The wedge
Warehouse seat
A warehouse that writes the event is worth more than a bank that only reads it.
VELMVellum Protocol8,420 waitlistKITEKite Ledger2,190 waitlistPLSDPalisade ID1,640 waitlistNRTLNorthlineDay 8 of 14SABLSable RailDay 5 of 14QULLQuill MarketsDay 11 of 14CDWLCinder Well6,947 waitlistHRTNHartline8,787 waitlistOBSNObsidian Rail4,416 waitlistFENLFen Clearing1,060 waitlistLUMNLumen Books5,510 waitlistRDCTRedact ID6,485 waitlistHRBNHarbor NAV6,973 waitlistQLTDQuilt1,876 waitlistNMBMNimbus Match7,864 waitlistBRASBrass4,166 waitlistSLSTSolstice Credit9,342 waitlistWLTRWillow Transfer7,031 waitlistEMBREmber Registry2,487 waitlistNQAYNorth Quay2,013 waitlistKLNSKiln4,412 waitlistGLSHGlass HouseDay 8 of 14IRNPIron PierDay 1 of 14PLFRPale FireDay 3 of 14VELMVellum Protocol8,420 waitlistKITEKite Ledger2,190 waitlistPLSDPalisade ID1,640 waitlistNRTLNorthlineDay 8 of 14SABLSable RailDay 5 of 14QULLQuill MarketsDay 11 of 14CDWLCinder Well6,947 waitlistHRTNHartline8,787 waitlistOBSNObsidian Rail4,416 waitlistFENLFen Clearing1,060 waitlistLUMNLumen Books5,510 waitlistRDCTRedact ID6,485 waitlistHRBNHarbor NAV6,973 waitlistQLTDQuilt1,876 waitlistNMBMNimbus Match7,864 waitlistBRASBrass4,166 waitlistSLSTSolstice Credit9,342 waitlistWLTRWillow Transfer7,031 waitlistEMBREmber Registry2,487 waitlistNQAYNorth Quay2,013 waitlistKLNSKiln4,412 waitlistGLSHGlass HouseDay 8 of 14IRNPIron PierDay 1 of 14PLFRPale FireDay 3 of 14
Board
YARC
Screened
SCREENEDPort titleYarrow Desk
Counsel is live. The waitlist is a short list. The public sale is not.
Renewal — not the round — is the twelve-month test. The people in this queue already know that.
Yarrow Desk — 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.
Screened, not yet in sprint. Treat every number as provisional. Calendar access is not automatic.
11 live counterparties in the thread. The public page is the overflow.
Diligence, not a prospectus. RCA Pad does not allocate, take orders, or close funding. If this company raises, it raises with its own counsel.
Stage
upcoming
Window
0days
Heat
0/99
Inbound / wk
0asks
Asking now
0live
Named pilots
0
Redacted on the public page
Live nodes
0
Title chain
Counsel hours
0
Undetermined — not a path
Sentences killed
0
Before listing
Claims live
1/6
Sprint
Our cut
0%
Of any proceeds
Plate Lattice · 2592
YARC
The plate
Lattice. Edition 2592.
A unique plate for Yarrow Desk. Geometry, orbit, and edition belong to this company — no other listing on the board shares it.
YARC · Mumbai · Port title
Score
0
Desk diligence
Pilots
0
None on file
Stage
upcoming
upcoming
HQ
Mumbai
Trade-finance banks
Sells
Warehouse
Warehouse seat
Markets
0
Mumbai
Years
0
Founded 2025
Surfaces
0
Title chain
Complete
0
File readiness
Why the desk took it
Early — still a question.
Public listing of cargo was refused on day one.
Traction
No paying pilot on the public file.
Founded 2025, headquartered in Mumbai. No named paying pilot on the file yet — that is the first question. 4 nodes or connected surfaces reported. Desk diligence score 78/100. Two licensed PSPs on a paid pilot — identities off the public file. Counsel is named, even if the memo is still a draft. Unnamed counsel is how files die.
Next 12 months
Which law governs title — written, not assumed.
Contour tried a network. This is an event on cargo that already moves. 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.
The first sentence Rafa Novak would not let us publish was the exciting one. What remains is slower — and scarcer: Yarrow Desk Ltd selling Port title as software, from Mumbai, to a buyer who already pays someone else to do this badly. That buyer is named. You are not, yet.
If you leave this page without opening the claims table, you have read marketing. The scarce version of Yarrow Desk 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 Yarrow Desk. The architecture says so. We have not watched the drill live. That is the next ask, not a slogan.
From ops
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 pilot
US persons are outside the audience. A form that asks “are you accredited?” without verification is not an exemption.
From the screen
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.
When the heat drops, the named customer is still named — they just stop taking new calls.
The incumbent copy takes a year. The named customer is already writing into this record.
The scarce thing is not the company. It is the next 15 days of a live conversation.
Window remaining
0days
When this window closes, the campaign is archive.
