The wedge
TA integration
Revocation is the product. Anyone can issue; almost no one can take it back.
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
NETQ
Screened
SCREENEDSelective disclosureNettle Span
The incumbent copy takes a year. The named customer is already writing.
Seats of attention are not infinite. 11 counterparties are in the live thread. You are not — yet.
Nettle Span — An attestation graph: a fund or investor proves one fact (accredited, name, share-class) to a transfer agent or administrator without handing over the whole file. Selective disclosure is the product.
Screened, not yet in sprint. Treat every number as provisional. Calendar access is not automatic.
Archive is free. Live access is timed. Nettle Span 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.
Stage
upcoming
Window
Closed
Heat
0/99
Inbound / wk
0asks
Asking now
0live
Named pilots
0
Redacted on the public page
Live nodes
0
Attestation graph
Counsel hours
0
Not offering — locked
Sentences killed
0
Before listing
Claims live
1/6
Sprint
Our cut
0%
Of any proceeds
Plate Lattice · 8850
NETQ
The plate
Lattice. Edition 8850.
A unique plate for Nettle Span. Geometry, orbit, and edition belong to this company — no other listing on the board shares it.
NETQ · Cardiff · Selective disclosure
Score
0
Desk diligence
Pilots
0
None on file
Stage
upcoming
upcoming
HQ
Cardiff
Fund administrators
Sells
TA
TA integration
Markets
0
Cardiff
Years
0
Founded 2023
Surfaces
0
Attestation graph
Complete
0
File readiness
Why the desk took it
Early — still a question.
No utility token in the revenue model. We checked.
Traction
No paying pilot on the public file.
Founded 2023, headquartered in Cardiff. No named paying pilot on the file yet — that is the first question. 4 nodes or connected surfaces reported. Desk diligence score 78/100. A national registry counterpart, not a scrape. A dual-control drill exists on paper. We have not watched it live yet — that is the next ask.
Next 12 months
One TA consuming revoke in production.
A ‘passport token’ is usually a security in costume. Seat plus event. If they ever attach a token as the unit of account, the file stops.
The brief
How a serious reader should hold this.
You can wait for a sticker. The named customer did not. They are writing into this record while the rest of the market argues about a comment period.
Nettle Span exists because the incumbent brand will not staff the unglamorous middle of Selective disclosure. 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 Span did not argue. Adult companies do not costume a US offering.
From the pilot
A dual-control drill exists on paper. Production evidence is the next artefact, not a tweet.
From the founder
Fixed fee. Deposit to start. 0% of proceeds. Token-only pay is declined. Percentage of raise is declined.
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.
The window
Miss this and you read the archive.
Skip it and you read the archive. Counterparties who matter will have already asked.
Restricted markets stay dark. Named markets are live. That discipline is the scarce thing.
We do not allocate. We do not take a cut. We will not hold the window open for you.
Window
Closed
Closed. History only — not a place to buy.
- Sentences killed
- 16
- Counsel hours on file
- 10
- Asks / week
- 4
- 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.
This company
Nettle Span
Services firms hide in ‘platform’ language. Nettle Span sells a seat plus an event. Named.
In the same conversation
- Onfido / Jumio for people
- Fund-admin KYC teams
- W3C attestations
- Not a ‘passport token’
The bet
Why this company exists.
Revocation is the product. Anyone can issue; almost no one can take it back.
Revocation is the product. Anyone can issue; almost no one can take it back.
Transfer agents and AIFMs are being asked for faster onboarding without becoming identity companies. Attestations they can revoke are the compromise.
Fund onboarding cost is a known line item. A 20–40% cut in cycle time is a budget, not a vision deck.
Versus the field
The incumbent brand sells the relationship. Nettle Span 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.
Named: Cardiff. Off-limits: United States retail, United States. A US person hearing an offering communication is a US problem even if the company sits in Cardiff. Blocking an IP and taking a US Telegram admin is not a block.
