liability sit — and is that person licensed?
- 06If RCA Pad disappeared tomorrow, could the customer still run the job?
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 North Inc. · Ontario
- 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.
- Canadanamed
- United Kingdomnamed
- Global publicrestricted
Team
Who runs it.
- Noam SantosChief executive
Stack
- Title chain
- Port title
- Takedown SLA
- Approval trail
Named with them
- Northbridge Counsel
Who can decide
Noam Santos came in named. The team is not a handle. Nettle North Inc. · Ontario exists, founded 2024, headquartered in Toronto. 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 North does not sell a token to the public on this pad | Posture lock | live |
| The product is port title sold to institutions | Architecture + customer type | draft |
| Title chain 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 |
| Pilot identities redacted in public | No board minute | draft |
| No public token is sold on this pad | Engagement terms + posture lock | live |
| Customers contemplated: Canada, United Kingdom | Named markets on the file | draft |
On the record
- Application APP-4667ScreenSep
- Counsel questionPathSep
Operating log
08 Sep 15:00
Application scored. Nettle North 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.