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

UMBT

In market

IN MARKETTrade finance

Umber Dock

Heat 60. 63 asks this week. 0% of any raise comes here.

Heat 60. Window a fewd. If you are going to read one Trade finance company, this is the one.

Umber Dock — 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. 1,643 on the product waitlist — that is demand, not an allocation.

Heat 60 of 99. Hot windows do not stay hot. They close.

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

Permissioned L2

Counsel hours

Edinburgh · counsel-named

Sentences killed

Before listing

Claims live

6/10

Build

Our cut

Of any proceeds

Plate Meridian · 9308

UMBT

The plate

Meridian. Edition 9308.

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

UMBT · Edinburgh · Trade finance

Score

Desk diligence

Pilots

Named, redacted

Waitlist

Product demand

Edinburgh

Trade-finance banks

Sells

Per

Per title event

Markets

Edinburgh

Years

Founded 2025

Surfaces

Permissioned L2

Complete

File readiness

The wedge

Per title event

A warehouse that writes the event is worth more than a bank that only reads it.

Why the desk took it

A real job, not a ticker.

Legal title jurisdiction was in the application. Unusual, and good.

Traction

2 named pilots (redacted).

Founded 2025, headquartered in Edinburgh. 2 named pilots on file (identities redacted in public). 1,643 on the waitlist, gated — product demand, not a book built. 20 nodes or connected surfaces reported. Desk diligence score 90/100. A qualified custodian reconciling against this book. They killed their own ‘token as fee’ sentence before we asked. Rare, and it scored.

Next 12 months

One financed shipment against this record.

Contour tried a network. This is an event on cargo that already moves. They sell a fee the customer already pays a slower vendor for. TAM is that invoice, not a token float.

The brief

How a serious reader should hold this.

Edinburgh is not a backdrop. It is the jurisdiction where a named customer can be sued, called, and asked a question on a recorded line. Umber Dock 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 Umber Dock is the version that survives counsel. It is on a clock.

US traffic was taken off the public surfaces in the first working session. Umber Dock did not argue. Adult companies do not costume a US offering.

From the screen

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

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.

From the pilot

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

The window

Miss this and you read the archive.

Skip it and you read the archive. Counterparties who matter will have already asked.

0% of proceeds. Fixed fee. The incentive is a clean campaign — not a raise.

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

Window

Closed

Closed. History only — not a place to buy.

Sentences killed: 15
Counsel hours on file: 62
Asks / week: 205
Our cut: 0% of proceeds

The decline pile is a compliment. It means the screen still means something.
Devon Ellison, Chief executive

This company

Umber Dock

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

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.

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

The incumbent brand sells the relationship. Umber Dock sells the job the brand will not staff. A protocol pitch is the thing this company has already refused. Open-source looks free until the auditor asks who attests.

Edinburgh 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
06A named counterparty verifies; Umber Dock does not attest to its own facts.

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
31%
Keeping the public story from running ahead of the claims register.
Second market
22%
The remaining certifications and the second named market.
Named operators
14%
A counsel memo that can survive a later reader.
Counsel & perimeter
33%
Dual-control drills, key ceremonies, and the person who owns them.

Operating week

What “in market” actually looks like.

FriKill switchRehearse unpublish in 24 hours. If it takes a committee, it is not a switch.
TueExceptionsOvernight breaks post back into the customer’s case system. No side book.
ThuCustomerNamed pilot (redacted) sees the same record the auditor saw.
SunOwnersWho can decide messaging and budget on a recorded line. If the answer is nobody, stop.

The wedge

Why this one, not the other one.

They sell: Per title event
Who pays: A qualified custodian reconciling against this book.
Unit economics: They sell a fee the customer already pays a slower vendor for. TAM is that invoice, not a token float.
Moat on file: A bank has funded against this record on at least one shipment.
Switching cost: Once the record is the record, the incumbent copy has to migrate history. That is the year.
Vs the comps: Contour tried a network. This is an event on cargo that already moves.
Why we listed it: Legal title jurisdiction was in the application. Unusual, and good.

Next twelve months

What has to be true.

One financed shipment against this record.

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 Permissioned L2
No token contract listed as a public sale
Pilot letters on file, identities redacted
Edinburgh 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.”

Product78
Customers78
Legal path84
Tech maturity94
Demand48
Market access68

Risks

What can kill it.

The one that actually kills it

The founder wants a public book

The moment Umber Dock 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.

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.

Path silence

If counsel will not name a path and not-offering is not locked, heated waitlist copy is an accidental offering.

Ask these next

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

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: Umber Dock Ltd
Path on file: Edinburgh · counsel-named
Posture: No public sale
Pack: Build

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.

Edinburghnamed
United Kingdomnamed
United States retailrestricted

Team

Who runs it.

Devon EllisonChief executive

Stack

Permissioned L2
Trade finance
Audit log
Disclosure templates

Named with them

Northbridge Counsel
Clearline

Who can decide

Devon Ellison came in named. The team is not a handle. Umber Dock Ltd exists, founded 2025, headquartered in Edinburgh. Anonymity would have been an automatic decline.

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

Claims with evidence

Statements with evidence.

Statement	Evidence	Status
Umber Dock 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
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: Edinburgh, United Kingdom	Named markets on the file	live

On the record

Sprint packPackJun
Counsel lockPathJul
Claims register liveRegisterAug
Creator briefBriefSep

Operating log

11 Sep 09:50
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.