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

NET7

In diligence

IN MOTIONSettlement

Nettle Post

a few days until this conversation is history.

A dual-control drill is on paper. A named licensed party holds the liability. That is rarer than a waitlist.

Nettle Post — A permissioned DvP rail: cash against asset between banks, FMIs or funds that already have accounts with each other. It is the moment of exchange, not a new listed asset.

In a 14-day diligence sprint (day 11). This is when the story, the customers and the legal path get written down — or the file stops.

Archive is free. Live access is timed. Nettle Post is timed.

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

Redacted on the public page

Live nodes

Permissioned settlement

Counsel hours

Not offering — locked

Sentences killed

Before listing

Claims live

2/9

Sprint

Our cut

Of any proceeds

Plate Signal · 9575

NET7

The plate

Signal. Edition 9575.

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

NET7 · Hong Kong · Settlement

Score

Desk diligence

Pilots

Named, redacted

Sprint

Day 11 of 14

Hong Kong

Banks

Sells

Bank

Bank connector

Markets

Hong Kong

Years

Founded 2023

Surfaces

Permissioned settlement

Complete

File readiness

The wedge

Bank connector

The wedge is T+1 and 24/7 FX: overnight risk became visible.

Why the desk took it

A real job, not a ticker.

They did not pitch a token as the rail’s unit.

Traction

2 named pilots (redacted).

Founded 2023, headquartered in Hong Kong. 2 named pilots on file (identities redacted in public). 6 nodes or connected surfaces reported. Desk diligence score 86/100. Sprint day 11 of 14. A transfer agent willing to consume a revoke in production. Architecture says keys / title / NAV liability sit with a named licensed party — not Nettle Post.

Next 12 months

Two banks, live DvP, even a small notional.

A public L1 is a different threat model and a different statute. 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.

The first sentence Rafa Shah would not let us publish was the exciting one. What remains is slower — and scarcer: Nettle Post Ltd selling Settlement as software, from Hong Kong, to a buyer who already pays someone else to do this badly. That buyer is named. You are not, yet.

If you leave this page without opening the claims table, you have read marketing. The scarce version of Nettle Post is the version that survives counsel. It is on a clock.

US traffic was taken off the public surfaces in the first working session. Nettle Post did not argue. Adult companies do not costume a US offering.

From counsel

We will not describe this as Reg CA-compliant, MiCA-stickered, or FCA-authorised. Issuers retain their own counsel in every relevant jurisdiction.

From the pilot

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 ops

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

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.

The incumbent copy takes a year. The named customer is already writing into this record.

Read it once, properly, while the number is still green. Then decide.

Window

Closed

Closed. History only — not a place to buy.

Sentences killed: 11
Counsel hours on file: 79
Asks / week: 34
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.
Rafa Shah, Chief executive

This company

Nettle Post

A L2 wrapper is cheaper. It is also a different perimeter — and declined here.

In the same conversation

CLS
Fnality
RTGS upgrades
Not a public L1

The bet

Why this company exists.

The wedge is T+1 and 24/7 FX: overnight risk became visible.

T+1, 24/7 FX and on-chain funds make overnight risk visible. Banks will connect a rail before they will issue a coin.

Wholesale settlement is a volume business. Even a sliver of fails avoided is a number a treasurer recognises.

Versus the field

L2 wrappers are cheaper. They are also a different perimeter — and declined here. Nettle Post is priced as software against an invoice that already exists.

Named: Hong Kong. Off-limits: United States retail, United States. A US person hearing an offering communication is a US problem even if the company sits in Hong Kong. Blocking an IP and taking a US Telegram admin is not a block.

How it works

01Two permissioned parties lock an agreed obligation
02Asset and cash move together, or not at all
03Existing accounts are the source of funds
04No public chain sale of the rail’s token
05Kill of a public sentence is an hour, not a committee.

In the same conversation as

CLS
Fnality
RTGS upgrades
Not a public L1

If they raise

Where the money would actually go.

Not a token float. A budget against work. RCA Pad still takes 0% of proceeds.

Second market
33%
The remaining certifications and the second named market.
Control environment
25%
Keeping the public story from running ahead of the claims register.
Claims & campaign ops
15%
A counsel memo that can survive a later reader.
Counsel & perimeter
27%
Hiring the operator who already does this job at a licensed firm.

Operating week

What “in market” actually looks like.

WedCounselPerimeter diffs. If the site drifted from the memo, the site moves — not the memo.
FriKill switchRehearse unpublish in 24 hours. If it takes a committee, it is not a switch.
SatDarkNo creators. No threads. Restricted geos stay dark.
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: Bank connector
Who pays: A transfer agent willing to consume a revoke in production.
Unit economics: Annual software against an ops cost the board can see. Switching cost is the record, not the brand.
Moat on file: Validator set is named operators, not an anon miner.
Switching cost: Scheme maps, ISO, LMA language, registry adapters — eighteen months of unglamorous work.
Vs the comps: A public L1 is a different threat model and a different statute.
Why we listed it: They did not pitch a token as the rail’s unit.

Next twelve months

What has to be true.

Two banks, live DvP, even a small notional.

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

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

Traction

What you can verify today.

Operating notes for Permissioned settlement
No token contract listed as a public sale
Pilot letters on file, identities redacted
Hong Kong 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.”

Product55
Customers62
Legal path62
Tech maturity54
Demand62
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.

Money issuance

If the rail issues a settlement asset, it is in the e-money / deposit perimeter.

Legal finality

Atomic in software is not final in court. Ask which law says it is.

Incumbent RTGS

Central banks are not asleep. A feature can become a standard.

Public token

Listing the rail’s unit is a sale. This pad does not run that sale.

Money issuance

If the rail issues a settlement asset, Nettle Post is in the e-money / deposit perimeter. That is a different company.

Single-customer gravity

If the first named buyer is also the only buyer, Nettle Post is a services shop with a ledger. Ask for the second.

Ask these next

01Where do keys, title, or NAV liability sit — and is that person licensed?
02Has counsel written the perimeter in a memo you can file?
03What does renewal look like if no round ever happens?
04Which incumbent can copy this in a quarter, and what would they have to migrate?
05If RCA Pad disappeared tomorrow, could the customer still run the job?
06Is the waitlist demand for a product, or a queue for a coin?

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 Post 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.

Hong Kongnamed
United States retailrestricted
United Statesrestricted

Team

Who runs it.

Rafa ShahChief executive
Leila MoreauHead of product

Stack

Permissioned settlement
Settlement
Audit log

Named with them

Clearline

Who can decide

Rafa Shah (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 Post does not sell a token to the public on this pad	Posture lock	live
The product is settlement sold to institutions	Architecture + customer type	live
Permissioned settlement 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	No board minute	draft
No public token is sold on this pad	Engagement terms + posture lock	live
Customers contemplated: Hong Kong	Named markets on the file	live

On the record

Day 0 lockKick-offSep
Claim inventoryPackSep
Audience matrix draftPackSep

Operating log

11 Sep 11:49
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.

Launch your own How an RCAICO works

Other companies

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