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

UMB4

In diligence

IN MOTIONProperty title

Umber Stack

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

Closed files are history. Live files have a clock. Umber Stack has a few days.

Umber Stack — 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.

In a 14-day diligence sprint (day 5). This is when the story, the customers and the legal path get written down — or the file stops.

If you needed a reason to open diligence tonight: a short list 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.

Sprint day

0/14

Window

Closed

Heat

0/99

Inbound / wk

0asks

Asking now

0live

Named pilots

Redacted on the public page

Live nodes

Land registry adapters

Counsel hours

Not offering — locked

Sentences killed

Before listing

Claims live

5/10

Sprint

Our cut

Of any proceeds

Plate Lattice · 5702

UMB4

The plate

Lattice. Edition 5702.

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

UMB4 · Chicago · Property title

Score

Desk diligence

Pilots

Named, redacted

Sprint

Day 5 of 14

Chicago

Trade-finance banks

Sells

Warehouse

Warehouse seat

Markets

United States professional

Years

Founded 2025

Surfaces

Land registry adapters

Complete

File readiness

The wedge

Warehouse seat

Umber Stack digitises a hold, not a commodity.

Why the desk took it

A real job, not a ticker.

Public listing of cargo was refused on day one.

Traction

One named pilot (redacted).

Founded 2025, headquartered in Chicago. One named pilot on file (redacted in public). 3 nodes or connected surfaces reported. Desk diligence score 82/100. Sprint day 5 of 14. A transfer agent willing to consume a revoke in production. They killed their own ‘token as fee’ sentence before we asked. Rare, and it scored.

Next 12 months

A second warehouse, or the network is a customer.

Bank portals are silos. Umber Stack is the record both sides file. Per-event pricing so a pilot can start without a transformation programme.

The brief

How a serious reader should hold this.

Before the waitlist, before the window, there was a refusal. Umber Stack would not let a public sale sit on this page. That is why a company in Property title is listed here at all — and why the people who wanted a coin left, and the people who wanted the product stayed.

If you leave this page without opening the claims table, you have read marketing. The scarce version of Umber Stack is the version that survives counsel. It is on a clock.

A sentence went public and came down in under an hour. Kofi Shah treated the kill as an operating skill, not a PR event. Files that cannot do this do not stay listed.

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 the founder

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

From counsel

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.

Attention is the scarce asset. 19 asks this week are already spending it.

The incumbent copy takes a year. The named customer is already writing into this record.

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: 4
Counsel hours on file: 60
Asks / week: 19
Our cut: 0% of proceeds

The auditor has seen the dual-record. Switching now is a new conversation. That is the lock.
Kofi Shah, Chief executive

This company

Umber Stack

Not the incumbent brand. Umber Stack sells the job the brand will not staff.

In the same conversation

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

The bet

Why this company exists.

Umber Stack 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

The incumbent brand sells the relationship. Umber Stack 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.

Chicago 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%
Adapter work against the incumbent register, admin, or custodian.
Certifications & adapters
28%
Hiring the operator who already does this job at a licensed firm.
Second market
20%
Keeping the public story from running ahead of the claims register.
Claims & campaign ops
13%
A counsel memo that can survive a later reader.

Operating week

What “in market” actually looks like.

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.
ThuCustomerNamed pilot (redacted) sees the same record the auditor saw.
SatDarkNo creators. No threads. Restricted geos stay dark.

The wedge

Why this one, not the other one.

They sell: Warehouse seat
Who pays: A transfer agent willing to consume a revoke in production.
Unit economics: Per-event pricing so a pilot can start without a transformation programme.
Moat on file: A bank has funded against this record on at least one shipment.
Switching cost: The customer’s auditor has seen this book. Switching means a new auditor conversation.
Vs the comps: Bank portals are silos. Umber Stack 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.

A second warehouse, or the network is a customer.

They killed their own ‘token as fee’ sentence before we asked. Rare, and it scored.

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.

Operating notes for Land registry adapters
No token contract listed as a public sale
Pilot letters on file, identities redacted
Chicago 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.”

Product33
Customers40
Legal path62
Tech maturity45
Demand38
Market access44

Risks

What can kill it.

The one that actually kills it

The founder wants a public book

The moment Umber Stack 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.

Facts vs theatre

A proof of a fake book is still a fake book. Umber Stack has to attach to the real one, in Chicago.

Ask these next

01Is the waitlist demand for a product, or a queue for a coin?
02What does renewal look like if no round ever happens?
03Who is the first named paying customer — not a letter of intent?
04Which incumbent can copy this in a quarter, and what would they have to migrate?
05What happens if a founder later wants a public token?
06Who can unpublish a public sentence in 24 hours, by name?

Structure

How money would actually move.

Sprint is diligence, not a raise. A pack at the end is a file the company can take to its own lawyers and investors. RCA Pad does not complete funding.

Entity: Umber Stack LLC
Path on file: Not offering — locked
Posture: Private only
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.

United States professionalnamed
United States retailrestricted

Team

Who runs it.

Kofi ShahChief executive
Yara VossMarkets

Stack

Land registry adapters
Property title
Disclosure templates
Takedown SLA

Named with them

Clearline

Who can decide

The technical founder is on the record as Markets. Contractors in undisclosed jurisdictions are written down as a fact, not hidden. Facts can be managed. Hiding them is how companies die in diligence.

A second counterparty writing into the record is the only network effect that counts. One customer is a consultancy. Two is a market.

Claims with evidence

Statements with evidence.

Statement	Evidence	Status
Umber Stack does not sell a token to the public on this pad	Posture lock	live
The product is property title sold to institutions	Architecture + customer type	live
Land registry adapters 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: United States professional	Named markets on the file	live

On the record

Day 0 lockKick-offSep
Claim inventoryPackSep
Audience matrix draftPackSep

Operating log

11 Sep 16:24
Workshop. Funnel has no purchase step.
08 Sep 09:00
Kick-off. Exclusions recorded.
09 Sep 16:20
A claim killed for missing evidence.

Path to now

D0
Kick-off
Geographies, owners, SLA, exclusions.
D14
Read-out
Accept the pack or stop.

Not a subscription

This is not a sale page.

Sprint is diligence, not a raise. A pack at the end is a file the company can take to its own lawyers and investors. RCA Pad does not complete funding. 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

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