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

NET4

In market

HOT WINDOWPermissioned interop

Nettle Stack

a few days until this conversation is history.

7,407 names asked to be first. None of them bought a token here. They asked for the product.

Nettle Stack — Attestation packets and IBC-style messages between chains that are not public. Banks and funds that already live behind a firewall use this to talk to each other without opening a public bridge.

Live campaign. 7,407 on the product waitlist — that is demand, not an allocation.

They unpublish in an hour. They will not wait for your committee to finish reading.

Diligence, not a prospectus. RCA Pad does not allocate, take orders, or close funding. If this company raises, it raises with its own counsel.

Waitlist

Window

Closed

Heat

0/99

Inbound / wk

0asks

Asking now

0live

Named pilots

Redacted on the public page

Live nodes

Cosmos SDK · permissioned

Counsel hours

Australia · counsel-named

Sentences killed

Before listing

Claims live

5/9

Build

Our cut

Of any proceeds

Plate Vault · 2061

NET4

The plate

Vault. Edition 2061.

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

NET4 · Sydney · Permissioned interop

Score

Desk diligence

Pilots

Named, redacted

Waitlist

Product demand

Sydney

Banks

Sells

Per

Per packet

Markets

Australia

Years

Founded 2024

Surfaces

Cosmos SDK · permissioned

Complete

File readiness

The wedge

Per packet

Nettle Stack moves facts, not value. That is why it might get paid.

Why the desk took it

A real job, not a ticker.

They said ‘no wrapped assets’ before we did.

Traction

4 named pilots (redacted).

Founded 2024, headquartered in Sydney. 4 named pilots on file (identities redacted in public). 7,407 on the waitlist, gated — product demand, not a book built. 8 nodes or connected surfaces reported. Desk diligence score 84/100. A warehouse or port that has written a live event. Counsel is named, even if the memo is still a draft. Unnamed counsel is how files die.

Next 12 months

Two production counterparties.

R3 network maps are political. This is a packet. 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.

Sydney 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 Stack chose it for that reason. Counterparties who still think this is a ‘global’ story are already late.

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.

On a Tuesday in Sydney, an exception posts back into the customer’s existing case system. Nobody opens a side spreadsheet. That is the product: the night someone in ops does not stay late.

From the founder

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

From the pilot

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

From counsel

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.

The comment period is not a path. This company is priced as if that is already true.

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: 5
Counsel hours on file: 19
Asks / week: 926
Our cut: 0% of proceeds

US came off the site in the first session. We did not argue. We are not children.
Anja Petrov, Chief executive

This company

Nettle Stack

A generalist vendor copies the slide. They cannot copy the named record.

In the same conversation

R3 Corda network maps
Hyperledger interop
Public IBC (different threat model)

The bet

Why this company exists.

Nettle Stack moves facts, not value. That is why it might get paid.

Every permissioned chain is an island. The second chain a bank turns on creates the ticket. The third creates the vendor.

Every extra permissioned deployment is a new integration budget. This product is that budget.

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 Australia · counsel-named. Proposed Regulation Crypto Assets is not treated as a calendar slot. Build as if it never opens.

How it works

01A fact is packed as an attestation, not a free-floating asset
02The counterparty chain verifies the packet
03Assets do not ‘bridge’; messages do
04Public connectivity is off unless counsel names it
05The counterparty chain verifies the packet; assets do not ‘bridge’
06Kill of a public sentence is an hour, not a committee.

In the same conversation as

R3 Corda network maps
Hyperledger interop
Public IBC (different threat model)

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
32%
A counsel memo that can survive a later reader.
Certifications & adapters
18%
Adapter work against the incumbent register, admin, or custodian.
Counsel & perimeter
15%
Keeping the public story from running ahead of the claims register.
Control environment
35%
Dual-control drills, key ceremonies, and the person who owns them.

Operating week

What “in market” actually looks like.

ThuCustomerNamed pilot (redacted) sees the same record the auditor saw.
TueExceptionsOvernight breaks post back into the customer’s case system. No side book.
SunOwnersWho can decide messaging and budget on a recorded line. If the answer is nobody, stop.
SatDarkNo creators. No threads. Restricted geos stay dark.

The wedge

Why this one, not the other one.

They sell: Per packet
Who pays: A warehouse or port that has written a live event.
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: Two live counterparties, not a testnet talking to itself.
Switching cost: Permissioned connectivity is the moat. Public endpoints would erase it.
Vs the comps: R3 network maps are political. This is a packet.
Why we listed it: They said ‘no wrapped assets’ before we did.

Next twelve months

What has to be true.

Two production counterparties.

Counsel is named, even if the memo is still a draft. Unnamed counsel is how files die.

They have not asked us to run a sale. That ask would close the file.

Traction

What you can verify today.

Operating notes for Cosmos SDK · permissioned
No token contract listed as a public sale
Pilot letters on file, identities redacted
Sydney 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.”

Product62
Customers96
Legal path84
Tech maturity70
Demand77
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 7,407.

Bridge in costume

If value moves as a wrapped asset, this is a bridge. Bridges have a history.

Who verifies

A packet nobody independently checks is email.

Public leak

One public endpoint and the threat model is gone.

Standard war

If a bigger FMI publishes the same packet, this is a feature, not a company.

Bridge in costume

If value moves as a wrapped asset, Nettle Stack inherits every bridge post-mortem. Kill that design.

Incumbent feature

The administrator, CCP, scheme or custodian can ship this as a checkbox. Nettle Stack has to be cheaper or faster before that happens.

Ask these next

01Which incumbent can copy this in a quarter, and what would they have to migrate?
02Is the waitlist demand for a product, or a queue for a coin?
03Has counsel written the perimeter in a memo you can file?
04If RCA Pad disappeared tomorrow, could the customer still run the job?
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.

If this company raises, it raises with its own counsel and providers. The waitlist is a product list. It is not a round, a book, or an allocation on RCA Pad. We do not take a cut.

Entity: Nettle Stack Pty Ltd
Path on file: Australia · counsel-named
Posture: No public sale
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.

Australianamed
Global publicrestricted
United Statesrestricted

Team

Who runs it.

Anja PetrovChief executive

Stack

Cosmos SDK · permissioned
Permissioned interop
Audit log
Disclosure templates

Named with them

Clearline

Who can decide

Anja Petrov came in named. The team is not a handle. Nettle Stack Pty Ltd exists, founded 2024, headquartered in Sydney. 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.

Statement	Evidence	Status
Nettle Stack does not sell a token to the public on this pad	Posture lock	live
The product is permissioned interop sold to institutions	Architecture + customer type	live
Cosmos SDK · permissioned 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: Australia	Named markets on the file	live

On the record

Sprint packPackJun
Counsel lockPathJul
Claims register liveRegisterAug
Creator briefBriefSep

Operating log

11 Sep 09:34
Takedown SLA idle-tested.
08 Sep 11:40
A claim held for missing evidence.
04 Sep 08:22
Weekly report issued to the desk.
01 Sep 14:08
Creator set on disclosure. No buy language.

Path to now

Sprint
Pack accepted
Narrative, matrix, claims locked.
Path
Counsel names it
Or the file stays not-offering.
Live
Campaign
Waitlist and register. No purchase journey.

Not a subscription

This is not a sale page.

If this company raises, it raises with its own counsel and providers. The waitlist is a product list. It is not a round, a book, or an allocation on RCA Pad. We do not take a cut. 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

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