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

POPU

Screened

SCREENEDWholesale FX

Poplar Mark

Budget exists on a board line. This is this quarter, not ‘when the rule opens’.

A named Montreal customer is already on the record. The public still thinks this is a deck.

Poplar Mark — A permissioned DvP rail: cash against asset between banks, FMIs or funds that already have accounts with each other. It is the moment of exchange, not a new listed asset.

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

The named customer already picked. The waitlist is everyone who was late to that fact.

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

Redacted on the public page

Live nodes

Permissioned FX rail

Counsel hours

Not offering — locked

Sentences killed

Before listing

Claims live

1/4

Sprint

Our cut

Of any proceeds

Plate Meridian · 3633

POPU

The plate

Meridian. Edition 3633.

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

POPU · Montreal · Wholesale FX

Score

Desk diligence

Pilots

None on file

Stage

upcoming

Montreal

Banks

Sells

Bank

Bank seat

Markets

Montreal

Years

Founded 2021

Surfaces

Permissioned FX rail

Complete

File readiness

The wedge

Bank seat

The wedge is weekend FX: 24/5 still leaks P&L.

Why the desk took it

Early — still a question.

Retail was never in the deck.

Traction

No paying pilot on the public file.

Founded 2021, headquartered in Montreal. No named paying pilot on the file yet — that is the first question. 1 nodes or connected surfaces reported. Desk diligence score 66/100. A qualified custodian reconciling against this book. They killed their own ‘token as fee’ sentence before we asked. Rare, and it scored.

Next 12 months

Two banks quoting live.

CLS is the club. Poplar Mark has to feed it, not fight it. 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.

The decline pile in Wholesale FX is not a rumour. It is how this board stays readable. Poplar Mark is what survived. That is the sell.

The bet is narrow. A named Montreal buyer already has budget for this invoice. Poplar Mark wins if it is cheaper than the internal build and cleaner than the protocol pitch. It loses if a founder later wants a public book. The window is the time you have to decide which it is.

On a Tuesday in Montreal, 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 the pilot

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

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.

Founders who want a pack this tight apply. Readers who wait get a closed stamp.

Restricted markets stay dark. Named markets are live. That discipline is the scarce thing.

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: 9
Counsel hours on file: 6
Asks / week: 3
Our cut: 0% of proceeds

If RCA Pad ever asked for a cut of a raise, we would walk. That is in the first email.
Eva Ibrahim, Chief executive

This company

Poplar Mark

Open-source looks free until the auditor asks who attests. Poplar Mark has an answer.

In the same conversation

CLS
Fnality
RTGS upgrades
Not a public L1

The bet

Why this company exists.

The wedge is weekend FX: 24/5 still leaks P&L.

T+1, 24/7 FX and on-chain funds make overnight risk visible. Banks will connect a rail before they will issue a coin.

Wholesale settlement is a volume business. Even a sliver of fails avoided is a number a treasurer recognises.

Versus the field

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

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

01Two permissioned parties lock an agreed obligation
02Asset and cash move together, or not at all
03Existing accounts are the source of funds
04No public chain sale of the rail’s token
05Matches stay inside named desks; cash still settles where it already settles
06Exceptions post back into the customer’s existing case system — no side spreadsheet.

In the same conversation as

CLS
Fnality
RTGS upgrades
Not a public L1

If they raise

Where the money would actually go.

Not a token float. A budget against work. RCA Pad still takes 0% of proceeds.

Counsel & perimeter
39%
Keeping the public story from running ahead of the claims register.
Control environment
19%
A counsel memo that can survive a later reader.
Certifications & adapters
16%
Adapter work against the incumbent register, admin, or custodian.
Second market
26%
Dual-control drills, key ceremonies, and the person who owns them.

Operating week

What “in market” actually looks like.

MonClaimsEvery public sentence checked against the register. Anything extra is unpublished.
ThuCustomerNamed pilot (redacted) sees the same record the auditor saw.
SunOwnersWho can decide messaging and budget on a recorded line. If the answer is nobody, stop.
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: Bank seat
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: Two banks quoting inside the permissioned room.
Switching cost: Once the record is the record, the incumbent copy has to migrate history. That is the year.
Vs the comps: CLS is the club. Poplar Mark has to feed it, not fight it.
Why we listed it: Retail was never in the deck.

Next twelve months

What has to be true.

Two banks quoting live.

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.

Architecture paper — no production customer on the public file
No token contract listed as a public sale
Named founder; customer still a conversation
Montreal 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.”

Product18
Customers18
Legal path62
Tech maturity31
Demand10
Market access44

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.

Money issuance

If the rail issues a settlement asset, it is in the e-money / deposit perimeter.

Legal finality

Atomic in software is not final in court. Ask which law says it is.

Incumbent RTGS

Central banks are not asleep. A feature can become a standard.

Public token

Listing the rail’s unit is a sale. This pad does not run that sale.

Issuing the cash

If Poplar Mark issues a stablecoin to make this atomic, the company becomes an e-money problem.

Single-customer gravity

If the first named buyer is also the only buyer, Poplar Mark 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?
02Who can unpublish a public sentence in 24 hours, by name?
03Which geography is actually locked, and which is a hope?
04Where do keys, title, or NAV liability sit — and is that person licensed?
05Has counsel written the perimeter in a memo you can file?
06Is the waitlist demand for a product, or a queue for a coin?

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 Mark 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.

Montrealnamed
Global publicrestricted
United Statesrestricted

Team

Who runs it.

Eva IbrahimChief executive
Eva KrügerHead of product

Stack

Permissioned FX rail
Wholesale FX
Disclosure templates
Approval trail

Named with them

Northbridge Counsel

Who can decide

Eva Ibrahim came in named. The team is not a handle. Poplar Mark Ltd exists, founded 2021, headquartered in Montreal. 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.

Statement	Evidence	Status
Poplar Mark does not sell a token to the public on this pad	Posture lock	live
The product is wholesale fx sold to institutions	Architecture + customer type	draft
Permissioned FX rail 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	No board minute	draft
No public token is sold on this pad	Engagement terms + posture lock	live
Customers contemplated: Montreal	Named markets on the file	draft

On the record

Application APP-4130ScreenSep
Counsel questionPathSep

Operating log

05 Sep 9:00
Application scored. Poplar Mark 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.

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.