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

UMB3

In market

HOT WINDOWShip registry

Umber Room

Pilots named (redacted). Waitlist not. 6,365 names. Your move.

6,365 names asked to be first. None of them bought a token here. They asked for the product.

Umber Room — 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. 6,365 on the product waitlist — that is demand, not an allocation.

The named customer already picked. The waitlist is everyone who was late to that fact.

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

Hull title chain

Counsel hours

United States professional · counsel-named

Sentences killed

Before listing

Claims live

10/12

Build

Our cut

Of any proceeds

Plate Vault · 4239

UMB3

The plate

Vault. Edition 4239.

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

UMB3 · Boston · Ship registry

Score

Desk diligence

Pilots

Named, redacted

Waitlist

Product demand

Boston

Trade-finance banks

Sells

Per

Per financed invoice

Markets

United States professional

Years

Founded 2021

Surfaces

Hull title chain

Complete

File readiness

The wedge

Per financed invoice

The wedge is the courier: two days of documentary lag is a spread.

Why the desk took it

A real job, not a ticker.

They brought a redacted bill, not a tokenised barrel.

Traction

4 named pilots (redacted).

Founded 2021, headquartered in Boston. 4 named pilots on file (identities redacted in public). 6,365 on the waitlist, gated — product demand, not a book built. 15 nodes or connected surfaces reported. Desk diligence score 90/100. A qualified custodian reconciling against this book. Architecture says keys / title / NAV liability sit with a named licensed party — not Umber Room.

Next 12 months

One financed shipment against this record.

Bank portals are silos. Umber Room is the record both sides file. They win if they are cheaper than the internal build, not cheaper than a protocol.

The brief

How a serious reader should hold this.

Most Ship registry 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 Umber 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 the founder

The legal source of truth stays with the incumbent register, admin, or custodian. Umber Room 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.

From ops

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

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.

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

Open the diligence or watch it close. There is not a third option that still counts as early.

Window

Closed

Closed. History only — not a place to buy.

Sentences killed: 10
Counsel hours on file: 66
Asks / week: 796
Our cut: 0% of proceeds

Our TAM is an invoice the customer already pays. A coin would not make it larger. It would make the licence harder.
Siobhán Costa, Chief executive

This company

Umber Room

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.

The wedge is the courier: two days of documentary lag is a spread.

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 Room is priced as software against an invoice that already exists.

The live path is United States professional · counsel-named. 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
06Exceptions post back into the customer’s existing case system — no side spreadsheet.

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.

Named operators
38%
Adapter work against the incumbent register, admin, or custodian.
Control environment
18%
Dual-control drills, key ceremonies, and the person who owns them.
Second market
16%
The remaining certifications and the second named market.
Counsel & perimeter
28%
A counsel memo that can survive a later reader.

Operating week

What “in market” actually looks like.

WedCounselPerimeter diffs. If the site drifted from the memo, the site moves — not the memo.
SatDarkNo creators. No threads. Restricted geos stay dark.
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 financed invoice
Who pays: A qualified custodian reconciling against this book.
Unit economics: They win if they are cheaper than the internal build, not cheaper than a protocol.
Moat on file: A bank has funded against this record on at least one shipment.
Switching cost: Scheme maps, ISO, LMA language, registry adapters — eighteen months of unglamorous work.
Vs the comps: Bank portals are silos. Umber Room 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.

One financed shipment against this record.

Architecture says keys / title / NAV liability sit with a named licensed party — not Umber Room.

A round, if any, sits with their providers. This pad does not take the order.

Traction

What you can verify today.

Operating notes for Hull title chain
No token contract listed as a public sale
Pilot letters on file, identities redacted
Boston 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.”

Product71
Customers96
Legal path84
Tech maturity91
Demand72
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.

Incumbent feature

The administrator, CCP, scheme or custodian can ship this as a checkbox. Umber Room has to be cheaper or faster before that happens.

Ask these next

01What does renewal look like if no round ever happens?
02Which geography is actually locked, and which is a hope?
03Where do keys, title, or NAV liability sit — and is that person licensed?
04Has counsel written the perimeter in a memo you can file?
05Is the waitlist demand for a product, or a queue for a coin?
06Who is the first named paying customer — not a letter of intent?

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 Room Inc. · Delaware
Path on file: United States professional · 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.

United States professionalnamed
EU retailrestricted

Team

Who runs it.

Siobhán CostaChief executive

Stack

Hull title chain
Ship registry
Disclosure templates

Named with them

Northbridge Counsel
Clearline

Who can decide

The technical founder is on the record as engineering. 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
Umber Room does not sell a token to the public on this pad	Posture lock	live
The product is ship registry sold to institutions	Architecture + customer type	live
Hull 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
Pilot identities redacted in public	No board minute	draft
No public token is sold on this pad	Engagement terms + posture lock	live
Customers contemplated: United States professional	Named markets on the file	live

On the record

Sprint packPackJun
Counsel lockPathJul
Claims register liveRegisterAug
Creator briefBriefSep

Operating log

11 Sep 09:34
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.