- Sentences killed
- 16
- Counsel hours on file
- 11
- Asks / week
- 3
- Our cut
- 0% of proceeds
The decline pile is a compliment. It means the screen still means something.
This company
Yarrow Desk
Twelve Port title decks look the same. One of them has a Mumbai customer on the record.
In the same conversation
- Contour / we.trade (history)
- CargoX
- Bank trade portals
- Not a commodity NFT
The bet
Why this company exists.
A warehouse that writes the event is worth more than a bank that only reads it.
A warehouse that writes the event is worth more than a bank that only reads it.
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
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.
Mumbai 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
- 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.
Counsel & perimeter
31%
Adapter work against the incumbent register, admin, or custodian.
Claims & campaign ops
26%
A counsel memo that can survive a later reader.
Named operators
17%
Keeping the public story from running ahead of the claims register.
Second market
26%
Hiring the operator who already does this job at a licensed firm.
Operating week
What “in market” actually looks like.
- SatDarkNo creators. No threads. Restricted geos stay dark.
- FriKill switchRehearse unpublish in 24 hours. If it takes a committee, it is not a switch.
- SunOwnersWho can decide messaging and budget on a recorded line. If the answer is nobody, stop.
- ThuCustomerNamed pilot (redacted) sees the same record the auditor saw.
The wedge
Why this one, not the other one.
- They sell
- Warehouse seat
- Who pays
- Two licensed PSPs on a paid pilot — identities off the public file.
- Unit economics
- Annual software against an ops cost the board can see. Switching cost is the record, not the brand.
- Moat on file
- Dual-control on title change — the fraud case is the feature.
- Switching cost
- The customer’s auditor has seen this book. Switching means a new auditor conversation.
- Vs the comps
- Contour tried a network. This is an event on cargo that already moves.
- Why we listed it
- Public listing of cargo was refused on day one.
Next twelve months
What has to be true.
Which law governs title — written, not assumed.
Counsel is named, even if the memo is still a draft. Unnamed counsel is how files die.
They have not asked us to run a sale. That ask would close the file.
Traction
What you can verify today.
Founded 2025, headquartered in Mumbai. No named paying pilot on the file yet — that is the first question. 4 nodes or connected surfaces reported. Desk diligence score 78/100. Two licensed PSPs on a paid pilot — identities off the public file. Counsel is named, even if the memo is still a draft. Unnamed counsel is how files die.
- Architecture paper — no production customer on the public file
- No token contract listed as a public sale
- Pilot letters on file, identities redacted
- Mumbai 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.”
- Product18
- Customers18
- Legal path24
- Tech maturity40
- Demand10
- Market access68
Risks
What can kill it.
The one that actually kills it
The named customer is a letter of intent
Pilots that cannot be named, even redacted, are theatre. One paying seat that an auditor has seen is worth more than a waitlist of a short list.
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 Yarrow Desk 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 can unpublish a public sentence in 24 hours, by name?
- 04Is the waitlist demand for a product, or a queue for a coin?
- 05Which incumbent can copy this in a quarter, and what would they have to migrate?
- 06Which geography is actually locked, and which is a hope?
Structure
How money would actually move.
Too early to talk about a round on this pad. Screen first. A path has to be named by counsel before anyone should wire.
- Entity
- Yarrow Desk Ltd
- Path on file
- Undetermined — not a path
- 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.
- Mumbainamed
- United Kingdomnamed
- EU retailrestricted
Team
Who runs it.
- Rafa NovakChief executive
- Luca NgFinance
Stack
- Title chain
- Port title
- Takedown SLA
- Approval trail
Named with them
- Helix Audit
Who can decide
The technical founder is on the record as Finance. Contractors in undisclosed jurisdictions are written down as a fact, not hidden. Facts can be managed. Hiding them is how companies die in diligence.
If the first customer renews, the adapter work pays for itself. If they do not, Yarrow Desk is a services firm with a slide. The twelve-month test is renewal, not waitlist.
Claims with evidence
Statements with evidence.
| Statement | Evidence | Status |
|---|---|---|
| Yarrow Desk does not sell a token to the public on this pad | Posture lock | live |
| The product is port title sold to institutions | Architecture + customer type | draft |
| Title chain is the method — not a listed asset | Paper only | draft |
| 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 | Desk file | draft |
| No public token is sold on this pad | Engagement terms + posture lock | live |
| Customers contemplated: Mumbai, United Kingdom | Named markets on the file | draft |
On the record
- Application APP-4337ScreenSep
- Counsel questionPathSep
Operating log
08 Sep 15:00
Application scored. Yarrow Desk is not a calendar slot.
11 Sep 10:12
Counsel question sent. Name a path or lock not-offering.
Path to now
Now
Screen
Calendar is never automatic.
Next
Counsel or close
A named path, or a locked not-offering.
Not a subscription
This is not a sale page.
Too early to talk about a round on this pad. Screen first. A path has to be named by counsel before anyone should wire. Founders who want a pack like this one apply. Readers who want the company talk to the company — not to this pad.
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.