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

YARQ

In market

IN MARKETShip registry

Yarrow Span

A named Zurich buyer is on the record. You are still reading the public page.

Oskar Ellison will not run a public sale on this pad. The listing exists because of that sentence.

Yarrow Span — 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. 2,771 on the product waitlist — that is demand, not an allocation.

A year from now this will be an obvious company or a missed one. The window decides which.

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

Hull title chain

Counsel hours

Switzerland · counsel-named

Sentences killed

Before listing

Claims live

8/13

Build

Our cut

Of any proceeds

Plate Lattice · 5963

YARQ

The plate

Lattice. Edition 5963.

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

YARQ · Zurich · Ship registry

Score

Desk diligence

Pilots

Named, redacted

Waitlist

Product demand

Zurich

Trade-finance banks

Sells

Warehouse

Warehouse seat

Markets

Switzerland

Years

Founded 2024

Surfaces

Hull title chain

Complete

File readiness

The wedge

Warehouse seat

The wedge is the courier: two days of documentary lag is a spread.

Why the desk took it

A real job, not a ticker.

They brought a redacted bill, not a tokenised barrel.

Traction

3 named pilots (redacted).

Founded 2024, headquartered in Zurich. 3 named pilots on file (identities redacted in public). 2,771 on the waitlist, gated — product demand, not a book built. 13 nodes or connected surfaces reported. Desk diligence score 89/100. A transfer agent willing to consume a revoke in production. No public APY, no public book, no ‘how to buy’ on any surface we could find.

Next 12 months

Which law governs title — written, not assumed.

Contour tried a network. This is an event on cargo that already moves. 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.

The decline pile in Ship registry is not a rumour. It is how this board stays readable. Yarrow Span is what survived. That is the sell.

Read this as an operating company, not a round. Counsel has a posture: Switzerland · counsel-named. Restricted markets stay dark. RCA Pad takes 0% if they ever raise. That combination is why inbound did not need a ticker.

On a Tuesday in Zurich, 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 counsel

This communication is not an offer. Participation mechanics do not exist on this pad. If a later reader treats the public stack as the offer, the stack was already wrong.

From ops

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

From the founder

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.

You can read twelve thinner companies. Or this one, once, while the window is open.

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: 8
Counsel hours on file: 58
Asks / week: 346
Our cut: 0% of proceeds

Renewal is the round. If nobody renews, there is no company. A token would not fix that.
Oskar Ellison, Chief executive

This company

Yarrow Span

The copycats will arrive after certification. That is why the window is now.

In the same conversation

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

The bet

Why this company exists.

The wedge is the courier: two days of documentary lag is a spread.

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 Span 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: Switzerland, EEA professional. Off-limits: Public residual claims. A US person hearing an offering communication is a US problem even if the company sits in Zurich. 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.

Counsel & perimeter
29%
A counsel memo that can survive a later reader.
Control environment
21%
Keeping the public story from running ahead of the claims register.
Second market
17%
The remaining certifications and the second named market.
Claims & campaign ops
33%
Dual-control drills, key ceremonies, and the person who owns them.

Operating week

What “in market” actually looks like.

FriKill switchRehearse unpublish in 24 hours. If it takes a committee, it is not a switch.
SatDarkNo creators. No threads. Restricted geos stay dark.
WedCounselPerimeter diffs. If the site drifted from the memo, the site moves — not the memo.
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: A transfer agent willing to consume a revoke in production.
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: 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: They brought a redacted bill, not a tokenised barrel.

Next twelve months

What has to be true.

Which law governs title — written, not assumed.

No public APY, no public book, no ‘how to buy’ on any surface we could find.

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

Traction

What you can verify today.

Operating notes for Hull title chain
No token contract listed as a public sale
Pilot letters on file, identities redacted
Zurich 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.”

Product68
Customers96
Legal path84
Tech maturity85
Demand54
Market access68

Risks

What can kill it.

The one that actually kills it

The unit of account becomes a token

Seat plus event. If they attach a token as the unit of account, this company is a different company — and not one we will operate a campaign for.

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.

Facts vs theatre

A proof of a fake book is still a fake book. Yarrow Span has to attach to the real one, in Zurich.

Ask these next

01Where do keys, title, or NAV liability sit — and is that person licensed?
02Which incumbent can copy this in a quarter, and what would they have to migrate?
03Is the waitlist demand for a product, or a queue for a coin?
04Which geography is actually locked, and which is a hope?
05Who can unpublish a public sentence in 24 hours, by name?
06Who is the first named paying customer — not a letter of intent?

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 Span AG
Path on file: Switzerland · counsel-named
Posture: No public sale
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.

Switzerlandnamed
EEA professionalnamed
Public residual claimsrestricted

Team

Who runs it.

Oskar EllisonChief executive
Ines ColeHead of product

Stack

Hull title chain
Ship registry
Audit log
Takedown SLA

Named with them

Northbridge Counsel
Helix Audit
Meridian Tax

Who can decide

Oskar Ellison (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.

If the first customer renews, the adapter work pays for itself. If they do not, Yarrow Span 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 Span does not sell a token to the public on this pad	Posture lock	live
The product is ship registry sold to institutions	Architecture + customer type	live
Hull title chain 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	No board minute	draft
No public token is sold on this pad	Engagement terms + posture lock	live
Customers contemplated: Switzerland, EEA professional	Named markets on the file	live

On the record

Sprint packPackJun
Counsel lockPathJul
Claims register liveRegisterAug
Creator briefBriefSep

Operating log

11 Sep 09:10
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.