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

POPP

Closed

CLOSEDReinsurance records

Poplar Mere

Window closed. 994 asked while it was live. You are reading history.

They killed 3 public sentences before we listed them. Thin files do not get that far.

Poplar Mere — A permissioned netting engine for trading venues and brokers that are already licensed. It reduces what has to settle. It is not a new CCP, and it is not a collateral token.

Closed on this board. Any capital event was completed with the issuer’s own providers. RCA Pad took 0%.

Closed. The live conversation is over. The pack remains as archive.

Diligence, not a prospectus. RCA Pad does not allocate, take orders, or close funding. If this company raises, it raises with its own counsel.

Waitlist

Window

Closed

Heat

0/99

Inbound / wk

0asks

Asking now

0live

Named pilots

Redacted on the public page

Live nodes

Treaty book

Counsel hours

United States professional · closed private round

Sentences killed

Before listing

Claims live

0/11

Growth

Our cut

Of any proceeds

Plate Orbit · 2973

POPP

The plate

Orbit. Edition 2973.

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

POPP · Boston · Reinsurance records

Score

Desk diligence

Pilots

Named, redacted

Waitlist

Product demand

Boston

Licensed venues

Sells

Per

Per bordereau cycle

Markets

United States professional

Years

Founded 2025

Surfaces

Treaty book

Complete

File readiness

The wedge

Per bordereau cycle

Poplar Mere is replacing the PDF slip, not the carrier.

Why the desk took it

A real job, not a ticker.

No policy-as-token in the revenue model.

Traction

3 named pilots (redacted).

Founded 2025, headquartered in Boston. 3 named pilots on file (identities redacted in public). 994 on the waitlist, gated — product demand, not a book built. 6 nodes or connected surfaces reported. Desk diligence score 77/100. 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 on whether the record is a regulated contract.

Excel bordereaux are the incumbent. Beat that. 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.

Boston 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 Mere chose it for that reason. Counterparties who still think this is a ‘global’ story are already late.

Poplar Mere exists because the incumbent brand will not staff the unglamorous middle of Reinsurance records. The product is that middle. The token, if it ever exists, is not the product — and is not for sale here. The people in the queue already understood the difference.

A sentence went public and came down in under an hour. Mei Khan treated the kill as an operating skill, not a PR event. Files that cannot do this do not stay listed.

From counsel

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

From the founder

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

From ops

US persons are outside the audience. A form that asks “are you accredited?” without verification is not an exemption.

The window

Miss this and you read the archive.

Waiting for a proposed US rule is how you miss a Boston buyer who already has budget.

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

The scarce thing is not the company. It is the next 0 days of a live conversation.

Window

Closed

Closed. History only — not a place to buy.

Sentences killed: 3
Counsel hours on file: 35
Asks / week: 124
Our cut: 0% of proceeds

We would rather be archive-clean than live-loud. The waitlist showed up anyway.
Mei Khan, Chief executive

This company

Poplar Mere

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

In the same conversation

LCH / Eurex (incumbent CCPs)
Caldastone-style utilities
Not a DeFi clearinghouse

The bet

Why this company exists.

Poplar Mere is replacing the PDF slip, not the carrier.

T+1 and capital rules make gross settlement expensive. Venues will buy netting as a service before they will buy a new licence.

Post-trade cost is a line on every broker P&L. A 10% cut in settlement fails is a CFO conversation.

Versus the field

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

Boston 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

01Members post positions they already hold
02The engine nets what the rulebook allows
03Only the residual hits the existing settlement rail
04Collateral as a token is an exclusion on this file
05Claim and premium events update the same slip the markets already signed
06Exceptions post back into the customer’s existing case system — no side spreadsheet.

In the same conversation as

LCH / Eurex (incumbent CCPs)
Caldastone-style utilities
Not a DeFi clearinghouse

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
40%
Keeping the public story from running ahead of the claims register.
Certifications & adapters
24%
Dual-control drills, key ceremonies, and the person who owns them.
Counsel & perimeter
20%
The remaining certifications and the second named market.
Second market
16%
Adapter work against the incumbent register, admin, or custodian.

