RCA Pad
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

NETA

Closed
CLOSEDCap-table ops

Nettle Quay

Window closed. a short list asked while it was live. You are reading history.

Copenhagen is not a backdrop. It is the city where the customer can be called on a recorded line.

Nettle Quay — An operational layer for funds: NAV events, share-class records, books an AIFM can defend. The administrator remains the administrator. This is co-sourced infrastructure, not a tokenised fund on a public board.

Closed on this board. Any capital event was completed with the issuer’s own providers. RCA Pad took 0%.

Closed. The live conversation is over. The pack remains as archive.

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

completed

Window

Closed

Heat

0/99

Inbound / wk

0asks

Asking now

0live

Named pilots

0

Redacted on the public page

Live nodes

0

Share register

Counsel hours

0

Copenhagen · closed private round

Sentences killed

0

Before listing

Claims live

0/13

Build

Our cut

0%

Of any proceeds

Plate Concentric · 8348

NETA

The plate

Concentric. Edition 8348.

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

NETA · Copenhagen · Cap-table ops

Score

0

Desk diligence

Pilots

0

Named, redacted

Stage

completed

completed

HQ

Copenhagen

Fund administrators

Sells

Share-class

Share-class seat

Markets

0

Copenhagen

Years

0

Founded 2026

Surfaces

0

Share register

Complete

0

File readiness

The wedge

Share-class seat

The wedge is staffing: administrators cannot hire the close they promised allocators.

Why the desk took it

A real job, not a ticker.

NAV liability sentence exists. Who is wrong when the number is wrong.

Traction

2 named pilots (redacted).

Founded 2026, headquartered in Copenhagen. 2 named pilots on file (identities redacted in public). 16 nodes or connected surfaces reported. Desk diligence score 85/100. A transfer agent willing to consume a revoke in production. A dual-control drill exists on paper. We have not watched it live yet — that is the next ask.

Next 12 months

Counsel on the unit — security or not — in writing.

SS&C and Apex are the admin. This is the event layer they can defend. 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 decline pile in Cap-table ops is not a rumour. It is how this board stays readable. Nettle Quay is what survived. That is the sell.

Read this as an operating company, not a round. Counsel has a posture: Copenhagen · closed private round. Restricted markets stay dark. RCA Pad takes 0% if they ever raise. That combination is why inbound did not need a ticker.

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

From the screen

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

From the pilot

US persons are outside the audience. A form that asks “are you accredited?” without verification is not an exemption.

From counsel

Fixed fee. Deposit to start. 0% of proceeds. Token-only pay is declined. Percentage of raise is declined.

The window

Miss this and you read the archive.

The next Cap-table ops company on this board will not have this waitlist, this HQ, or this counsel posture.

a short list people did not join a waitlist for a ticker. They joined for a job.

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

Window

Closed

Closed. History only — not a place to buy.

Sentences killed
12
Counsel hours on file
67
Asks / week
1
Our cut
0% of proceeds

The auditor has seen the dual-record. Switching now is a new conversation. That is the lock.

Oskar Khan, Chief executive

This company

Nettle Quay

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

In the same conversation

  • SS&C
  • Apex
  • Citi TA
  • Not a public tokenised fund

The bet

Why this company exists.

The wedge is staffing: administrators cannot hire the close they promised allocators.

The wedge is staffing: administrators cannot hire the close they promised allocators.

Allocators want faster marks. Administrators cannot staff that with people. A dual-record (their books + this event) is how they sleep.

Fund administration is a fee business measured in basis points of AUM. A faster close is retained business.

Versus the field

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

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

How it works

  1. 01Administrator remains source of truth
  2. 02Events (NAV, subscription, share-class) are signed and timestamped
  3. 03Investors and auditors query what they are allowed to see
  4. 04The fund unit is not listed here as a token you can buy
  5. 05Investors and auditors query only what they are allowed to see
  6. 06Kill of a public sentence is an hour, not a committee.

In the same conversation as

  • SS&C
  • Apex
  • Citi TA
  • Not a public tokenised fund

If they raise

Where the money would actually go.

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

  • Certifications & adapters

    29%

    The remaining certifications and the second named market.

  • Named operators

    25%

    Keeping the public story from running ahead of the claims register.

  • Second market

    17%

    A counsel memo that can survive a later reader.

  • Claims & campaign ops

    29%

    Adapter work against the incumbent register, admin, or custodian.

Operating week

What “in market” actually looks like.

