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

VETF

In diligence

IN MOTIONCarbon inventories

Vetch Rail

a short list already asked. The window is a few days. After that, archive.

Heat 39. Window a fewd. If you are going to read one Carbon inventories company, this is the one.

Vetch Rail — A ledger of energy certificates (GOs, RECs) for producers and offtakers who already sit in a national registry. It moves the event faster. It does not invent a green token for Twitter.

In a 14-day diligence sprint (day 13). This is when the story, the customers and the legal path get written down — or the file stops.

They unpublish in an hour. They will not wait for your committee to finish reading.

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

Inventory ledger

Counsel hours

Not offering — locked

Sentences killed

Before listing

Claims live

1/7

Sprint

Our cut

Of any proceeds

Plate Horizon · 1119

VETF

The plate

Horizon. Edition 1119.

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

VETF · Hong Kong · Carbon inventories

Score

Desk diligence

Pilots

Named, redacted

Sprint

Day 13 of 14

Hong Kong

Producers

Sells

Per

Per certificate event

Markets

Hong Kong

Years

Founded 2025

Surfaces

Inventory ledger

Complete

File readiness

The wedge

Per certificate event

A national registry as counterpart is the whole company.

Why the desk took it

A real job, not a ticker.

Registry cooperation is in writing, even if early.

Traction

2 named pilots (redacted).

Founded 2025, headquartered in Hong Kong. 2 named pilots on file (identities redacted in public). 8 nodes or connected surfaces reported. Desk diligence score 76/100. Sprint day 13 of 14. A qualified custodian reconciling against this book. A dual-control drill exists on paper. We have not watched it live yet — that is the next ask.

Next 12 months

One retirement an offtaker will show their auditor.

Xpansiv is a market. This is the event under a registry. 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.

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

The bet is narrow. A named Hong Kong buyer already has budget for this invoice. Vetch Rail wins if it is cheaper than the internal build and cleaner than the protocol pitch. It loses if a founder later wants a public book. The window is the time you have to decide which it is.

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

From ops

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 screen

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

From the founder

We will not describe this as Reg CA-compliant, MiCA-stickered, or FCA-authorised. Issuers retain their own counsel in every relevant jurisdiction.

The window

Miss this and you read the archive.

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

0% of proceeds. Fixed fee. The incentive is a clean campaign — not a raise.

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: 15
Counsel hours on file: 32
Asks / week: 40
Our cut: 0% of proceeds

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

This company

Vetch Rail

The copycats will arrive after certification. That is why the window is now.

In the same conversation

National GO registries
Xpansiv
Not a public carbon coin

The bet

Why this company exists.

A national registry as counterpart is the whole company.

Corporate offtakers are being asked to prove what they bought. Registries lag. A dual record that the registry still owns is sellable.

GO and REC markets are measured in tens of billions. Ops software is a thin slice with high switching costs.

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.

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 certificate that exists in a registry is evented here
02Delivery and retirement are visible to the offtaker
03The registry remains the legal source
04No public ‘carbon token’ sale on this pad
05Delivery and retirement are visible to the offtaker; the registry remains source
06Retail and unnamed geographies are structurally off the form, not only in the footer.

In the same conversation as

National GO registries
Xpansiv
Not a public carbon coin

If they raise

Where the money would actually go.

Not a token float. A budget against work. RCA Pad still takes 0% of proceeds.

Claims & campaign ops
28%
Keeping the public story from running ahead of the claims register.
Named operators
22%
Adapter work against the incumbent register, admin, or custodian.
Certifications & adapters
14%
Hiring the operator who already does this job at a licensed firm.
Counsel & perimeter
36%
The remaining certifications and the second named market.

Operating week

What “in market” actually looks like.

SunOwnersWho can decide messaging and budget on a recorded line. If the answer is nobody, stop.
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.
ThuCustomerNamed pilot (redacted) sees the same record the auditor saw.

The wedge

Why this one, not the other one.

They sell: Per certificate event
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: A national registry is a counterpart, not a scrape.
Switching cost: Once the record is the record, the incumbent copy has to migrate history. That is the year.
Vs the comps: Xpansiv is a market. This is the event under a registry.
Why we listed it: Registry cooperation is in writing, even if early.

Next twelve months

What has to be true.

One retirement an offtaker will show their auditor.

A dual-control drill exists on paper. We have not watched it live yet — that is the next ask.

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

Traction

What you can verify today.

Operating notes for Inventory ledger
No token contract listed as a public sale
Pilot letters on file, identities redacted
Hong Kong 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.”

Product70
Customers62
Legal path62
Tech maturity60
Demand70
Market access44

Risks

What can kill it.

The one that actually kills it

Counsel is a slide

Unnamed counsel is how companies die in diligence. Not offering — locked has to be a memo you can file, not a slogan on the hero.

Double count

If the registry and this ledger can both be sold, the product is a liability.

Green token

A freely traded climate token is usually a commodity or a security. This pad will not sell it.

Registry cooperation

Without the registry, this is a shadow certificate.

Policy

GO rules move. The product has to move with them, not ahead of them.

Double count

If the registry and this ledger can both be sold, Vetch Rail is a liability. Dual-record or nothing.

Facts vs theatre

A proof of a fake book is still a fake book. Vetch Rail has to attach to the real one, in Hong Kong.

Ask these next

01If RCA Pad disappeared tomorrow, could the customer still run the job?
02Which incumbent can copy this in a quarter, and what would they have to migrate?
03Which geography is actually locked, and which is a hope?
04What happens if a founder later wants a public token?
05Who can unpublish a public sentence in 24 hours, by name?
06Who is the first named paying customer — not a letter of intent?

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 Rail 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.

Hong Kongnamed
Public residual claimsrestricted

Team

Who runs it.

Jonah SantosChief executive
Zara EllisonChief executive

Stack

Inventory ledger
Carbon inventories
Approval trail

Named with them

Northbridge Counsel
Helix Audit
Clearline

Who can decide

The technical founder is on the record as Chief executive. 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
Vetch Rail does not sell a token to the public on this pad	Posture lock	live
The product is carbon inventories sold to institutions	Architecture + customer type	live
Inventory 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	No board minute	draft
No public token is sold on this pad	Engagement terms + posture lock	live
Customers contemplated: Hong Kong	Named markets on the file	live

On the record

Day 0 lockKick-offSep
Claim inventoryPackSep
Audience matrix draftPackSep

Operating log

11 Sep 11:20
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.