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

THIN

Closed

CLOSEDReinsurance records

Thistle Mere

Window closed. 1,542 asked while it was live. You are reading history.

You can open twelve thinner companies. Or this one, once, while the window is still a number.

Thistle 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

Seoul · closed private round

Sentences killed

Before listing

Claims live

0/14

Sprint

Our cut

Of any proceeds

Plate Vault · 6845

THIN

The plate

Vault. Edition 6845.

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

THIN · Seoul · Reinsurance records

Score

Desk diligence

Pilots

Named, redacted

Waitlist

Product demand

Seoul

Licensed venues

Sells

Carrier

Carrier seat

Markets

Seoul

Years

Founded 2025

Surfaces

Treaty book

Complete

File readiness

The wedge

Carrier seat

Thistle 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

4 named pilots (redacted).

Founded 2025, headquartered in Seoul. 4 named pilots on file (identities redacted in public). 1,542 on the waitlist, gated — product demand, not a book built. 8 nodes or connected surfaces reported. Desk diligence score 92/100. A named Seoul administrator who already signs the pack (redacted). 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.

Guidewire is the system of record. This is the slip between markets. 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 Reinsurance records is not a rumour. It is how this board stays readable. Thistle Mere is what survived. That is the sell.

If you leave this page without opening the claims table, you have read marketing. The scarce version of Thistle Mere is the version that survives counsel. It is on a clock.

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

From the screen

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

From counsel

A dual-control drill exists on paper. Production evidence is the next artefact, not a tweet.

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.

If the window closes you still have the pack — as history. Not as a live conversation.

1,542 people did not join a waitlist for a ticker. They joined for a job.

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: 5
Counsel hours on file: 87
Asks / week: 193
Our cut: 0% of proceeds

The waitlist is people who want the product. If they wanted a coin they would be on a different pad.
Amira Novak, Chief executive

This company

Thistle Mere

Twelve Reinsurance records decks look the same. One of them has a Seoul customer on the record.

In the same conversation

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

The bet

Why this company exists.

Thistle 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. Thistle Mere is priced as software against an invoice that already exists.

Seoul 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
06The legal source of truth stays with the incumbent register, admin, or custodian.

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.

Named operators
31%
The remaining certifications and the second named market.
Certifications & adapters
24%
A counsel memo that can survive a later reader.
Claims & campaign ops
22%
Hiring the operator who already does this job at a licensed firm.
Second market
23%
Keeping the public story from running ahead of the claims register.

Operating week

What “in market” actually looks like.

SatDarkNo creators. No threads. Restricted geos stay dark.
MonClaimsEvery public sentence checked against the register. Anything extra is unpublished.
SunOwnersWho can decide messaging and budget on a recorded line. If the answer is nobody, stop.
TueExceptionsOvernight breaks post back into the customer’s case system. No side book.

The wedge

Why this one, not the other one.

They sell: Carrier seat
Who pays: A named Seoul administrator who already signs the pack (redacted).
Unit economics: Per-event pricing so a pilot can start without a transformation programme.
Moat on file: Claim events post back into the carrier’s existing system.
Switching cost: The customer’s auditor has seen this book. Switching means a new auditor conversation.
Vs the comps: Guidewire is the system of record. This is the slip between markets.
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.

Growth money would extend the record to a second geography, still permissioned.

Traction

What you can verify today.

Operating notes for Treaty book
No token contract listed as a public sale
Pilot letters on file, identities redacted
Seoul 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 maturity52
Demand48
Market access68

Risks

What can kill it.

The one that actually kills it

A second geography without a lock

Extending the record into a market that is still restricted is how a clean Seoul story becomes a fact pattern. The restricted list exists for a reason: United States retail.

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

Token relapse

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

Ask these next

01Which incumbent can copy this in a quarter, and what would they have to migrate?
02Who is the first named paying customer — not a letter of intent?
03If RCA Pad disappeared tomorrow, could the customer still run the job?
04Where do keys, title, or NAV liability sit — and is that person licensed?
05What does renewal look like if no round ever happens?
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: Thistle Mere Ltd
Path on file: Seoul · closed private round
Posture: Window closed
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.

Seoulnamed
United Kingdomnamed
United States retailrestricted

Team

Who runs it.

Amira NovakChief executive
Jonah ChoChief executive

Stack

Treaty book
Reinsurance records
Disclosure templates
Audit log

Named with them

Northbridge Counsel
Helix Audit
Meridian Tax

Who can decide

Amira Novak came in named. The team is not a handle. Thistle Mere Ltd exists, founded 2025, headquartered in Seoul. 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
Thistle 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	No board minute	withdrawn
No public token is sold on this pad	Engagement terms + posture lock	withdrawn
Customers contemplated: Seoul, 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
Thistle 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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