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

QUI3

In market

HOT WINDOWShip registry

Quince Room

7,179 already asked. The window is a few days. After that, archive.

The protocol pitch was declined. What remains is software against an invoice. 7,179 people still asked.

Quince Room — 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.

Live campaign. 7,179 on the product waitlist — that is demand, not an allocation.

Window a fewd. Waitlist 7,179. 170 asks this week. This is not a quiet listing.

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

Hull title chain

Counsel hours

Brussels · counsel-named

Sentences killed

Before listing

Claims live

4/8

Growth

Our cut

Of any proceeds

Plate Vault · 4981

QUI3

The plate

Vault. Edition 4981.

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

QUI3 · Brussels · Ship registry

Score

Desk diligence

Pilots

Named, redacted

Waitlist

Product demand

Brussels

Trade-finance banks

Sells

Per

Per title event

Markets

Brussels

Years

Founded 2024

Surfaces

Hull title chain

Complete

File readiness

The wedge

Per title event

Quince Room digitises a hold, not a commodity.

Why the desk took it

A real job, not a ticker.

Public listing of cargo was refused on day one.

Traction

4 named pilots (redacted).

Founded 2024, headquartered in Brussels. 4 named pilots on file (identities redacted in public). 7,179 on the waitlist, gated — product demand, not a book built. 11 nodes or connected surfaces reported. Desk diligence score 90/100. A coverholder or carrier running one binder on this record. Counsel is named, even if the memo is still a draft. Unnamed counsel is how files die.

Next 12 months

One financed shipment against this record.

Contour tried a network. This is an event on cargo that already moves. They win if they are cheaper than the internal build, not cheaper than a protocol.

The brief

How a serious reader should hold this.

The first sentence Marcus Ellison would not let us publish was the exciting one. What remains is slower — and scarcer: Quince Room Ltd selling Ship registry as software, from Brussels, to a buyer who already pays someone else to do this badly. That buyer is named. You are not, yet.

Quince Room exists because the incumbent brand will not staff the unglamorous middle of Ship registry. 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. Marcus Ellison treated the kill as an operating skill, not a PR event. Files that cannot do this do not stay listed.

From the pilot

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

From the founder

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

From ops

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.

The window

Miss this and you read the archive.

The next Ship registry company on this board will not have this waitlist, this HQ, or this counsel posture.

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: 7
Counsel hours on file: 65
Asks / week: 897
Our cut: 0% of proceeds

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

This company

Quince Room

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.

Quince Room 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

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.

Named: Brussels, United Kingdom. Off-limits: United States retail. A US person hearing an offering communication is a US problem even if the company sits in Brussels. Blocking an IP and taking a US Telegram admin is not a block.

How it works

01A document that already exists is hashed and evented
02Title changes when the parties that already can change it say so
03Financiers see the state they are underwriting
04No public listing of the cargo as an asset
05Title changes only when the parties that already can change it say so
06Exceptions post back into the customer’s existing case system — no side spreadsheet.

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.

Second market
28%
Keeping the public story from running ahead of the claims register.
Counsel & perimeter
27%
The remaining certifications and the second named market.
Named operators
15%
A counsel memo that can survive a later reader.
Certifications & adapters
30%
Dual-control drills, key ceremonies, and the person who owns them.

Operating week

What “in market” actually looks like.

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.
FriKill switchRehearse unpublish in 24 hours. If it takes a committee, it is not a switch.
SatDarkNo creators. No threads. Restricted geos stay dark.

The wedge

Why this one, not the other one.

They sell: Per title event
Who pays: A coverholder or carrier running one binder on this record.
Unit economics: They win if they are cheaper than the internal build, not cheaper than a protocol.
Moat on file: A bank has funded against this record on at least one shipment.
Switching cost: Permissioned connectivity is the moat. Public endpoints would erase it.
Vs the comps: Contour tried a network. This is an event on cargo that already moves.
Why we listed it: Public listing of cargo was refused on day one.

Next twelve months

What has to be true.

One financed shipment against this record.

Counsel is named, even if the memo is still a draft. Unnamed counsel is how files die.

Capital would fund the adapter work and a named counsel memo, not a public sale.

Traction

What you can verify today.

Operating notes for Hull title chain
No token contract listed as a public sale
Named founder; customer still a conversation
Brussels 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.”

Product66
Customers96
Legal path84
Tech maturity79
Demand76
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 Quince Room in a different perimeter. The file treats that as a hard stop.

Ask these next

01Where do keys, title, or NAV liability sit — and is that person licensed?
02Who can unpublish a public sentence in 24 hours, by name?
03What does renewal look like if no round ever happens?
04Which geography is actually locked, and which is a hope?
05What happens if a founder later wants a public token?
06Who is the first named paying customer — not a letter of intent?

Structure

How money would actually move.

If this company raises, it raises with its own counsel and providers. The waitlist is a product list. It is not a round, a book, or an allocation on RCA Pad. We do not take a cut.

Entity: Quince Room Ltd
Path on file: Brussels · counsel-named
Posture: No public sale
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.

Brusselsnamed
United Kingdomnamed
United States retailrestricted

Team

Who runs it.

Marcus EllisonChief executive
Sasha MoreauChief technology

Stack

Hull title chain
Ship registry
Audit log
Disclosure templates

Named with them

Northbridge Counsel

Who can decide

Marcus Ellison came in named. The team is not a handle. Quince Room Ltd exists, founded 2024, headquartered in Brussels. Anonymity would have been an automatic decline.

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

Claims with evidence

Statements with evidence.

Statement	Evidence	Status
Quince Room does not sell a token to the public on this pad	Posture lock	live
The product is ship registry sold to institutions	Architecture + customer type	live
Hull title chain 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	Desk file	draft
No public token is sold on this pad	Engagement terms + posture lock	live
Customers contemplated: Brussels, United Kingdom	Named markets on the file	live

On the record

Sprint packPackJun
Counsel lockPathJul
Claims register liveRegisterAug
Creator briefBriefSep

Operating log

11 Sep 09:34
Takedown SLA idle-tested.
08 Sep 11:40
A claim held for missing evidence.
04 Sep 08:22
Weekly report issued to the desk.
01 Sep 14:08
Creator set on disclosure. No buy language.

Path to now

Sprint
Pack accepted
Narrative, matrix, claims locked.
Path
Counsel names it
Or the file stays not-offering.
Live
Campaign
Waitlist and register. No purchase journey.

Not a subscription

This is not a sale page.

If this company raises, it raises with its own counsel and providers. The waitlist is a product list. It is not a round, a book, or an allocation on RCA Pad. We do not take a cut. 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.