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

NETK

In market

IN MARKETCommodity title

Nettle Well

Skip it and you read a PDF. Counterparties who matter will have already called.

A named Zurich customer is already on the record. The public still thinks this is a deck.

Nettle Well — 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.

Live campaign. 3,135 on the product waitlist — that is demand, not an allocation.

10 live counterparties in the thread. The public page is the overflow.

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

Permissioned title chain

Counsel hours

Switzerland · counsel-named

Sentences killed

Before listing

Claims live

11/12

Build

Our cut

Of any proceeds

Plate Lattice · 7018

NETK

The plate

Lattice. Edition 7018.

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

NETK · Zurich · Commodity title

Score

Desk diligence

Pilots

Named, redacted

Waitlist

Product demand

Zurich

Trade-finance banks

Sells

Per

Per financed invoice

Markets

Switzerland

Years

Founded 2021

Surfaces

Permissioned title chain

Complete

File readiness

The wedge

Per financed invoice

Nettle Well digitises a hold, not a commodity.

Why the desk took it

A real job, not a ticker.

They brought a redacted bill, not a tokenised barrel.

Traction

3 named pilots (redacted).

Founded 2021, headquartered in Zurich. 3 named pilots on file (identities redacted in public). 3,135 on the waitlist, gated — product demand, not a book built. 6 nodes or connected surfaces reported. Desk diligence score 86/100. A treasurer at a bank that already settles — not a crypto-native desk. They killed their own ‘token as fee’ sentence before we asked. Rare, and it scored.

Next 12 months

A second warehouse, or the network is a customer.

Bank portals are silos. Nettle Well is the record both sides file. 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.

In Zurich, the person who signs the monthly pack already has a vendor. Nettle Well is not asking them to believe in a token. It is asking them to move one job — the one that currently lives in a spreadsheet, a fax, or a person who is about to retire — onto a record that can be shown to counsel. The queue to read that record is already not empty.

Nettle Well exists because the incumbent brand will not staff the unglamorous middle of Commodity title. 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.

A sentence went public and came down in under an hour. Elena Berg treated the kill as an operating skill, not a PR event. Files that cannot do this do not stay listed.

From the pilot

The legal source of truth stays with the incumbent register, admin, or custodian. Nettle Well 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 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.

Attention is the scarce asset. 92 asks this week are already spending it.

Switching cost is the auditor conversation. Once it happens, you are late.

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: 3
Counsel hours on file: 39
Asks / week: 392
Our cut: 0% of proceeds

If RCA Pad ever asked for a cut of a raise, we would walk. That is in the first email.
Elena Berg, Chief executive

This company

Nettle Well

The protocol pitch is the thing this company has already refused.

In the same conversation

Contour / we.trade (history)
CargoX
Bank trade portals
Not a commodity NFT

The bet

Why this company exists.

Nettle Well digitises a hold, not a commodity.

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

The incumbent brand sells the relationship. Nettle Well 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.

The live path is Switzerland · counsel-named. 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
06Retail and unnamed geographies are structurally off the form, not only in the footer.

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
40%
Dual-control drills, key ceremonies, and the person who owns them.
Certifications & adapters
19%
Adapter work against the incumbent register, admin, or custodian.
Named operators
20%
The remaining certifications and the second named market.
Second market
21%
A counsel memo that can survive a later reader.

Operating week

What “in market” actually looks like.

MonClaimsEvery public sentence checked against the register. Anything extra is unpublished.
TueExceptionsOvernight breaks post back into the customer’s case system. No side book.
SatDarkNo creators. No threads. Restricted geos stay dark.
WedCounselPerimeter diffs. If the site drifted from the memo, the site moves — not the memo.

The wedge

Why this one, not the other one.

They sell: Per financed invoice
Who pays: A treasurer at a bank that already settles — not a crypto-native desk.
Unit economics: Annual software against an ops cost the board can see. Switching cost is the record, not the brand.
Moat on file: A named warehouse or port has written a live event.
Switching cost: Permissioned connectivity is the moat. Public endpoints would erase it.
Vs the comps: Bank portals are silos. Nettle Well is the record both sides file.
Why we listed it: They brought a redacted bill, not a tokenised barrel.

Next twelve months

What has to be true.

A second warehouse, or the network is a customer.

They killed their own ‘token as fee’ sentence before we asked. Rare, and it scored.

A round, if any, sits with their providers. This pad does not take the order.

Traction

What you can verify today.

Operating notes for Permissioned title chain
No token contract listed as a public sale
Named founder; customer still a conversation
Zurich 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.”

Product59
Customers96
Legal path84
Tech maturity64
Demand56
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.

Single-customer gravity

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

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?
03What happens if a founder later wants a public token?
04If RCA Pad disappeared tomorrow, could the customer still run the job?
05Who can unpublish a public sentence in 24 hours, by name?
06Where do keys, title, or NAV liability sit — and is that person licensed?

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 Well AG
Path on file: Switzerland · 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.

Switzerlandnamed
EEA professionalnamed
Global publicrestricted

Team

Who runs it.

Elena BergChief executive

Stack

Permissioned title chain
Commodity title
Audit log
Approval trail

Named with them

Northbridge Counsel

Who can decide

The technical founder is on the record as engineering. Contractors in undisclosed jurisdictions are written down as a fact, not hidden. Facts can be managed. Hiding them is how companies die in diligence.

If the first customer renews, the adapter work pays for itself. If they do not, Nettle Well is a services firm with a slide. The twelve-month test is renewal, not waitlist.

Claims with evidence

Statements with evidence.

Statement	Evidence	Status
Nettle Well does not sell a token to the public on this pad	Posture lock	live
The product is commodity title sold to institutions	Architecture + customer type	live
Permissioned title chain 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: Switzerland, EEA professional	Named markets on the file	live

On the record

Sprint packPackJun
Counsel lockPathJul
Claims register liveRegisterAug
Creator briefBriefSep

Operating log

11 Sep 09:10
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

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.