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

THI3

In diligence
IN MOTIONCarbon inventories

Thistle Room

Most of Carbon inventories died in the screen. Thistle Room did not.

Mei Diaz will not run a public sale on this pad. The listing exists because of that sentence.

Thistle Room — A ledger of energy certificates (GOs, RECs) for producers and offtakers who already sit in a national registry. It moves the event faster. It does not invent a green token for Twitter.

In a 14-day diligence sprint (day 12). This is when the story, the customers and the legal path get written down — or the file stops.

They unpublish in an hour. They will not wait for your committee to finish reading.

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

Sprint day

0/14

Window

Closed

Heat

0/99

Inbound / wk

0asks

Asking now

0live

Named pilots

0

Redacted on the public page

Live nodes

0

Inventory ledger

Counsel hours

0

Not offering — locked

Sentences killed

0

Before listing

Claims live

1/7

Sprint

Our cut

0%

Of any proceeds

Plate Horizon · 7678

THI3

The plate

Horizon. Edition 7678.

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

THI3 · Singapore · Carbon inventories

Score

0

Desk diligence

Pilots

0

Named, redacted

Sprint

0

Day 12 of 14

HQ

Singapore

Producers

Sells

Per

Per certificate event

Markets

0

Singapore

Years

0

Founded 2025

Surfaces

0

Inventory ledger

Complete

0

File readiness

The wedge

Per certificate event

Thistle Room shortens retirement, it does not invent a tonne.

Why the desk took it

A real job, not a ticker.

Registry cooperation is in writing, even if early.

Traction

2 named pilots (redacted).

Founded 2025, headquartered in Singapore. 2 named pilots on file (identities redacted in public). 3 nodes or connected surfaces reported. Desk diligence score 83/100. Sprint day 12 of 14. A warehouse or port that has written a live event. Counsel is named, even if the memo is still a draft. Unnamed counsel is how files die.

Next 12 months

Still dual-record with the registry.

Xpansiv is a market. This is the event under a registry. 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.

Singapore is not a backdrop. It is the jurisdiction where a named customer can be sued, called, and asked a question on a recorded line. Thistle Room chose it for that reason. Counterparties who still think this is a ‘global’ story are already late.

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

The auditor of a redacted pilot has seen a dual-record. Switching away now means a new auditor conversation. That is the switching cost — not the logo.

From counsel

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

From the screen

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

From the pilot

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

The window

Miss this and you read the archive.

When the heat drops, the named customer is still named — they just stop taking new calls.

Counsel hours on file: enough that a later reader can tell this was not improvised.

Read it once, properly, while the number is still green. Then decide.

Window

Closed

Closed. History only — not a place to buy.

Sentences killed
3
Counsel hours on file
63
Asks / week
37
Our cut
0% of proceeds

The decline pile is a compliment. It means the screen still means something.

Mei Diaz, Chief executive

This company

Thistle Room

The copycats will arrive after certification. That is why the window is now.

In the same conversation

  • National GO registries
  • Xpansiv
  • Not a public carbon coin

The bet

Why this company exists.

Thistle Room shortens retirement, it does not invent a tonne.

Thistle Room shortens retirement, it does not invent a tonne.

Corporate offtakers are being asked to prove what they bought. Registries lag. A dual record that the registry still owns is sellable.

GO and REC markets are measured in tens of billions. Ops software is a thin slice with high switching costs.

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.

Singapore 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 certificate that exists in a registry is evented here
  2. 02Delivery and retirement are visible to the offtaker
  3. 03The registry remains the legal source
  4. 04No public ‘carbon token’ sale on this pad
  5. 05Delivery and retirement are visible to the offtaker; the registry remains source
  6. 06A named counterparty verifies; Thistle Room does not attest to its own facts.

In the same conversation as

  • National GO registries
  • Xpansiv
  • Not a public carbon coin

If they raise

Where the money would actually go.

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

  • Claims & campaign ops

    30%

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

  • Certifications & adapters

    21%

    Adapter work against the incumbent register, admin, or custodian.

  • Named operators

    18%

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

  • Counsel & perimeter

    31%

    Keeping the public story from running ahead of the claims register.

