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

VETE

In diligence

IN MOTIONMunicipal records

Vetch Book

If you read one Municipal records company this quarter, make it this one.

Seats of attention are not infinite. 13 counterparties are in the live thread. You are not — yet.

Vetch Book — Permissioned infrastructure sold to firms that already operate in this market. The chain is a method. The customer is an institution. A public token sale is not the business.

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

Civic ledger

Counsel hours

Not offering — locked

Sentences killed

Before listing

Claims live

3/10

Sprint

Our cut

Of any proceeds

Plate Lattice · 2077

VETE

The plate

Lattice. Edition 2077.

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

VETE · Auckland · Municipal records

Score

Desk diligence

Pilots

Named, redacted

Sprint

Day 5 of 14

Auckland

Named institutional customers in a named geography

Sells

Seat

Markets

Auckland

Years

Founded 2025

Surfaces

Civic ledger

Complete

File readiness

The wedge

Seat

Vetch Book sells a replacement for a known ops cost.

Why the desk took it

A real job, not a ticker.

A named geography, not ‘global retail’.

Traction

One named pilot (redacted).

Founded 2025, headquartered in Auckland. One named pilot on file (redacted in public). 4 nodes or connected surfaces reported. Desk diligence score 86/100. Sprint day 5 of 14. A qualified custodian reconciling against this book. No public APY, no public book, no ‘how to buy’ on any surface we could find.

Next 12 months

One paying customer.

A public token as the product is the wrong pad. 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.

Auckland is not a backdrop. It is the jurisdiction where a named customer can be sued, called, and asked a question on a recorded line. Vetch Book chose it for that reason. Counterparties who still think this is a ‘global’ story are already late.

Vetch Book exists because the incumbent brand will not staff the unglamorous middle of Municipal records. The product is that middle. The token, if it ever exists, is not the product — and is not for sale here. The people in the queue already understood the difference.

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

From the pilot

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

From ops

US persons are outside the audience. A form that asks “are you accredited?” without verification is not an exemption.

From the founder

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

The window

Miss this and you read the archive.

The next Municipal records company on this board will not have this waitlist, this HQ, or this counsel posture.

a short list people did not join a waitlist for a ticker. They joined for a job.

The scarce thing is not the company. It is the next a few days of a live conversation.

Window

Closed

Closed. History only — not a place to buy.

Sentences killed: 7
Counsel hours on file: 78
Asks / week: 18
Our cut: 0% of proceeds

We did not come here to sell a token. We came here so a named customer could read a pack that survives counsel.
Kofi Nair, Chief executive

This company

Vetch Book

Open-source looks free until the auditor asks who attests. Vetch Book has an answer.

In the same conversation

Incumbent ops vendors
Internal builds
Public tokens (the thing to avoid)

The bet

Why this company exists.

Vetch Book sells a replacement for a known ops cost.

Boards will fund replacement of a known ops cost. They will not fund a crowd sale dressed as infrastructure.

The customer’s existing ops budget is the TAM that matters.

Versus the field

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

Auckland 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 job the customer already does is moved onto a shared record
02Access is permissioned
03Revenue is software or a service fee
04No public allocation on this pad
05The legal source of truth stays with the incumbent register, admin, or custodian.

In the same conversation as

Incumbent ops vendors
Internal builds
Public tokens (the thing to avoid)

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
34%
Dual-control drills, key ceremonies, and the person who owns them.
Control environment
23%
Hiring the operator who already does this job at a licensed firm.
Claims & campaign ops
14%
Keeping the public story from running ahead of the claims register.
Second market
29%
A counsel memo that can survive a later reader.

Operating week

What “in market” actually looks like.

MonClaimsEvery public sentence checked against the register. Anything extra is unpublished.
ThuCustomerNamed pilot (redacted) sees the same record the auditor saw.
FriKill switchRehearse unpublish in 24 hours. If it takes a committee, it is not a switch.
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: Seat
Who pays: A qualified custodian reconciling against this book.
Unit economics: Annual software against an ops cost the board can see. Switching cost is the record, not the brand.
Moat on file: Counsel on file, or the file stays quiet.
Switching cost: Permissioned connectivity is the moat. Public endpoints would erase it.
Vs the comps: A public token as the product is the wrong pad.
Why we listed it: A named geography, not ‘global retail’.

Next twelve months

What has to be true.

One paying customer.

No public APY, no public book, no ‘how to buy’ on any surface we could find.

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

Traction

What you can verify today.

Operating notes for Civic ledger
No token contract listed as a public sale
Named founder; customer still a conversation
Auckland 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.”

Product42
Customers40
Legal path62
Tech maturity48
Demand38
Market access44

Risks

What can kill it.

The one that actually kills it

The founder wants a public book

The moment Vetch Book 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.

No customer

A lab without a named buyer is a paper.

Token as business model

If the only revenue is a token, this is the wrong pad.

Path

Counsel has to name how this is offered, or it stays not-offering.

Geography

Retail and unnamed markets are off until someone writes them on.

No customer

A lab without a named buyer is a paper. Vetch Book has to show one.

Single-customer gravity

If the first named buyer is also the only buyer, Vetch Book is a services shop with a ledger. Ask for the second.

Ask these next

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

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: Vetch Book 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.

Aucklandnamed
Mainland China retailrestricted
United Statesrestricted

Team

Who runs it.

Kofi NairChief executive
Claire ShahChief technology

Stack

Civic ledger
Municipal records
Audit log
Takedown SLA

Named with them

Helix Audit
Clearline
Meridian Tax

Who can decide

Kofi Nair came in named. The team is not a handle. Vetch Book Ltd exists, founded 2025, headquartered in Auckland. Anonymity would have been an automatic decline.

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
Vetch Book does not sell a token to the public on this pad	Posture lock	live
The product is municipal records sold to institutions	Architecture + customer type	live
Civic ledger 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: Auckland	Named markets on the file	live

On the record

Day 0 lockKick-offSep
Claim inventoryPackSep
Audience matrix draftPackSep

Operating log

11 Sep 13:17
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

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.