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

POPB

Screened
SCREENEDWarehouse receipts

Poplar Ledger

Most of Warehouse receipts died in the screen. Poplar Ledger did not.

Inbound this week: 2. That is demand for a job someone already pays for — not a book.

Poplar Ledger — 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.

Screened, not yet in sprint. Treat every number as provisional. Calendar access is not automatic.

Most Warehouse receipts 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

Receipt registry

Counsel hours

0

Not offering — locked

Sentences killed

0

Before listing

Claims live

1/7

Sprint

Our cut

0%

Of any proceeds

Plate Meridian · 1796

POPB

The plate

Meridian. Edition 1796.

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

POPB · Luxembourg · Warehouse receipts

Score

0

Desk diligence

Pilots

0

None on file

Stage

upcoming

upcoming

HQ

Luxembourg

Trade-finance banks

Sells

Warehouse

Warehouse seat

Markets

0

Luxembourg

Years

0

Founded 2024

Surfaces

0

Receipt registry

Complete

0

File readiness

The wedge

Warehouse seat

Poplar Ledger digitises a hold, not a commodity.

Why the desk took it

Early — still a question.

They brought a redacted bill, not a tokenised barrel.

Traction

No paying pilot on the public file.

Founded 2024, headquartered in Luxembourg. No named paying pilot on the file yet — that is the first question. Desk diligence score 58/100. Four origination desks posting into a closed tape. 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.

Contour tried a network. This is an event on cargo that already moves. Per-event pricing so a pilot can start without a transformation programme.

The brief

How a serious reader should hold this.

The decline pile in Warehouse receipts is not a rumour. It is how this board stays readable. Poplar Ledger 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.

On a Tuesday in Luxembourg, 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 ops

We will not describe this as Reg CA-compliant, MiCA-stickered, or FCA-authorised. Issuers retain their own counsel in every relevant jurisdiction.

From counsel

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

From the screen

Fixed fee. Deposit to start. 0% of proceeds. Token-only pay is declined. Percentage of raise is declined.

The window

Miss this and you read the archive.

A later reader gets the same PDF. They do not get the same access.

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

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
4
Counsel hours on file
14
Asks / week
2
Our cut
0% of proceeds

US came off the site in the first session. We did not argue. We are not children.

Lars Costa, Chief executive

This company

Poplar Ledger

A generalist vendor copies the slide. They cannot copy the named record.

In the same conversation

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

The bet

Why this company exists.

Poplar Ledger digitises a hold, not a commodity.

Poplar Ledger 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

L2 wrappers are cheaper. They are also a different perimeter — and declined here. Poplar Ledger is priced as software against an invoice that already exists.

Luxembourg 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. 01A document that already exists is hashed and evented
  2. 02Title changes when the parties that already can change it say so
  3. 03Financiers see the state they are underwriting
  4. 04No public listing of the cargo as an asset
  5. 05Title changes only when the parties that already can change it say so
  6. 06Kill of a public sentence is an hour, not a committee.

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.

  • Certifications & adapters

    30%

    Dual-control drills, key ceremonies, and the person who owns them.

  • Counsel & perimeter

    21%

    A counsel memo that can survive a later reader.

  • Claims & campaign ops

    20%

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

  • Second market

    29%

    The remaining certifications and the second named market.

Operating week

What “in market” actually looks like.

  1. FriKill switchRehearse unpublish in 24 hours. If it takes a committee, it is not a switch.
  2. TueExceptionsOvernight breaks post back into the customer’s case system. No side book.
  3. SunOwnersWho can decide messaging and budget on a recorded line. If the answer is nobody, stop.
  4. MonClaimsEvery public sentence checked against the register. Anything extra is unpublished.

The wedge

Why this one, not the other one.

They sell
Warehouse seat
Who pays
Four origination desks posting into a closed tape.
Unit economics
Per-event pricing so a pilot can start without a transformation programme.
Moat on file
Dual-control on title change — the fraud case is the feature.
Switching cost
Scheme maps, ISO, LMA language, registry adapters — eighteen months of unglamorous work.
Vs the comps
Contour tried a network. This is an event on cargo that already moves.
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.

Founded 2024, headquartered in Luxembourg. No named paying pilot on the file yet — that is the first question. Desk diligence score 58/100. Four origination desks posting into a closed tape. 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
  • Luxembourg 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.”

  • Product16
  • Customers18
  • Legal path62
  • Tech maturity28
  • Demand10
  • 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.

Token relapse

A later round that wants a public token puts Poplar Ledger in a different perimeter. The file treats that as a hard stop.

Ask these next

  1. 01Who can unpublish a public sentence in 24 hours, by name?
  2. 02Is the waitlist demand for a product, or a queue for a coin?
  3. 03What does renewal look like if no round ever happens?
  4. 04Who is the first named paying customer — not a letter of intent?
  5. 05Where do keys, title, or NAV liability sit — and is that person licensed?
  6. 06Has counsel written the perimeter in a memo you can file?

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 Ledger S.à r.l.
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.

  • Luxembourgnamed
  • EEA professionalnamed
  • Mainland China retailrestricted
  • United Statesrestricted

Team

Who runs it.

  • Lars CostaChief executive
  • Devon DiazHead of product

Stack

  • Receipt registry
  • Warehouse receipts
  • Takedown SLA
  • Audit log

Named with them

  • Northbridge Counsel

Who can decide

Lars Costa came in named. The team is not a handle. Poplar Ledger S.à r.l. exists, founded 2024, headquartered in Luxembourg. Anonymity would have been an automatic decline.

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

Claims with evidence

Statements with evidence.

StatementEvidenceStatus
Poplar Ledger does not sell a token to the public on this padPosture locklive
The product is warehouse receipts sold to institutionsArchitecture + customer typedraft
Receipt registry is the method — not a listed assetPaper onlydraft
Retail buyers are out of scopeNamed markets locklive
Any raise completes with the issuer’s counsel and providers — not on RCA PadFixed-fee termslive
Production date for the chain layer is not committedNo board minutedraft
No public token is sold on this padEngagement terms + posture locklive
Customers contemplated: Luxembourg, EEA professionalNamed markets on the filedraft

On the record

  1. Application APP-4266ScreenSep
  2. Counsel questionPathSep

Operating log

  1. 06 Sep 10:00

    Application scored. Poplar Ledger is not a calendar slot.

  2. 11 Sep 10:12

    Counsel question sent. Name a path or lock not-offering.

Path to now

  1. Now

    Screen

    Calendar is never automatic.

  2. 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.

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.