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

UMBE

In market

IN MARKETCommodity title

Umber Forge

Budget exists on a board line. This is this quarter, not ‘when the rule opens’.

Inbound this week: 105. That is demand for a job someone already pays for — not a book.

Umber Forge — 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. 3,804 on the product waitlist — that is demand, not an allocation.

If you needed a reason to open diligence tonight: 3,804 other people already did.

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 title chain

Counsel hours

France · counsel-named

Sentences killed

Before listing

Claims live

11/12

Build

Our cut

Of any proceeds

Plate Lattice · 4492

UMBE

The plate

Lattice. Edition 4492.

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

UMBE · Paris · Commodity title

Score

Desk diligence

Pilots

Named, redacted

Waitlist

Product demand

Paris

Trade-finance banks

Sells

Per

Per financed invoice

Markets

France

Years

Founded 2026

Surfaces

Permissioned title chain

Complete

File readiness

The wedge

Per financed invoice

Umber Forge digitises a hold, not a commodity.

Why the desk took it

A real job, not a ticker.

They brought a redacted bill, not a tokenised barrel.

Traction

3 named pilots (redacted).

Founded 2026, headquartered in Paris. 3 named pilots on file (identities redacted in public). 3,804 on the waitlist, gated — product demand, not a book built. 11 nodes or connected surfaces reported. Desk diligence score 86/100. A warehouse or port that has written a live event. A redacted engagement letter landed in week one. That is why the desk took the meeting.

Next 12 months

Which law governs title — written, not assumed.

Bank portals are silos. Umber Forge is the record both sides file. 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.

Someone in Paris already renewed a slower vendor this year. Umber Forge is the conversation that happens before they do it again. Miss this cycle and you explain the next one.

What you can verify today is smaller than the slide. What you cannot verify is named as a question, not a promise. That is the difference between this company and a pad listing — and why the waitlist is not a coin queue.

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 ops

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

From the pilot

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 founder

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.

Miss a few days and you are explaining to your IC why you read it after it closed.

Switching cost is the auditor conversation. Once it happens, you are late.

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

Window

Closed

Closed. History only — not a place to buy.

Sentences killed: 7
Counsel hours on file: 35
Asks / week: 476
Our cut: 0% of proceeds

Do not put a participate button on our page. If you do, we leave.
Owen Voss, Chief executive

This company

Umber Forge

A L2 wrapper is cheaper. It is also a different perimeter — and declined here.

In the same conversation

Contour / we.trade (history)
CargoX
Bank trade portals
Not a commodity NFT

The bet

Why this company exists.

Umber Forge 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.

Paris 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.

Control environment
39%
Dual-control drills, key ceremonies, and the person who owns them.
Counsel & perimeter
20%
Hiring the operator who already does this job at a licensed firm.
Certifications & adapters
18%
Keeping the public story from running ahead of the claims register.
Second market
23%
Adapter work against the incumbent register, admin, or custodian.

Operating week

What “in market” actually looks like.

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.
MonClaimsEvery public sentence checked against the register. Anything extra is unpublished.
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 financed invoice
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: A named warehouse or port has written a live event.
Switching cost: Scheme maps, ISO, LMA language, registry adapters — eighteen months of unglamorous work.
Vs the comps: Bank portals are silos. Umber Forge is the record both sides file.
Why we listed it: They brought a redacted bill, not a tokenised barrel.

Next twelve months

What has to be true.

Which law governs title — written, not assumed.

A redacted engagement letter landed in week one. That is why the desk took the meeting.

They have not asked us to run a sale. That ask would close the file.

Traction

What you can verify today.

Operating notes for Permissioned title chain
No token contract listed as a public sale
Pilot letters on file, identities redacted
Paris 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
Demand59
Market access68

Risks

What can kill it.

The one that actually kills it

The named customer is a letter of intent

Pilots that cannot be named, even redacted, are theatre. One paying seat that an auditor has seen is worth more than a waitlist of 3,804.

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 Umber Forge in a different perimeter. The file treats that as a hard stop.

Ask these next

01Is the waitlist demand for a product, or a queue for a coin?
02What happens if a founder later wants a public token?
03Has counsel written the perimeter in a memo you can file?
04Where do keys, title, or NAV liability sit — and is that person licensed?
05If RCA Pad disappeared tomorrow, could the customer still run the job?
06Which incumbent can copy this in a quarter, and what would they have to migrate?

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 Forge SAS
Path on file: France · 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.

Francenamed
EEA professionalnamed
Mainland China retailrestricted
United Statesrestricted

Team

Who runs it.

Owen VossChief executive
Lars PetrovChief technology

Stack

Permissioned title chain
Commodity title
Takedown SLA
Approval trail

Named with them

Northbridge Counsel
Clearline

Who can decide

Owen Voss (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.

If the first customer renews, the adapter work pays for itself. If they do not, Umber Forge 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 Forge does not sell a token to the public on this pad	Posture lock	live
The product is commodity title sold to institutions	Architecture + customer type	live
Permissioned 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	No board minute	draft
No public token is sold on this pad	Engagement terms + posture lock	live
Customers contemplated: France, EEA professional	Named markets on the file	live

On the record

Sprint packPackJun
Counsel lockPathJul
Claims register liveRegisterAug
Creator briefBriefSep

Operating log

11 Sep 09:36
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.