The wedge
Per title event
A warehouse that writes the event is worth more than a bank that only reads it.
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
THIG
In market
IN MARKETTrade financeThistle Yard
Pilots named (redacted). Waitlist not. 1,770 names. Your move.
A dual-control drill is on paper. A named licensed party holds the liability. That is rarer than a waitlist.
Thistle Yard — 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. 1,770 on the product waitlist — that is demand, not an allocation.
Archive is free. Live access is timed. Thistle Yard is timed.
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
0
Window
Closed
Heat
0/99
Inbound / wk
0asks
Asking now
0live
Named pilots
0
Redacted on the public page
Live nodes
0
Permissioned L2
Counsel hours
0
Vancouver · counsel-named
Sentences killed
0
Before listing
Claims live
8/10
Growth
Our cut
0%
Of any proceeds
Plate Meridian · 4813
THIG
The plate
Meridian. Edition 4813.
A unique plate for Thistle Yard. Geometry, orbit, and edition belong to this company — no other listing on the board shares it.
THIG · Vancouver · Trade finance
Score
0
Desk diligence
Pilots
0
Named, redacted
Waitlist
0
Product demand
HQ
Vancouver
Trade-finance banks
Sells
Per
Per title event
Markets
0
Vancouver
Years
0
Founded 2025
Surfaces
0
Permissioned L2
Complete
0
File readiness
Why the desk took it
A real job, not a ticker.
Public listing of cargo was refused on day one.
Traction
2 named pilots (redacted).
Founded 2025, headquartered in Vancouver. 2 named pilots on file (identities redacted in public). 1,770 on the waitlist, gated — product demand, not a book built. 24 nodes or connected surfaces reported. Desk diligence score 87/100. A treasurer at a bank that already settles — not a crypto-native desk. A redacted engagement letter landed in week one. That is why the desk took the meeting.
Next 12 months
One financed shipment against this record.
Bank portals are silos. Thistle Yard is the record both sides file. 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.
Most Trade finance decks start with a market size. This one starts with a job: a person at a licensed firm, a record they cannot currently prove, and a calendar that does not wait for a proposed US rule. The calendar is the window. The window is the scarce thing.
If you leave this page without opening the claims table, you have read marketing. The scarce version of Thistle Yard is the version that survives counsel. It is on a clock.
A dual-control drill sits on paper. Keys, title, or NAV liability sit with a named licensed party — not Thistle Yard. The architecture says so. We have not watched the drill live. That is the next ask, not a slogan.
From ops
US persons are outside the audience. A form that asks “are you accredited?” without verification is not an exemption.
From counsel
The legal source of truth stays with the incumbent register, admin, or custodian. Thistle Yard does not attest to its own facts.
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.
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.
Budget exists on a line the board can see. That is why the window is this quarter.
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
- 18
- Counsel hours on file
- 41
- Asks / week
- 221
- Our cut
- 0% of proceeds
We would rather be archive-clean than live-loud. The waitlist showed up anyway.
This company
Thistle Yard
The copycats will arrive after certification. That is why the window is now.
In the same conversation
- Contour / we.trade (history)
- CargoX
- Bank trade portals
- Not a commodity NFT
The bet
Why this company exists.
A warehouse that writes the event is worth more than a bank that only reads it.
A warehouse that writes the event is worth more than a bank that only reads it.
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
L2 wrappers are cheaper. They are also a different perimeter — and declined here. Thistle Yard is priced as software against an invoice that already exists.
Vancouver 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
- 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
- 06Retail and unnamed geographies are structurally off the form, not only in the footer.
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.
Certifications & adapters
37%
A counsel memo that can survive a later reader.
Claims & campaign ops
25%
Keeping the public story from running ahead of the claims register.
Control environment
16%
The remaining certifications and the second named market.
Counsel & perimeter
22%
Dual-control drills, key ceremonies, and the person who owns them.
Operating week
What “in market” actually looks like.
- SatDarkNo creators. No threads. Restricted geos stay dark.
- FriKill switchRehearse unpublish in 24 hours. If it takes a committee, it is not a switch.
- SunOwnersWho can decide messaging and budget on a recorded line. If the answer is nobody, stop.
- ThuCustomerNamed pilot (redacted) sees the same record the auditor saw.
The wedge
Why this one, not the other one.
- They sell
- Per title event
- Who pays
- A treasurer at a bank that already settles — not a crypto-native desk.
- Unit economics
- Bps on a job that already has a budget line. A public coin would not make the invoice larger.
- Moat on file
- A named warehouse or port has written a live event.
- Switching cost
- Once the record is the record, the incumbent copy has to migrate history. That is the year.
- Vs the comps
- Bank portals are silos. Thistle Yard is the record both sides file.
- 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.
A redacted engagement letter landed in week one. That is why the desk took the meeting.
If they raise, it is to hire the remaining certifications and the second market — not to float a coin.
Traction
What you can verify today.
Founded 2025, headquartered in Vancouver. 2 named pilots on file (identities redacted in public). 1,770 on the waitlist, gated — product demand, not a book built. 24 nodes or connected surfaces reported. Desk diligence score 87/100. A treasurer at a bank that already settles — not a crypto-native desk. A redacted engagement letter landed in week one. That is why the desk took the meeting.
- Operating notes for Permissioned L2
- No token contract listed as a public sale
- Pilot letters on file, identities redacted
- Vancouver 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.”
- Product82
- Customers78
- Legal path84
- Tech maturity94
- Demand49
- 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.
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 Thistle Yard in a different perimeter. The file treats that as a hard stop.
Ask these next
- 01Has counsel written the perimeter in a memo you can file?
- 02Which geography is actually locked, and which is a hope?
- 03If RCA Pad disappeared tomorrow, could the customer still run the job?
- 04Who is the first named paying customer — not a letter of intent?
- 05Which incumbent can copy this in a quarter, and what would they have to migrate?
- 06What does renewal look like if no round ever happens?
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
- Thistle Yard Ltd
- Path on file
- Vancouver · 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.
- Vancouvernamed
- Public residual claimsrestricted
Team
Who runs it.
- Oskar NovakChief executive
- Kofi KrügerChief technology
Stack
- Permissioned L2
- Trade finance
- Takedown SLA
- Audit log
Named with them
- Clearline
- Meridian Tax
Who can decide
The technical founder is on the record as Chief technology. Contractors in undisclosed jurisdictions are written down as a fact, not hidden. Facts can be managed. Hiding them is how companies die in diligence.
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 Yard does not sell a token to the public on this pad | Posture lock | live |
| The product is trade finance sold to institutions | Architecture + customer type | live |
| Permissioned L2 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 |
| Pilot identities redacted in public | No board minute | draft |
| No public token is sold on this pad | Engagement terms + posture lock | live |
| Customers contemplated: Vancouver | Named markets on the file | live |
On the record
- Sprint packPackJun
- Counsel lockPathJul
- Claims register liveRegisterAug
- Creator briefBriefSep
Operating log
11 Sep 09:22
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.
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.