The wedge
Per certificate event
A national registry as counterpart is the whole company.
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
POPD
Screened
SCREENEDEnergy certificatesPoplar Book
They killed 14 sentences to get listed. That is the product you are about to miss.
Siobhán Diaz will not run a public sale on this pad. The listing exists because of that sentence.
Poplar Book — 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.
Screened, not yet in sprint. Treat every number as provisional. Calendar access is not automatic.
Most Energy certificates applications this quarter were declined. You are looking at one that was not.
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
Still a question
Live nodes
0
Certificate ledger
Counsel hours
0
Not offering — locked
Sentences killed
0
Before listing
Claims live
0/7
Sprint
Our cut
0%
Of any proceeds
Plate Signal · 4927
POPD
The plate
Signal. Edition 4927.
A unique plate for Poplar Book. Geometry, orbit, and edition belong to this company — no other listing on the board shares it.
POPD · Zurich · Energy certificates
Score
0
Desk diligence
Pilots
0
Named, redacted
Stage
upcoming
upcoming
HQ
Zurich
Producers
Sells
Per
Per certificate event
Markets
0
Switzerland
Years
0
Founded 2022
Surfaces
0
Certificate ledger
Complete
0
File readiness
Why the desk took it
Early — still a question.
Registry cooperation is in writing, even if early.
Traction
One named pilot (redacted).
Founded 2022, headquartered in Zurich. One named pilot on file (redacted in public). 3 nodes or connected surfaces reported. Desk diligence score 75/100. An AIFM whose auditor has seen the dual-record. Architecture says keys / title / NAV liability sit with a named licensed party — not Poplar Book.
Next 12 months
One retirement an offtaker will show their auditor.
A public carbon coin is a commodity or a security. This pad will not sell it. 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.
Zurich is not a backdrop. It is the jurisdiction where a named customer can be sued, called, and asked a question on a recorded line. Poplar Book 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.
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 ops
A dual-control drill exists on paper. Production evidence is the next artefact, not a tweet.
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.
From the screen
The legal source of truth stays with the incumbent register, admin, or custodian. Poplar Book does not attest to its own facts.
The window
Miss this and you read the archive.
The next Energy certificates company on this board will not have this waitlist, this HQ, or this counsel posture.
The incumbent copy takes a year. The named customer is already writing into this record.
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
- 14
- Counsel hours on file
- 14
- Asks / week
- 11
- Our cut
- 0% of proceeds
Kill the public sentence in an hour or do not list us. We can do the hour.
This company
Poplar Book
A generalist vendor copies the slide. They cannot copy the named record.
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.
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.
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 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
- 06The legal source of truth stays with the incumbent register, admin, or custodian.
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.
Claims & campaign ops
33%
Adapter work against the incumbent register, admin, or custodian.
Named operators
21%
Dual-control drills, key ceremonies, and the person who owns them.
Second market
14%
The remaining certifications and the second named market.
Certifications & adapters
32%
A counsel memo that can survive a later reader.
Operating week
What “in market” actually looks like.
- TueExceptionsOvernight breaks post back into the customer’s case system. No side book.
- ThuCustomerNamed pilot (redacted) sees the same record the auditor saw.
- SatDarkNo creators. No threads. Restricted geos stay dark.
- FriKill switchRehearse unpublish in 24 hours. If it takes a committee, it is not a switch.
The wedge
Why this one, not the other one.
- They sell
- Per certificate event
- Who pays
- An AIFM whose auditor has seen the dual-record.
- Unit economics
- Annual software against an ops cost the board can see. Switching cost is the record, not the brand.
- Moat on file
- Dual-record: the registry still owns the legal fact.
- Switching cost
- Network effects only if a second named counterparty writes. One customer is a service firm.
- Vs the comps
- A public carbon coin is a commodity or a security. This pad will not sell it.
- 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 Poplar Book.
Capital would fund the adapter work and a named counsel memo, not a public sale.
Traction
What you can verify today.
Founded 2022, headquartered in Zurich. One named pilot on file (redacted in public). 3 nodes or connected surfaces reported. Desk diligence score 75/100. An AIFM whose auditor has seen the dual-record. Architecture says keys / title / NAV liability sit with a named licensed party — not Poplar Book.
- Architecture paper — no production customer on the public file
- 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.”
- Product27
- Customers40
- Legal path62
- Tech maturity37
- Demand10
- Market access68
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.
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, Poplar Book is a liability. Dual-record or nothing.
Single-customer gravity
If the first named buyer is also the only buyer, Poplar Book is a services shop with a ledger. Ask for the second.
Ask these next
- 01Who is the first named paying customer — not a letter of intent?
- 02Which geography is actually locked, and which is a hope?
- 03Is the waitlist demand for a product, or a queue for a coin?
- 04What does renewal look like if no round ever happens?
- 05If RCA Pad disappeared tomorrow, could the customer still run the job?
- 06Which incumbent can copy this in a quarter, and what would they have to migrate?
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
- Poplar Book 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.
- Siobhán DiazChief executive
- Mei MbekiChief compliance
Stack
- Certificate ledger
- Energy certificates
- Takedown SLA
- Approval trail
Named with them
- Helix Audit
Who can decide
Siobhán Diaz came in named. The team is not a handle. Poplar Book AG exists, founded 2022, headquartered in Zurich. Anonymity would have been an automatic decline.
A second counterparty writing into the record is the only network effect that counts. One customer is a consultancy. Two is a market.
Claims with evidence
Statements with evidence.
| Statement | Evidence | Status |
|---|---|---|
| Poplar Book does not sell a token to the public on this pad | Posture lock | live |
| The product is energy certificates sold to institutions | Architecture + customer type | draft |
| Certificate ledger 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: Switzerland, EEA professional | Named markets on the file | draft |
On the record
- Application APP-4649ScreenSep
- Counsel questionPathSep
Operating log
06 Sep 13:00
Application scored. Poplar Book 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.