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

NET6

In diligence
IN MOTIONVault infrastructure

Nettle Works

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

You can open twelve thinner companies. Or this one, once, while the window is still a number.

Nettle Works — Accounting and proof layers for vaults that already hold assets for known clients. zk or otherwise, the point is a statement a counterparty can verify — not a public yield product.

In a 14-day diligence sprint (day 2). This is when the story, the customers and the legal path get written down — or the file stops.

If you needed a reason to open diligence tonight: a short list other people already did.

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

0

Redacted on the public page

Live nodes

0

zk testnet

Counsel hours

0

Not offering — locked

Sentences killed

0

Before listing

Claims live

3/10

Sprint

Our cut

0%

Of any proceeds

Plate Concentric · 5700

NET6

The plate

Concentric. Edition 5700.

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

NET6 · Auckland · Vault infrastructure

Score

0

Desk diligence

Pilots

0

Named, redacted

Sprint

0

Day 2 of 14

HQ

Auckland

Asset managers

Sells

Auditor

Auditor extract

Markets

0

Auckland

Years

0

Founded 2021

Surfaces

0

zk testnet

Complete

0

File readiness

The wedge

Auditor extract

The wedge is 2022: allocators asked for proof and got demos.

Why the desk took it

A real job, not a ticker.

They called zk a method in the application. Correct.

Traction

One named pilot (redacted).

Founded 2021, headquartered in Auckland. One named pilot on file (redacted in public). 7 nodes or connected surfaces reported. Desk diligence score 74/100. Sprint day 2 of 14. A warehouse or port that has written a live event. Architecture says keys / title / NAV liability sit with a named licensed party — not Nettle Works.

Next 12 months

One auditor-signed extract.

Public vault tokens are the thing this is not. Per-event pricing so a pilot can start without a transformation programme.

The brief

How a serious reader should hold this.

Before the waitlist, before the window, there was a refusal. Nettle Works would not let a public sale sit on this page. That is why a company in Vault infrastructure is listed here at all — and why the people who wanted a coin left, and the people who wanted the product stayed.

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

On a Tuesday in Auckland, 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

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

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 ops

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.

Skip it and you read the archive. Counterparties who matter will have already asked.

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

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
13
Counsel hours on file
20
Asks / week
11
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.

Elena Holm, Chief executive

This company

Nettle Works

The copycats will arrive after certification. That is why the window is now.

In the same conversation

  • Fund admins
  • Custodian reporting
  • Public ‘vault tokens’ (the thing this is not)

The bet

Why this company exists.

The wedge is 2022: allocators asked for proof and got demos.

The wedge is 2022: allocators asked for proof and got demos.

Allocators asked for proof after 2022. Labs answered with demos. The first vault accounting that an auditor will sign is a business.

Middle-office spend at alternative managers is a budget that survived the last cycle.

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.

Auckland being the city does not make local retail a default audience. Communications capable of inducing investment activity still have a promotions problem.

How it works

  1. 01Positions are accounted in a book the manager already runs
  2. 02A proof or extract is produced for a named counterparty
  3. 03Yield is not marketed to the public on this pad
  4. 04zk, if present, is a method — not a ticker
  5. 05A proof or extract is produced for a named counterparty only
  6. 06Kill of a public sentence is an hour, not a committee.

In the same conversation as

  • Fund admins
  • Custodian reporting
  • Public ‘vault tokens’ (the thing this is not)

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

    35%

    A counsel memo that can survive a later reader.

  • Second market

    26%

    Hiring the operator who already does this job at a licensed firm.

  • Counsel & perimeter

    14%

    The remaining certifications and the second named market.

  • Claims & campaign ops

    25%

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

Operating week

What “in market” actually looks like.

  1. WedCounselPerimeter diffs. If the site drifted from the memo, the site moves — not the memo.
  2. SatDarkNo creators. No threads. Restricted geos stay dark.
  3. TueExceptionsOvernight breaks post back into the customer’s case system. No side book.
  4. 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
Auditor extract
Who pays
A warehouse or port that has written a live event.
Unit economics
Per-event pricing so a pilot can start without a transformation programme.
Moat on file
Named custodian. Keys are not at the startup.
Switching cost
The customer’s auditor has seen this book. Switching means a new auditor conversation.
Vs the comps
Public vault tokens are the thing this is not.
Why we listed it
They called zk a method in the application. Correct.

Next twelve months

What has to be true.

One auditor-signed extract.

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

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

Traction

What you can verify today.

Founded 2021, headquartered in Auckland. One named pilot on file (redacted in public). 7 nodes or connected surfaces reported. Desk diligence score 74/100. Sprint day 2 of 14. A warehouse or port that has written a live event. Architecture says keys / title / NAV liability sit with a named licensed party — not Nettle Works.

  • Operating notes for zk testnet
  • No token contract listed as a public sale
  • Pilot letters on file, identities redacted
  • Auckland 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.”

  • Product61
  • Customers40
  • Legal path62
  • Tech maturity57
  • Demand26
  • Market access44

Risks

What can kill it.

The one that actually kills it

Counsel is a slide

Unnamed counsel is how companies die in diligence. Not offering — locked has to be a memo you can file, not a slogan on the hero.

Yield product

If the landing page is APY, this is a different, usually unlicensed, business.

Proof theatre

A zk circuit of a fake book is still a fake book.

Custodian

Who holds the keys? If it is the startup, that is custody.

Audit

No auditor, no statement. Demo is not diligence.

Proof theatre

A zk circuit of a fake book is still a fake book. Nettle Works has to prove the real one.

Path silence

If counsel will not name a path and not-offering is not locked, heated waitlist copy is an accidental offering.

Ask these next

  1. 01If RCA Pad disappeared tomorrow, could the customer still run the job?
  2. 02Where do keys, title, or NAV liability sit — and is that person licensed?
  3. 03Which geography is actually locked, and which is a hope?
  4. 04Who can unpublish a public sentence in 24 hours, by name?
  5. 05What happens if a founder later wants a public token?
  6. 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 Works Ltd
Path on file
Not offering — locked
Posture
Private only
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.

  • Aucklandnamed
  • Global publicrestricted
  • United Statesrestricted

Team

Who runs it.

  • Elena HolmChief executive
  • Oskar ReillyChief compliance

Stack

  • zk testnet
  • Vault infrastructure
  • Disclosure templates
  • Audit log

Named with them

  • Northbridge Counsel
  • Clearline
  • Meridian Tax

Who can decide

Elena Holm came in named. The team is not a handle. Nettle Works Ltd exists, founded 2021, headquartered in Auckland. 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 Works does not sell a token to the public on this padPosture locklive
The product is vault infrastructure sold to institutionsArchitecture + customer typelive
zk testnet is the method — not a listed assetDesk snapshotlive
Retail buyers are out of scopeNamed markets locklive
Any raise completes with the issuer’s counsel and providers — not on RCA PadFixed-fee termslive
Pilot identities redacted in publicDesk filedraft
No public token is sold on this padEngagement terms + posture locklive
Customers contemplated: AucklandNamed markets on the filelive

On the record

  1. Day 0 lockKick-offSep
  2. Claim inventoryPackSep
  3. Audience matrix draftPackSep

Operating log

  1. 11 Sep 11:43

    Workshop. Funnel has no purchase step.

  2. 08 Sep 09:00

    Kick-off. Exclusions recorded.

  3. 09 Sep 16:20

    A claim killed for missing evidence.

Path to now

  1. D0

    Kick-off

    Geographies, owners, SLA, exclusions.

  2. 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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