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

OSIR

In diligence

IN MOTIONCarbon inventories

Osier Span

Most of Carbon inventories died in the screen. Osier Span did not.

Pilots are named and redacted. The waitlist is not. a short list people already asked.

Osier Span — A ledger of energy certificates (GOs, RECs) for producers and offtakers who already sit in a national registry. It moves the event faster. It does not invent a green token for Twitter.

In a 14-day diligence sprint (day 5). This is when the story, the customers and the legal path get written down — or the file stops.

Heat 42 of 99. Hot windows do not stay hot. They close.

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

Redacted on the public page

Live nodes

Inventory ledger

Counsel hours

Not offering — locked

Sentences killed

Before listing

Claims live

1/6

Sprint

Our cut

Of any proceeds

Plate Lattice · 2744

OSIR

The plate

Lattice. Edition 2744.

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

OSIR · Zurich · Carbon inventories

Score

Desk diligence

Pilots

Named, redacted

Sprint

Day 5 of 14

Zurich

Producers

Sells

Per

Per certificate event

Markets

Switzerland

Years

Founded 2026

Surfaces

Inventory ledger

Complete

File readiness

The wedge

Per certificate event

A national registry as counterpart is the whole company.

Why the desk took it

A real job, not a ticker.

Registry cooperation is in writing, even if early.

Traction

One named pilot (redacted).

Founded 2026, headquartered in Zurich. One named pilot on file (redacted in public). 8 nodes or connected surfaces reported. Desk diligence score 85/100. Sprint day 5 of 14. A qualified custodian reconciling against this book. Architecture says keys / title / NAV liability sit with a named licensed party — not Osier Span.

Next 12 months

One retirement an offtaker will show their auditor.

Xpansiv is a market. This is the event under a registry. Bps on a job that already has a budget line. A public coin would not make the invoice larger.

The brief

How a serious reader should hold this.

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

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.

US traffic was taken off the public surfaces in the first working session. Osier Span did not argue. Adult companies do not costume a US offering.

From the founder

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

From the screen

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 ops

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.

A supervisor is already forcing a perimeter. Houses that pick software over a coin will buy this now.

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: 15
Counsel hours on file: 74
Asks / week: 19
Our cut: 0% of proceeds

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

This company

Osier Span

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

In the same conversation

National GO registries
Xpansiv
Not a public carbon coin

The bet

Why this company exists.

A national registry as counterpart is the whole company.

Corporate offtakers are being asked to prove what they bought. Registries lag. A dual record that the registry still owns is sellable.

GO and REC markets are measured in tens of billions. Ops software is a thin slice with high switching costs.

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.

Zurich 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

01A certificate that exists in a registry is evented here
02Delivery and retirement are visible to the offtaker
03The registry remains the legal source
04No public ‘carbon token’ sale on this pad
05Delivery and retirement are visible to the offtaker; the registry remains source
06Exceptions post back into the customer’s existing case system — no side spreadsheet.

In the same conversation as

National GO registries
Xpansiv
Not a public carbon coin

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
29%
The remaining certifications and the second named market.
Second market
23%
Adapter work against the incumbent register, admin, or custodian.
Named operators
14%
Keeping the public story from running ahead of the claims register.
Certifications & adapters
34%
A counsel memo that can survive a later reader.

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.
FriKill switchRehearse unpublish in 24 hours. If it takes a committee, it is not a switch.
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 certificate event
Who pays: A qualified custodian reconciling against this book.
Unit economics: Bps on a job that already has a budget line. A public coin would not make the invoice larger.
Moat on file: Dual-record: the registry still owns the legal fact.
Switching cost: Permissioned connectivity is the moat. Public endpoints would erase it.
Vs the comps: Xpansiv is a market. This is the event under a registry.
Why we listed it: Registry cooperation is in writing, even if early.

Next twelve months

What has to be true.

One retirement an offtaker will show their auditor.

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

Growth money would extend the record to a second geography, still permissioned.

Traction

What you can verify today.

Operating notes for Inventory ledger
No token contract listed as a public sale
Pilot letters on file, identities redacted
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.”

Product68
Customers40
Legal path62
Tech maturity60
Demand38
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.

Double count

If the registry and this ledger can both be sold, the product is a liability.

Green token

A freely traded climate token is usually a commodity or a security. This pad will not sell it.

Registry cooperation

Without the registry, this is a shadow certificate.

Policy

GO rules move. The product has to move with them, not ahead of them.

Double count

If the registry and this ledger can both be sold, Osier Span is a liability. Dual-record or nothing.

Single-customer gravity

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

Ask these next

01What does renewal look like if no round ever happens?
02Has counsel written the perimeter in a memo you can file?
03What happens if a founder later wants a public token?
04Where do keys, title, or NAV liability sit — and is that person licensed?
05Who can unpublish a public sentence in 24 hours, by name?
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: Osier Span AG
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.

Switzerlandnamed
EEA professionalnamed
United States retailrestricted

Team

Who runs it.

Jonah EllisonChief executive
Devon EllisonChief technology

Stack

Inventory ledger
Carbon inventories
Audit log
Approval trail

Named with them

Northbridge Counsel
Helix Audit
Clearline

Who can decide

Jonah Ellison came in named. The team is not a handle. Osier Span AG exists, founded 2026, headquartered in Zurich. Anonymity would have been an automatic decline.

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

Claims with evidence

Statements with evidence.

Statement	Evidence	Status
Osier Span does not sell a token to the public on this pad	Posture lock	live
The product is carbon inventories sold to institutions	Architecture + customer type	live
Inventory ledger 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	No board minute	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

Day 0 lockKick-offSep
Claim inventoryPackSep
Audience matrix draftPackSep

Operating log

11 Sep 11:37
Workshop. Funnel has no purchase step.
08 Sep 09:00
Kick-off. Exclusions recorded.
09 Sep 16:20
A claim killed for missing evidence.

Path to now

D0
Kick-off
Geographies, owners, SLA, exclusions.
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

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.