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LOS ANGELES, USA, 3 August 2021 – TransitNet, a project that aims to build a title registry for crypto wallets, is announcing the closure of a seed round totalling just over $2 million via the regulatory-compliant fundraising service WeFunder. The seed round was conducted on WeFunder to ensure that the new project was not just limited to elite tech firms and instead was accessible to crypto investors all over the world. In addition to the many retail investors involved, the round was led by veteran technology investor Stephen Roulac. Other noted investors include Cuse Capital and Jeffrey Weiler.
Overview
Blockchain is built on the idea of transparency. The fact that every single transaction that occurs as part of any significant blockchain network is a matter of public record is what gives blockchain its security. It is, of course, a huge feature of crypto.
However, despite the list of crypto transactions being so transparent, anonymity is still a massive feature. Although each blockchain address can be viewed, no name is associated with an address. This makes crypto a bearer asset meaning that, like physical money, holding it is the most effective proof of ownership.
Being a bearer asset poses limitations to businesses and individuals who seek to utilize their crypto. Bearer assets can be lost or stolen, they are difficult to insure, they pose accounting challenges, and are difficult to use as collateral or proof of reserve. TransitNet aims to build a title registry for crypto wallets that will enable title registration for both self-hosted and custodial wallets.
TransitNet will be releasing many different tools to help build this crypto registry. The first of which is TransitNet’s Asset Collision Identifier. This will give service providers the tools they need to monitor for the duplication of digital assets. Auditors, administrators, and other service providers can use this tool to identify wallet addresses that may be claimed by multiple managers allowing them to ensure that specific assets are not claimed by more than one fund.
TransitNet will scan wallet addresses across the entire community, while never sharing data with anyone outside of the concerned parties. It will continuously monitor the community and is easy to set up, saving service providers dozens of man hours and keeping down costs.
As well as giving users more flexibility in how they utilize their crypto, the TransitNet registry will also make crypto a much more legitimate space for institutional investment. The potential of blockchain technology is becoming clearer and clearer to the mainstream. However, as evidenced by Binance being banned in the UK, regulators are starting to get involved. The attitudes that served crypto in the past will not serve it as it moves into the mainstream. An infrastructure to ensure compliance is necessary to support mass adoption.
TransitNet was first launched with an angel investment round that attracted some massive names in the blockchain world. These names included BKCM, ALPHABIT and Kenetic Capital. The interest from companies such as these indicates the massive potential for this project. These names also demonstrate how significant a project such as this is in order to attract institutional investment.
The TransitNet team already has much experience in the world of technology having been co-founded by CEO, Eric M. Jackson, Paypal’s first head of US marketing. Jackson co-founded the project with COO, Christopher Grey, the former private equity and investment banking executive. TransitNet architect Will Coleman, is a financial technologist and expert in crypto regulations and he was especially excited about the effect this project could have on bringing crypto to the next level:
“Allowing private off-chain documentation of title will give businesses, their service providers, and third-parties they transact with greater certainty about the ownership of assets. This will promote adoption of crypto by allowing the addition of title to a bearer asset when needed.”
About TransitNet
Transit net provides the tools to assist service providers with title verification for cryptographic assets. Launched in 2020, the company seeks to provide institutional investors a more secure and transparent blockchain by creating a registry of cryptography assets.
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