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. SatDarkNo creators. No threads. Restricted geos stay dark.
  3. MonClaimsEvery public sentence checked against the register. Anything extra is unpublished.
  4. 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 certificate event
Who pays
A warehouse or port that has written a live event.
Unit economics
Annual software against an ops cost the board can see. Switching cost is the record, not the brand.
Moat on file
An offtaker has retired a certificate via this event.
Switching cost
Network effects only if a second named counterparty writes. One customer is a service firm.
Vs the comps
Xpansiv is a market. This is the event under a registry.
Why we listed it
Registry cooperation is in writing, even if early.

Next twelve months

What has to be true.

Still dual-record with the registry.

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.

Founded 2025, headquartered in Singapore. 2 named pilots on file (identities redacted in public). 3 nodes or connected surfaces reported. Desk diligence score 83/100. Sprint day 12 of 14. A warehouse or port that has written a live event. Counsel is named, even if the memo is still a draft. Unnamed counsel is how files die.

  • Operating notes for Inventory ledger
  • No token contract listed as a public sale
  • Named founder; customer still a conversation
  • Singapore 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.”

  • Product29
  • Customers62
  • Legal path62
  • Tech maturity45
  • Demand66
  • 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.

Double count

If the registry and this ledger can both be sold, the product is a liability.

Green token

A freely traded climate token is usually a commodity or a security. This pad will not sell it.

Registry cooperation

Without the registry, this is a shadow certificate.

Policy

GO rules move. The product has to move with them, not ahead of them.

Double count

If the registry and this ledger can both be sold, Thistle Room is a liability. Dual-record or nothing.

Token relapse

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

Ask these next

  1. 01Which incumbent can copy this in a quarter, and what would they have to migrate?
  2. 02Who is the first named paying customer — not a letter of intent?
  3. 03What happens if a founder later wants a public token?
  4. 04Who can unpublish a public sentence in 24 hours, by name?
  5. 05Has counsel written the perimeter in a memo you can file?
  6. 06Is the waitlist demand for a product, or a queue for a coin?

Structure

How money would actually move.

Sprint is diligence, not a raise. A pack at the end is a file the company can take to its own lawyers and investors. RCA Pad does not complete funding.

Entity
Thistle Room Pte. Ltd.
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.

  • Singaporenamed
  • Hong Kong professionalnamed
  • Mainland China retailrestricted

Team

Who runs it.

  • Mei DiazChief executive
  • Oskar AdeyemiChief compliance

Stack

  • Inventory ledger
  • Carbon inventories
  • Approval trail

Named with them

  • Meridian Tax

Who can decide

Mei Diaz (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.

A second counterparty writing into the record is the only network effect that counts. One customer is a consultancy. Two is a market.

Claims with evidence

Statements with evidence.

StatementEvidenceStatus
Thistle Room does not sell a token to the public on this padPosture locklive
The product is carbon inventories sold to institutionsArchitecture + customer typelive
Inventory ledger is the method — not a listed assetDesk snapshotlive
Retail buyers are out of scopeNamed markets locklive
Any raise completes with the issuer’s counsel and providers — not on RCA PadFixed-fee termslive
Pilot identities redacted in publicNo board minutedraft
No public token is sold on this padEngagement terms + posture locklive
Customers contemplated: Singapore, Hong Kong professionalNamed markets on the filelive

On the record

  1. Day 0 lockKick-offSep
  2. Claim inventoryPackSep
  3. Audience matrix draftPackSep

Operating log

  1. 11 Sep 13:46

    Workshop. Funnel has no purchase step.

  2. 08 Sep 09:00

    Kick-off. Exclusions recorded.

  3. 09 Sep 16:20

    A claim killed for missing evidence.

Path to now

  1. D0

    Kick-off

    Geographies, owners, SLA, exclusions.

  2. D14

    Read-out

    Accept the pack or stop.

Not a subscription

This is not a sale page.

Sprint is diligence, not a raise. A pack at the end is a file the company can take to its own lawyers and investors. RCA Pad does not complete funding. 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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