TransitNet announces the launch of the world’s first title registry for crypto wallets. By documenting crypto ownership, TransitNet makes it safer to hold crypto in self-hosted wallets and transact with it while opening up new use cases for Web3.
LOS ANGELES, Sept. 29, 2022 (GLOBE NEWSWIRE) -- TransitNet LLC, a developer of ownership-verification tools for cryptographic assets, today announced the beta launch of its crypto title verification software. Designed to tackle one of the biggest problems facing crypto, TransitNet’s first-of-its-kind product allows users to document ownership of crypto wallet addresses and securely share that information with other parties. This promises to be a huge step forward in addressing problems created by the anonymity of blockchain-based currencies.
When a cryptocurrency (such as Bitcoin or Ether) changes hands, it’s recorded on a public blockchain but the parties involved remain anonymous. The anonymous nature of crypto can be beneficial in some circumstances but effectively renders crypto a bearer asset, posing limitations to businesses and individuals seeking to use it. Bearer assets are prone to loss or theft, are difficult to insure, pose accounting challenges, and typically aren’t useful as collateral or proof of reserve. This is one of the factors limiting crypto’s wide-scale adoption. In spite of the fact that over 300,000,000 people worldwide invest in crypto, its utilization in other use cases remains limited.
Founded by Eric M. Jackson (PayPal’s first head of US marketing) and Christopher Grey (a former private equity and investment banking executive), TransitNet establishes a crypto ownership record-keeping system. It’s a piece of infrastructure that enables verified records of title to be created and securely shared with other parties. What’s more, TransitNet is a chain-agnostic solution, allowing users to establish title to a variety of addresses on different blockchains and pull those records together in one place.
Here are some examples of how TransitNet’s ownership records can benefit users:
Prevent scams and losses from wrong transactions by verifying the identities of the parties involved before sending or receiving crypto;
Mitigate the risk of lost crypto with proof of ownership records that can be provided to authorities in case of theft or disputed payments;
Monitor wallet addresses 24/7 to detect any movements of crypto in or out of a user’s verified wallet;
Allow crypto to serve as collateral or proof of reserve without being locked up, facilitating crypto’s use in a greater range of financial activities; and
Demonstrate seamlessly all the accounts and wallets that are owned by an individual or business, a valuable development for industries such as auditing and insurance.
TransitNet’s software is currently in beta, and access is available on an invitation-only basis. Interested parties can request access at TransitNet’s website (https://transitnet.io).
TransitNet arrives at a critical time for crypto, with Bitcoin prices down 60% year to date and the much-anticipated “Web3” ecosystem of decentralized technology built on blockchains yet to deliver many workable use cases. If crypto is to achieve its potential as a store of value and medium of exchange, it will need infrastructure to make it safer and more useful.
“TransitNet has wide-ranging applicability in countless real-life situations and can address key security concerns that are holding millions back from entering the space,” says CEO Eric M. Jackson, a fintech veteran who was part of the early team at PayPal. “Allowing private off-chain documentation of title will give both individuals and businesses greater certainty about the ownership of assets. TransitNet is poised to become a crucial piece of Web3 infrastructure.”
TransitNet’s shareable proof of ownership is consistent with the blockchain community’s ethos of privacy. By enabling users to voluntarily exchange information regarding ownership of specific crypto wallet addresses, TransitNet keeps information private and secure.
For more information, visit https://transitnet.io.
About TransitNet LLC
TransitNet provides ownership-verification tools for cryptographic assets. First incubated as a project by CapLinked Inc., the initiative was spun out as a separate company in 2020. TransitNet’s first software product was the Asset Collision Identifier, a tool to assist audit firms in verifying their clients’ crypto holdings. Its latest product is a title registry that allows users to document ownership of crypto wallet addresses and securely share that information. TransitNet’s co-founders are Eric M. Jackson (PayPal’s first head of US marketing) and Christopher Grey (former private equity and investment banking executive). TransitNet is a trademark of TransitNet LLC. Visit https://transitnet.io to learn more.
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