  1. SunOwnersWho can decide messaging and budget on a recorded line. If the answer is nobody, stop.
  2. FriKill switchRehearse unpublish in 24 hours. If it takes a committee, it is not a switch.
  3. ThuCustomerNamed pilot (redacted) sees the same record the auditor saw.
  4. SatDarkNo creators. No threads. Restricted geos stay dark.

The wedge

Why this one, not the other one.

They sell
Share-class seat
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
A live NAV event in a real fund, not a demo clock.
Switching cost
Scheme maps, ISO, LMA language, registry adapters — eighteen months of unglamorous work.
Vs the comps
SS&C and Apex are the admin. This is the event layer they can defend.
Why we listed it
NAV liability sentence exists. Who is wrong when the number is wrong.

Next twelve months

What has to be true.

Counsel on the unit — security or not — in writing.

A dual-control drill exists on paper. We have not watched it live yet — that is the next ask.

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

Traction

What you can verify today.

Founded 2026, headquartered in Copenhagen. 2 named pilots on file (identities redacted in public). 16 nodes or connected surfaces reported. Desk diligence score 85/100. A transfer agent willing to consume a revoke in production. A dual-control drill exists on paper. We have not watched it live yet — that is the next ask.

  • Operating notes for Share register
  • No token contract listed as a public sale
  • Pilot letters on file, identities redacted
  • Copenhagen is the operating centre
  • The waitlist, if any, is a product list — not a book
  • Raise, if any, closed with issuer providers

Readiness

Six things a serious buyer asks. 100 is “ready to take to counsel and a customer.”

  • Product95
  • Customers62
  • Legal path84
  • Tech maturity76
  • Demand10
  • 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.

Unit token

A share-class token sold to the public is a securities offering. This pad will not run that as a sale.

Admin of record

If the admin has not signed, this is a shadow book. Shadow books do not survive an audit.

NAV liability

Who is wrong when the number is wrong? That sentence has to exist.

Distribution

Using this layer as a public subscription journey is a different file — and usually the wrong house.

Shadow book

If the administrator has not signed, Nettle Quay is a copy of a spreadsheet. Copies do not survive the audit.

Token relapse

A later round that wants a public token puts Nettle Quay in a different perimeter. The file treats that as a hard stop.

Ask these next

  1. 01Who is the first named paying customer — not a letter of intent?
  2. 02Has counsel written the perimeter in a memo you can file?
  3. 03If RCA Pad disappeared tomorrow, could the customer still run the job?
  4. 04Is the waitlist demand for a product, or a queue for a coin?
  5. 05Where do keys, title, or NAV liability sit — and is that person licensed?
  6. 06What does renewal look like if no round ever happens?

Structure

How money would actually move.

Window closed. Tombstone is theirs. Archive is ours. 0% of proceeds.

Entity
Nettle Quay Ltd
Path on file
Copenhagen · closed private round
Posture
Window closed
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.

  • Copenhagennamed
  • United States retailrestricted
  • United Statesrestricted

Team

Who runs it.

  • Oskar KhanChief executive

Stack

  • Share register
  • Cap-table ops
  • Disclosure templates
  • Approval trail

Named with them

  • Meridian Tax

Who can decide

Oskar Khan came in named. The team is not a handle. Nettle Quay Ltd exists, founded 2026, headquartered in Copenhagen. Anonymity would have been an automatic decline.

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.

StatementEvidenceStatus
Nettle Quay does not sell a token to the public on this padPosture lockwithdrawn
The product is cap-table ops sold to institutionsArchitecture + customer typewithdrawn
Share register is the method — not a listed assetDesk snapshotwithdrawn
Retail buyers are out of scopeNamed markets lockwithdrawn
Any raise completes with the issuer’s counsel and providers — not on RCA PadFixed-fee termswithdrawn
Pilot identities redacted in publicNo board minutewithdrawn
No public token is sold on this padEngagement terms + posture lockwithdrawn
Customers contemplated: CopenhagenNamed markets on the filewithdrawn

On the record

  1. Final registerArchiveAug
  2. Close reportReportAug
  3. Tombstone copyArchiveAug

Operating log

  1. 19 Aug 10:00

    Close report. 0% of proceeds.

  2. 12 Aug 18:00

    Nettle Quay archived. Live claims withdrawn.

  3. 11 Aug 09:30

    Final creator pass. Residual claims pulled.

Path to now

  1. Open

    File

    Before any public sentence.

  2. Close

    Archive

    We did not take a cut.

Not a subscription

This is not a sale page.

Window closed. Tombstone is theirs. Archive is ours. 0% of proceeds. 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.