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

YART

In diligence

IN MOTIONRoyalty admin

Yarrow Dock

They killed 14 sentences to get listed. That is the product you are about to miss.

The protocol pitch was declined. What remains is software against an invoice. a short list people still asked.

Yarrow Dock — 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 12). This is when the story, the customers and the legal path get written down — or the file stops.

The named customer already picked. The waitlist is everyone who was late to that fact.

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

Rights ledger

Counsel hours

Not offering — locked

Sentences killed

Before listing

Claims live

3/10

Sprint

Our cut

Of any proceeds

Plate Horizon · 4268

YART

The plate

Horizon. Edition 4268.

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

YART · Amsterdam · Royalty admin

Score

Desk diligence

Pilots

Named, redacted

Sprint

Day 12 of 14

Amsterdam

Producers

Sells

Offtaker

Offtaker portal

Markets

Netherlands

Years

Founded 2022

Surfaces

Rights ledger

Complete

File readiness

The wedge

Offtaker portal

A national registry as counterpart is the whole company.

Why the desk took it

A real job, not a ticker.

They did not lead with climate Twitter.

Traction

2 named pilots (redacted).

Founded 2022, headquartered in Amsterdam. 2 named pilots on file (identities redacted in public). 8 nodes or connected surfaces reported. Desk diligence score 79/100. Sprint day 12 of 14. An AIFM whose auditor has seen the dual-record. A dual-control drill exists on paper. We have not watched it live yet — that is the next ask.

Next 12 months

Still dual-record with the registry.

A public carbon coin is a commodity or a security. This pad will not sell it. 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.

In Amsterdam, the person who signs the monthly pack already has a vendor. Yarrow Dock is not asking them to believe in a token. It is asking them to move one job — the one that currently lives in a spreadsheet, a fax, or a person who is about to retire — onto a record that can be shown to counsel. The queue to read that record is already not empty.

The bet is narrow. A named Amsterdam buyer already has budget for this invoice. Yarrow Dock 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.

The auditor of a redacted pilot has seen a dual-record. Switching away now means a new auditor conversation. That is the switching cost — not the logo.

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 founder

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

From the pilot

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.

The decline pile in Royalty admin is full of companies that looked the same on slide one. This one is listed.

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

If you are a founder who wants a pack like this: apply. If you are a buyer: call them — not us.

Window

Closed

Closed. History only — not a place to buy.

Sentences killed: 14
Counsel hours on file: 45
Asks / week: 36
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.
Siobhán Cole, Chief executive

This company

Yarrow Dock

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

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

The incumbent brand sells the relationship. Yarrow Dock 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: Netherlands, EEA professional. Off-limits: Public residual claims, United States. A US person hearing an offering communication is a US problem even if the company sits in Amsterdam. Blocking an IP and taking a US Telegram admin is not a block.

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
33%
Keeping the public story from running ahead of the claims register.
Named operators
27%
A counsel memo that can survive a later reader.
Counsel & perimeter
19%
The remaining certifications and the second named market.
Second market
21%
Dual-control drills, key ceremonies, and the person who owns them.

Operating week

What “in market” actually looks like.

MonClaimsEvery public sentence checked against the register. Anything extra is unpublished.
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.

The wedge

Why this one, not the other one.

They sell: Offtaker portal
Who pays: An AIFM whose auditor has seen the dual-record.
Unit economics: Annual software against an ops cost the board can see. Switching cost is the record, not the brand.
Moat on file: An offtaker has retired a certificate via this event.
Switching cost: Permissioned connectivity is the moat. Public endpoints would erase it.
Vs the comps: A public carbon coin is a commodity or a security. This pad will not sell it.
Why we listed it: They did not lead with climate Twitter.

Next twelve months

What has to be true.

Still dual-record with the registry.

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 Rights ledger
No token contract listed as a public sale
Named founder; customer still a conversation
Amsterdam 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.”

Product66
Customers62
Legal path62
Tech maturity60
Demand66
Market access68

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 Amsterdam story becomes a fact pattern. The restricted list exists for a reason: Public residual claims, United States.

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, Yarrow Dock is a liability. Dual-record or nothing.

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

01Is the waitlist demand for a product, or a queue for a coin?
02Has counsel written the perimeter in a memo you can file?
03What does renewal look like if no round ever happens?
04If RCA Pad disappeared tomorrow, could the customer still run the job?
05Who can unpublish a public sentence in 24 hours, by name?
06Which incumbent can copy this in a quarter, and what would they have to migrate?

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: Yarrow Dock B.V.
Path on file: Not offering — locked
Posture: Private only
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.

Netherlandsnamed
EEA professionalnamed
Public residual claimsrestricted
United Statesrestricted

Team

Who runs it.

Siobhán ColeChief executive
Hiro EllisonHead of product

Stack

Rights ledger
Royalty admin
Disclosure templates

Named with them

Northbridge Counsel
Helix Audit
Clearline

Who can decide

Siobhán Cole came in named. The team is not a handle. Yarrow Dock B.V. exists, founded 2022, headquartered in Amsterdam. Anonymity would have been an automatic decline.

If the first customer renews, the adapter work pays for itself. If they do not, Yarrow Dock 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 Dock does not sell a token to the public on this pad	Posture lock	live
The product is royalty admin sold to institutions	Architecture + customer type	live
Rights 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: Netherlands, EEA professional	Named markets on the file	live

On the record

Day 0 lockKick-offSep
Claim inventoryPackSep
Audience matrix draftPackSep

Operating log

11 Sep 9:24
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.