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

WILD

In market

HOT WINDOWAviation title

Willow Book

Heat 77. 159 asks this week. 0% of any raise comes here.

They killed 5 public sentences before we listed them. Thin files do not get that far.

Willow Book — 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. 6,601 on the product waitlist — that is demand, not an allocation.

Archive is free. Live access is timed. Willow Book is timed.

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

Airframe registry

Counsel hours

Vilnius · counsel-named

Sentences killed

Before listing

Claims live

4/8

Build

Our cut

Of any proceeds

Plate Vault · 7691

WILD

The plate

Vault. Edition 7691.

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

WILD · Vilnius · Aviation title

Score

Desk diligence

Pilots

Named, redacted

Waitlist

Product demand

Vilnius

Trade-finance banks

Sells

Per

Per title event

Markets

Vilnius

Years

Founded 2025

Surfaces

Airframe registry

Complete

File readiness

The wedge

Per title event

Willow Book 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

4 named pilots (redacted).

Founded 2025, headquartered in Vilnius. 4 named pilots on file (identities redacted in public). 6,601 on the waitlist, gated — product demand, not a book built. 9 nodes or connected surfaces reported. Desk diligence score 89/100. A transfer agent willing to consume a revoke in production. Architecture says keys / title / NAV liability sit with a named licensed party — not Willow Book.

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. They win if they are cheaper than the internal build, not cheaper than a protocol.

The brief

How a serious reader should hold this.

The decline pile in Aviation title is not a rumour. It is how this board stays readable. Willow Book is what survived. That is the sell.

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

A dual-control drill sits on paper. Keys, title, or NAV liability sit with a named licensed party — not Willow Book. The architecture says so. We have not watched the drill live. That is the next ask, not a slogan.

From ops

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

From counsel

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

From the screen

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

The window

Miss this and you read the archive.

Attention is the scarce asset. 159 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: 5
Counsel hours on file: 54
Asks / week: 825
Our cut: 0% of proceeds

The decline pile is a compliment. It means the screen still means something.
Sasha Ibrahim, Chief executive

This company

Willow Book

A L2 wrapper is cheaper. It is also a different perimeter — and declined here.

In the same conversation

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

The bet

Why this company exists.

Willow Book 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. Willow Book 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.

Named: Vilnius. Off-limits: Public residual claims, United States. A US person hearing an offering communication is a US problem even if the company sits in Vilnius. Blocking an IP and taking a US Telegram admin is not a block.

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
06Kill of a public sentence is an hour, not a committee.

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
31%
The remaining certifications and the second named market.
Certifications & adapters
22%
Keeping the public story from running ahead of the claims register.
Control environment
20%
Hiring the operator who already does this job at a licensed firm.
Counsel & perimeter
27%
A counsel memo that can survive a later reader.

Operating week

What “in market” actually looks like.

FriKill switchRehearse unpublish in 24 hours. If it takes a committee, it is not a switch.
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.
MonClaimsEvery public sentence checked against the register. Anything extra is unpublished.

The wedge

Why this one, not the other one.

They sell: Per title event
Who pays: A transfer agent willing to consume a revoke in production.
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: Once the record is the record, the incumbent copy has to migrate history. That is the year.
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.

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

Capital would fund the adapter work and a named counsel memo, not a public sale.

Traction

What you can verify today.

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

Product64
Customers96
Legal path84
Tech maturity73
Demand73
Market access44

Risks

What can kill it.

The one that actually kills it

A second geography without a lock

Extending the record into a market that is still restricted is how a clean Vilnius story becomes a fact pattern. The restricted list exists for a reason: Public residual claims, United States.

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.

Token relapse

A later round that wants a public token puts Willow Book in a different perimeter. The file treats that as a hard stop.

Ask these next

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

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: Willow Book Ltd
Path on file: Vilnius · counsel-named
Posture: Private only
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.

Vilniusnamed
Public residual claimsrestricted
United Statesrestricted

Team

Who runs it.

Sasha IbrahimChief executive
Amira SatoChief compliance

Stack

Airframe registry
Aviation title
Takedown SLA
Audit log

Named with them

Helix Audit
Clearline

Who can decide

The technical founder is on the record as Chief compliance. 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
Willow Book does not sell a token to the public on this pad	Posture lock	live
The product is aviation title sold to institutions	Architecture + customer type	live
Airframe registry 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: Vilnius	Named markets on the file	live

On the record

Sprint packPackJun
Counsel lockPathJul
Claims register liveRegisterAug
Creator briefBriefSep

Operating log

11 Sep 09:22
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.