How it works
- 01A fact is attested by a party the recipient already trusts
- 02The holder discloses only the field requested
- 03The rest of the file stays dark
- 04Revocation is a first-class event
- 05The recipient never sees the rest of the file — selective disclosure is enforced, not promised
- 06Kill of a public sentence is an hour, not a committee.
In the same conversation as
- Onfido / Jumio for people
- Fund-admin KYC teams
- W3C attestations
- Not a ‘passport token’
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
35%
Hiring the operator who already does this job at a licensed firm.
Claims & campaign ops
23%
Keeping the public story from running ahead of the claims register.
Named operators
14%
Adapter work against the incumbent register, admin, or custodian.
Second market
28%
A counsel memo that can survive a later reader.
Operating week
What “in market” actually looks like.
- 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.
- TueExceptionsOvernight breaks post back into the customer’s case system. No side book.
- MonClaimsEvery public sentence checked against the register. Anything extra is unpublished.
The wedge
Why this one, not the other one.
- They sell
- TA integration
- Who pays
- A national registry counterpart, not a scrape.
- Unit economics
- Seat plus event. If they ever attach a token as the unit of account, the file stops.
- Moat on file
- Revoke has been tested against a live register.
- Switching cost
- Network effects only if a second named counterparty writes. One customer is a service firm.
- Vs the comps
- A ‘passport token’ is usually a security in costume.
- Why we listed it
- No utility token in the revenue model. We checked.
Next twelve months
What has to be true.
One TA consuming revoke in production.
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 2023, headquartered in Cardiff. No named paying pilot on the file yet — that is the first question. 4 nodes or connected surfaces reported. Desk diligence score 78/100. A national registry counterpart, not a scrape. A dual-control drill exists on paper. We have not watched it live yet — that is the next ask.
- Architecture paper — no production customer on the public file
- No token contract listed as a public sale
- Named founder; customer still a conversation
- Cardiff 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.”
- Product19
- Customers18
- Legal path62
- Tech maturity40
- Demand10
- Market access44
Risks
What can kill it.
The one that actually kills it
The named customer is a letter of intent
Pilots that cannot be named, even redacted, are theatre. One paying seat that an auditor has seen is worth more than a waitlist of a short list.
Who attests
If the attester is the company itself, this is a database with extra steps.
Portability theatre
A graph nobody else reads is a PDF with a hash.
US
US retail identity products are a different statute. Many of these files keep the US off.
Utility token
Paying for attestations in a native token is usually a securities problem in costume.
Self-attestation
If Nettle Span is the attester, this is a database with extra steps. The graph only matters if someone else signs.
Facts vs theatre
A proof of a fake book is still a fake book. Nettle Span has to attach to the real one, in Cardiff.
Ask these next
- 01Which geography is actually locked, and which is a hope?
- 02Which incumbent can copy this in a quarter, and what would they have to migrate?
- 03Has counsel written the perimeter in a memo you can file?
- 04What happens if a founder later wants a public token?
- 05What does renewal look like if no round ever happens?
- 06Who can unpublish a public sentence in 24 hours, by name?
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 Span 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.
- Cardiffnamed
- United States retailrestricted
- United Statesrestricted
Team
Who runs it.
- Aisha ParkChief executive
- Jonah NovakFinance
Stack
- Attestation graph
- Selective disclosure
- Approval trail
- Disclosure templates
Named with them
- Clearline
Who can decide
The technical founder is on the record as Finance. Contractors in undisclosed jurisdictions are written down as a fact, not hidden. Facts can be managed. Hiding them is how companies die in diligence.
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 Span does not sell a token to the public on this pad | Posture lock | live |
| The product is selective disclosure sold to institutions | Architecture + customer type | draft |
| Attestation graph 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: Cardiff | Named markets on the file | draft |
On the record
- Application APP-4854ScreenSep
- Counsel questionPathSep
Operating log
08 Sep 16:00
Application scored. Nettle Span 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.