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

VET5

In market

IN MARKETTrade finance

Vetch Ward

1,545 already asked. The window is a few days. After that, archive.

Seats of attention are not infinite. 5 counterparties are in the live thread. You are not — yet.

Vetch Ward — 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. 1,545 on the product waitlist — that is demand, not an allocation.

Closed stamp is coming. a few days is the number. There is not a second number.

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

Permissioned L2

Counsel hours

Lisbon · counsel-named

Sentences killed

Before listing

Claims live

4/9

Growth

Our cut

Of any proceeds

Plate Concentric · 9022

VET5

The plate

Concentric. Edition 9022.

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

VET5 · Lisbon · Trade finance

Score

Desk diligence

Pilots

Named, redacted

Waitlist

Product demand

Lisbon

Trade-finance banks

Sells

Per

Per title event

Markets

Lisbon

Years

Founded 2021

Surfaces

Permissioned L2

Complete

File readiness

The wedge

Per title event

Vetch Ward digitises a hold, not a commodity.

Why the desk took it

A real job, not a ticker.

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

Traction

2 named pilots (redacted).

Founded 2021, headquartered in Lisbon. 2 named pilots on file (identities redacted in public). 1,545 on the waitlist, gated — product demand, not a book built. 10 nodes or connected surfaces reported. Desk diligence score 85/100. A named Lisbon administrator who already signs the pack (redacted). 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.

Contour tried a network. This is an event on cargo that already moves. Bps on a job that already has a budget line. A public coin would not make the invoice larger.

The brief

How a serious reader should hold this.

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

Vetch Ward exists because the incumbent brand will not staff the unglamorous middle of Trade finance. 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.

On a Tuesday in Lisbon, an exception posts back into the customer’s existing case system. Nobody opens a side spreadsheet. That is the product: the night someone in ops does not stay late.

From the pilot

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

From ops

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

From the screen

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

The window

Miss this and you read the archive.

Waiting for a proposed US rule is how you miss a Lisbon buyer who already has budget.

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

Read it once, properly, while the number is still green. Then decide.

Window

Closed

Closed. History only — not a place to buy.

Sentences killed: 7
Counsel hours on file: 26
Asks / week: 193
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.
Tomás Moreau, Chief executive

This company

Vetch Ward

Not the incumbent brand. Vetch Ward 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.

Vetch Ward 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. Vetch Ward is priced as software against an invoice that already exists.

Lisbon 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.

Certifications & adapters
28%
Keeping the public story from running ahead of the claims register.
Control environment
24%
Dual-control drills, key ceremonies, and the person who owns them.
Counsel & perimeter
22%
A counsel memo that can survive a later reader.
Named operators
26%
Hiring the operator who already does this job at a licensed firm.

Operating week

What “in market” actually looks like.

MonClaimsEvery public sentence checked against the register. Anything extra is unpublished.
TueExceptionsOvernight breaks post back into the customer’s case system. No side book.
SatDarkNo creators. No threads. Restricted geos stay dark.
ThuCustomerNamed pilot (redacted) sees the same record the auditor saw.

The wedge

Why this one, not the other one.

They sell: Per title event
Who pays: A named Lisbon administrator who already signs the pack (redacted).
Unit economics: Bps on a job that already has a budget line. A public coin would not make the invoice larger.
Moat on file: A named warehouse or port has written a live event.
Switching cost: Permissioned connectivity is the moat. Public endpoints would erase it.
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.

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

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

Traction

What you can verify today.

Operating notes for Permissioned L2
No token contract listed as a public sale
Named founder; customer still a conversation
Lisbon 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.”

Product65
Customers78
Legal path84
Tech maturity76
Demand48
Market access68

Risks

What can kill it.

The one that actually kills it

Counsel is a slide

Unnamed counsel is how companies die in diligence. Lisbon · counsel-named has to be a memo you can file, not a slogan on the hero.

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

01Who can unpublish a public sentence in 24 hours, by name?
02Which incumbent can copy this in a quarter, and what would they have to migrate?
03Who is the first named paying customer — not a letter of intent?
04If RCA Pad disappeared tomorrow, could the customer still run the job?
05What happens if a founder later wants a public token?
06What does renewal look like if no round ever happens?

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: Vetch Ward Ltd
Path on file: Lisbon · counsel-named
Posture: Private only
Pack: Growth

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.

Lisbonnamed
United Kingdomnamed
Mainland China retailrestricted
United Statesrestricted

Team

Who runs it.

Tomás MoreauChief executive
Marcus HaleChief technology

Stack

Permissioned L2
Trade finance
Approval trail
Takedown SLA

Named with them

Helix Audit

Who can decide

Tomás Moreau (Chief executive) will take a 30-minute call and decide budget. If the only person who can accept “we are not opening a sale” is a silent co-founder in another time zone, this company would not be on the board.

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
Vetch Ward does not sell a token to the public on this pad	Posture lock	live
The product is trade finance sold to institutions	Architecture + customer type	live
Permissioned L2 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: Lisbon, United Kingdom	Named markets on the file	live

On the record

Sprint packPackJun
Counsel lockPathJul
Claims register liveRegisterAug
Creator briefBriefSep

Operating log

11 Sep 09:11
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.