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

YARP

In market

HOT WINDOWAviation title

Yarrow Holt

Sasha Diaz will not run a sale here. That is why serious people are in the queue.

If this pad disappeared tomorrow, the customer could still run the job. That is why they are here.

Yarrow Holt — 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. 5,331 on the product waitlist — that is demand, not an allocation.

Window a fewd. Waitlist 5,331. 134 asks this week. This is not a quiet listing.

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

Germany · counsel-named

Sentences killed

Before listing

Claims live

10/12

Growth

Our cut

Of any proceeds

Plate Ledger · 8244

YARP

The plate

Ledger. Edition 8244.

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

YARP · Frankfurt · Aviation title

Score

Desk diligence

Pilots

Named, redacted

Waitlist

Product demand

Frankfurt

Trade-finance banks

Sells

Per

Per financed invoice

Markets

Germany

Years

Founded 2024

Surfaces

Airframe registry

Complete

File readiness

The wedge

Per financed invoice

Yarrow Holt digitises a hold, not a commodity.

Why the desk took it

A real job, not a ticker.

Public listing of cargo was refused on day one.

Traction

4 named pilots (redacted).

Founded 2024, headquartered in Frankfurt. 4 named pilots on file (identities redacted in public). 5,331 on the waitlist, gated — product demand, not a book built. 11 nodes or connected surfaces reported. Desk diligence score 88/100. A named Frankfurt administrator who already signs the pack (redacted). A dual-control drill exists on paper. We have not watched it live yet — that is the next ask.

Next 12 months

One financed shipment against this record.

Bank portals are silos. Yarrow Holt is the record both sides file. Seat plus event. If they ever attach a token as the unit of account, the file stops.

The brief

How a serious reader should hold this.

In Frankfurt, the person who signs the monthly pack already has a vendor. Yarrow Holt 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.

What you can verify today is smaller than the slide. What you cannot verify is named as a question, not a promise. That is the difference between this company and a pad listing — and why the waitlist is not a coin queue.

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 the screen

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

From counsel

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

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

The window

Miss this and you read the archive.

Founders who want a pack this tight apply. Readers who wait get a closed stamp.

Budget exists on a line the board can see. That is why the window is this quarter.

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: 7
Counsel hours on file: 46
Asks / week: 666
Our cut: 0% of proceeds

US came off the site in the first session. We did not argue. We are not children.
Sasha Diaz, Chief executive

This company

Yarrow Holt

Twelve Aviation title decks look the same. One of them has a Frankfurt 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.

Yarrow Holt 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. Yarrow Holt 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.

Frankfurt 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
06A named counterparty verifies; Yarrow Holt does not attest to its own facts.

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
36%
A counsel memo that can survive a later reader.
Counsel & perimeter
28%
The remaining certifications and the second named market.
Control environment
16%
Hiring the operator who already does this job at a licensed firm.
Second market
20%
Dual-control drills, key ceremonies, and the person who owns them.

Operating week

What “in market” actually looks like.

ThuCustomerNamed pilot (redacted) sees the same record the auditor saw.
FriKill switchRehearse unpublish in 24 hours. If it takes a committee, it is not a switch.
SatDarkNo creators. No threads. Restricted geos stay dark.
TueExceptionsOvernight breaks post back into the customer’s case system. No side book.

The wedge

Why this one, not the other one.

They sell: Per financed invoice
Who pays: A named Frankfurt administrator who already signs the pack (redacted).
Unit economics: Seat plus event. If they ever attach a token as the unit of account, the file stops.
Moat on file: A bank has funded against this record on at least one shipment.
Switching cost: Permissioned connectivity is the moat. Public endpoints would erase it.
Vs the comps: Bank portals are silos. Yarrow Holt is the record both sides file.
Why we listed it: Public listing of cargo was refused on day one.

Next twelve months

What has to be true.

One financed shipment against this record.

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

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
Frankfurt 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
Customers96
Legal path84
Tech maturity79
Demand67
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. Germany · 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.

Incumbent feature

The administrator, CCP, scheme or custodian can ship this as a checkbox. Yarrow Holt has to be cheaper or faster before that happens.

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?
03Where do keys, title, or NAV liability sit — and is that person licensed?
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: Yarrow Holt GmbH
Path on file: Germany · counsel-named
Posture: No public sale
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.

Germanynamed
EEA professionalnamed
United States retailrestricted
United Statesrestricted

Team

Who runs it.

Sasha DiazChief executive
Eva HaleHead of product

Stack

Airframe registry
Aviation title
Approval trail
Audit log

Named with them

Helix Audit

Who can decide

Sasha Diaz came in named. The team is not a handle. Yarrow Holt GmbH exists, founded 2024, headquartered in Frankfurt. Anonymity would have been an automatic decline.

If the first customer renews, the adapter work pays for itself. If they do not, Yarrow Holt 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 Holt 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	Desk file	draft
No public token is sold on this pad	Engagement terms + posture lock	live
Customers contemplated: Germany, EEA professional	Named markets on the file	live

On the record

Sprint packPackJun
Counsel lockPathJul
Claims register liveRegisterAug
Creator briefBriefSep

Operating log

11 Sep 09:35
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.