Operating week

What “in market” actually looks like.

FriKill switchRehearse unpublish in 24 hours. If it takes a committee, it is not a switch.
SatDarkNo creators. No threads. Restricted geos stay dark.
ThuCustomerNamed pilot (redacted) sees the same record the auditor saw.
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 bordereau cycle
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: A coverholder has written a live binder on this record.
Switching cost: Scheme maps, ISO, LMA language, registry adapters — eighteen months of unglamorous work.
Vs the comps: Excel bordereaux are the incumbent. Beat that.
Why we listed it: No policy-as-token in the revenue model.

Next twelve months

What has to be true.

Counsel on whether the record is a regulated contract.

They killed their own ‘token as fee’ sentence before we asked. Rare, and it scored.

They have not asked us to run a sale. That ask would close the file.

Traction

What you can verify today.

Operating notes for Treaty book
No token contract listed as a public sale
Named founder; customer still a conversation
Boston is the operating centre
The waitlist, if any, is a product list — not a book
Raise, if any, closed with issuer providers

Readiness

Six things a serious buyer asks. 100 is “ready to take to counsel and a customer.”

Product95
Customers96
Legal path84
Tech maturity46
Demand45
Market access68

Risks

What can kill it.

The one that actually kills it

The founder wants a public book

The moment Poplar Mere 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.

CCP perimeter

If a regulator reads this as clearing, the licence problem is existential.

Collateral token

That ask has been refused on files like this. It should stay refused.

Member default

Who eats the loss? If the answer is ‘the protocol’, there is no protocol that can.

Incumbent freeze-out

CCPs can copy the netting logic faster than a startup can collect members.

Not a carrier

If Poplar Mere looks like it is taking risk, it needs a licence. The file says it does not. Keep it that way.

Single-customer gravity

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

Ask these next

01Where do keys, title, or NAV liability sit — and is that person licensed?
02Who is the first named paying customer — not a letter of intent?
03If RCA Pad disappeared tomorrow, could the customer still run the job?
04Has counsel written the perimeter in a memo you can file?
05Is the waitlist demand for a product, or a queue for a coin?
06Who can unpublish a public sentence in 24 hours, by name?

Structure

How money would actually move.

Window closed. Tombstone is theirs. Archive is ours. 0% of proceeds.

Entity: Poplar Mere Inc. · Delaware
Path on file: United States professional · closed private round
Posture: Window closed
Pack: Growth

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.

United States professionalnamed
United Kingdomnamed
Mainland China retailrestricted

Team

Who runs it.

Mei KhanChief executive
Ines ChoChief compliance

Stack

Treaty book
Reinsurance records
Audit log
Disclosure templates

Named with them

Northbridge Counsel
Clearline

Who can decide

Mei Khan (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, Poplar Mere is a services firm with a slide. The twelve-month test is renewal, not waitlist.

Claims with evidence

Statements with evidence.

Statement	Evidence	Status
Poplar Mere does not sell a token to the public on this pad	Posture lock	withdrawn
The product is reinsurance records sold to institutions	Architecture + customer type	withdrawn
Treaty book is the method — not a listed asset	Desk snapshot	withdrawn
Retail buyers are out of scope	Named markets lock	withdrawn
Any raise completes with the issuer’s counsel and providers — not on RCA Pad	Fixed-fee terms	withdrawn
Production date for the chain layer is not committed	Desk file	withdrawn
No public token is sold on this pad	Engagement terms + posture lock	withdrawn
Customers contemplated: United States professional, United Kingdom	Named markets on the file	withdrawn

On the record

Final registerArchiveAug
Close reportReportAug
Tombstone copyArchiveAug

Operating log

19 Aug 10:00
Close report. 0% of proceeds.
12 Aug 18:00
Poplar Mere archived. Live claims withdrawn.
11 Aug 09:30
Final creator pass. Residual claims pulled.

Path to now

Open
File
Before any public sentence.
Close
Archive
We did not take a cut.

Not a subscription

This is not a sale page.

Window closed. Tombstone is theirs. Archive is ours. 0% of proceeds. 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

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