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

UMBP

Screened

SCREENEDPort title

Umber Mere

Heat 24. 2 asks this week. 0% of any raise comes here.

They killed 7 public sentences before we listed them. Thin files do not get that far.

Umber Mere — 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.

Screened, not yet in sprint. Treat every number as provisional. Calendar access is not automatic.

Most Port title applications this quarter were declined. You are looking at one that was not.

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

Stage

upcoming

Window

Closed

Heat

0/99

Inbound / wk

0asks

Asking now

0live

Named pilots

Still a question

Live nodes

Title chain

Counsel hours

Not offering — locked

Sentences killed

Before listing

Claims live

1/7

Sprint

Our cut

Of any proceeds

Plate Meridian · 8210

UMBP

The plate

Meridian. Edition 8210.

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

UMBP · Brussels · Port title

Score

Desk diligence

Pilots

None on file

Stage

upcoming

Brussels

Trade-finance banks

Sells

Warehouse

Warehouse seat

Markets

Brussels

Years

Founded 2023

Surfaces

Title chain

Complete

File readiness

The wedge

Warehouse seat

Umber Mere digitises a hold, not a commodity.

Why the desk took it

Early — still a question.

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

Traction

No paying pilot on the public file.

Founded 2023, headquartered in Brussels. No named paying pilot on the file yet — that is the first question. 1 nodes or connected surfaces reported. Desk diligence score 64/100. A national registry counterpart, not a scrape. Counsel is named, even if the memo is still a draft. Unnamed counsel is how files die.

Next 12 months

A second warehouse, or the network is a customer.

Contour tried a network. This is an event on cargo that already moves. 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.

You can wait for a sticker. The named customer did not. They are writing into this record while the rest of the market argues about a comment period.

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 the screen

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

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

From ops

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

The window

Miss this and you read the archive.

Attention is the scarce asset. 2 asks this week are already spending it.

The comment period is not a path. This company is priced as if that is already true.

If you are a founder who wants a pack like this: apply. If you are a buyer: call them — not us.

Window

Closed

Closed. History only — not a place to buy.

Sentences killed: 7
Counsel hours on file: 14
Asks / week: 2
Our cut: 0% of proceeds

I will take thirty minutes and decide budget. If that person is not me, we should not be listed.
Nadia Novak, Chief executive

This company

Umber Mere

A generalist vendor copies the slide. They cannot copy the named record.

In the same conversation

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

The bet

Why this company exists.

Umber Mere 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

L2 wrappers are cheaper. They are also a different perimeter — and declined here. Umber Mere is priced as software against an invoice that already exists.

The live path is Not offering — locked. Proposed Regulation Crypto Assets is not treated as a calendar slot. Build as if it never opens.

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.

Counsel & perimeter
30%
A counsel memo that can survive a later reader.
Control environment
22%
Dual-control drills, key ceremonies, and the person who owns them.
Claims & campaign ops
20%
The remaining certifications and the second named market.
Second market
28%
Adapter work against the incumbent register, admin, or custodian.

Operating week

What “in market” actually looks like.

ThuCustomerNamed pilot (redacted) sees the same record the auditor saw.
TueExceptionsOvernight breaks post back into the customer’s case system. No side book.
SunOwnersWho can decide messaging and budget on a recorded line. If the answer is nobody, stop.
MonClaimsEvery public sentence checked against the register. Anything extra is unpublished.

The wedge

Why this one, not the other one.

They sell: Warehouse seat
Who pays: A national registry counterpart, not a scrape.
Unit economics: Annual software against an ops cost the board can see. Switching cost is the record, not the brand.
Moat on file: Dual-control on title change — the fraud case is the feature.
Switching cost: Network effects only if a second named counterparty writes. One customer is a service firm.
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.

A second warehouse, or the network is a customer.

Counsel is named, even if the memo is still a draft. Unnamed counsel is how files die.

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

Traction

What you can verify today.

Architecture paper — no production customer on the public file
No token contract listed as a public sale
Pilot letters on file, identities redacted
Brussels 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.”

Product17
Customers18
Legal path62
Tech maturity31
Demand10
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.

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

01Is the waitlist demand for a product, or a queue for a coin?
02Who is the first named paying customer — not a letter of intent?
03Has counsel written the perimeter in a memo you can file?
04What happens if a founder later wants a public token?
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.

Too early to talk about a round on this pad. Screen first. A path has to be named by counsel before anyone should wire.

Entity: Umber Mere 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.

Brusselsnamed
Mainland China retailrestricted

Team

Who runs it.

Nadia NovakChief executive
Elena AdeyemiChief technology

Stack

Title chain
Port title
Disclosure templates
Approval trail

Named with them

Northbridge Counsel

Who can decide

Nadia Novak came in named. The team is not a handle. Umber Mere Ltd exists, founded 2023, headquartered in Brussels. 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
Umber Mere does not sell a token to the public on this pad	Posture lock	live
The product is port title sold to institutions	Architecture + customer type	draft
Title chain is the method — not a listed asset	Paper only	draft
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: Brussels	Named markets on the file	draft

On the record

Application APP-4669ScreenSep
Counsel questionPathSep

Operating log

05 Sep 12:00
Application scored. Umber Mere is not a calendar slot.
11 Sep 10:12
Counsel question sent. Name a path or lock not-offering.

Path to now

Now
Screen
Calendar is never automatic.
Next
Counsel or close
A named path, or a locked not-offering.

Not a subscription

This is not a sale page.

Too early to talk about a round on this pad. Screen first. A path has to be named by counsel before anyone should wire. 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.