The wedge
Per event
The wedge is a spreadsheet that a board will fund to kill.
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
NETG
Screened
SCREENEDListing agent opsNettle Yard
They killed 12 sentences to get listed. That is the product you are about to miss.
Heat 27. Window a fewd. If you are going to read one Listing agent ops company, this is the one.
Nettle Yard — Permissioned infrastructure sold to firms that already operate in this market. The chain is a method. The customer is an institution. A public token sale is not the business.
Screened, not yet in sprint. Treat every number as provisional. Calendar access is not automatic.
Archive is free. Live access is timed. Nettle Yard 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
Agent register
Counsel hours
0
Not offering — locked
Sentences killed
0
Before listing
Claims live
1/5
Sprint
Our cut
0%
Of any proceeds
Plate Ledger · 9188
NETG
The plate
Ledger. Edition 9188.
A unique plate for Nettle Yard. Geometry, orbit, and edition belong to this company — no other listing on the board shares it.
NETG · Brussels · Listing agent ops
Score
0
Desk diligence
Pilots
0
Named, redacted
Stage
upcoming
upcoming
HQ
Brussels
Named institutional customers in a named geography
Sells
Per
Per event
Markets
0
Brussels
Years
0
Founded 2023
Surfaces
0
Agent register
Complete
0
File readiness
Why the desk took it
Early — still a question.
A named geography, not ‘global retail’.
Traction
One named pilot (redacted).
Founded 2023, headquartered in Brussels. One named pilot on file (redacted in public). 2 nodes or connected surfaces reported. Desk diligence score 71/100. An AIFM whose auditor has seen the dual-record. They killed their own ‘token as fee’ sentence before we asked. Rare, and it scored.
Next 12 months
Counsel-named path, or a locked not-offering.
A public token as the product is the wrong pad. They win if they are cheaper than the internal build, not cheaper than a protocol.
The brief
How a serious reader should hold this.
The decline pile in Listing agent ops is not a rumour. It is how this board stays readable. Nettle Yard is what survived. That is the sell.
Read this as an operating company, not a round. Counsel has a posture: Not offering — locked. Restricted markets stay dark. RCA Pad takes 0% if they ever raise. That combination is why inbound did not need a ticker.
The auditor of a redacted pilot has seen a dual-record. Switching away now means a new auditor conversation. That is the switching cost — not the logo.
From the screen
The legal source of truth stays with the incumbent register, admin, or custodian. Nettle Yard does not attest to its own facts.
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.
From the pilot
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.
When the heat drops, the named customer is still named — they just stop taking new calls.
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
- 12
- Counsel hours on file
- 7
- Asks / week
- 7
- 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 Yard
Twelve Listing agent ops decks look the same. One of them has a Brussels customer on the record.
In the same conversation
- Incumbent ops vendors
- Internal builds
- Public tokens (the thing to avoid)
The bet
Why this company exists.
The wedge is a spreadsheet that a board will fund to kill.
The wedge is a spreadsheet that a board will fund to kill.
Boards will fund replacement of a known ops cost. They will not fund a crowd sale dressed as infrastructure.
The customer’s existing ops budget is the TAM that matters.
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 Not offering — locked. Proposed Regulation Crypto Assets is not treated as a calendar slot. Build as if it never opens.
How it works
- 01A job the customer already does is moved onto a shared record
- 02Access is permissioned
- 03Revenue is software or a service fee
- 04No public allocation on this pad
- 05A named counterparty verifies; Nettle Yard does not attest to its own facts.
In the same conversation as
- Incumbent ops vendors
- Internal builds
- Public tokens (the thing to avoid)
If they raise
Where the money would actually go.
Not a token float. A budget against work. RCA Pad still takes 0% of proceeds.
Named operators
33%
A counsel memo that can survive a later reader.
Control environment
22%
Keeping the public story from running ahead of the claims register.
Counsel & perimeter
18%
Adapter work against the incumbent register, admin, or custodian.
Second market
27%
Dual-control drills, key ceremonies, and the person who owns them.
Operating week
What “in market” actually looks like.
- WedCounselPerimeter diffs. If the site drifted from the memo, the site moves — not the memo.
- FriKill switchRehearse unpublish in 24 hours. If it takes a committee, it is not a switch.
- MonClaimsEvery public sentence checked against the register. Anything extra is unpublished.
- TueExceptionsOvernight breaks post back into the customer’s case system. No side book.
The wedge
Why this one, not the other one.
- They sell
- Per event
- Who pays
- An AIFM whose auditor has seen the dual-record.
- Unit economics
- They win if they are cheaper than the internal build, not cheaper than a protocol.
- Moat on file
- A named institutional customer, even if redacted.
- Switching cost
- Scheme maps, ISO, LMA language, registry adapters — eighteen months of unglamorous work.
- Vs the comps
- A public token as the product is the wrong pad.
- Why we listed it
- A named geography, not ‘global retail’.
Next twelve months
What has to be true.
Counsel-named path, or a locked not-offering.
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.
Founded 2023, headquartered in Brussels. One named pilot on file (redacted in public). 2 nodes or connected surfaces reported. Desk diligence score 71/100. An AIFM whose auditor has seen the dual-record. They killed their own ‘token as fee’ sentence before we asked. Rare, and it scored.
- Architecture paper — no production customer on the public file
- No token contract listed as a public sale
- Pilot letters on file, identities redacted
- Brussels 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.”
- Product23
- Customers40
- Legal path62
- Tech maturity34
- Demand10
- Market access44
Risks
What can kill it.
The one that actually kills it
The founder wants a public book
The moment Nettle Yard asks this pad to allocate, sell, or complete funding, the listing ends. That is not a moral project. It is how a services firm stays a services firm.
No customer
A lab without a named buyer is a paper.
Token as business model
If the only revenue is a token, this is the wrong pad.
Path
Counsel has to name how this is offered, or it stays not-offering.
Geography
Retail and unnamed markets are off until someone writes them on.
No customer
A lab without a named buyer is a paper. Nettle Yard has to show one.
Token relapse
A later round that wants a public token puts Nettle Yard in a different perimeter. The file treats that as a hard stop.
Ask these next
- 01What happens if a founder later wants a public token?
- 02Who can unpublish a public sentence in 24 hours, by name?
- 03What does renewal look like if no round ever happens?
- 04If RCA Pad disappeared tomorrow, could the customer still run the job?
- 05Is the waitlist demand for a product, or a queue for a coin?
- 06Who is the first named paying customer — not a letter of intent?
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 Yard 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.
- Brusselsnamed
- EU retailrestricted
Team
Who runs it.
- Nia ColeChief executive
Stack
- Agent register
- Listing agent ops
- Approval trail
Named with them
- Northbridge Counsel
Who can decide
Nia Cole (Chief executive) will take a 30-minute call and decide budget. If the only person who can accept “we are not opening a sale” is a silent co-founder in another time zone, this company would not be on the board.
If the first customer renews, the adapter work pays for itself. If they do not, Nettle Yard 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 Yard does not sell a token to the public on this pad | Posture lock | live |
| The product is listing agent ops sold to institutions | Architecture + customer type | draft |
| Agent register 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 |
| 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: Brussels | Named markets on the file | draft |
On the record
- Application APP-4480ScreenSep
- Counsel questionPathSep
Operating log
06 Sep 11:00
Application scored. Nettle Yard is not a calendar slot.
10 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.