TransitNet announces the launch of the world’s first crypto wallet title registry. By documenting crypto ownership, TransitNet makes it safer to hold crypto in self-hosted wallets and trade 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 big step forward in solving problems created by the anonymity of blockchain-based currencies.
When a cryptocurrency (such as Bitcoin or Ether) changes hands, it is recorded on a public blockchain, but the parties involved remain anonymous. The anonymous nature of crypto can be beneficial in some circumstances, but effectively makes crypto a bearer asset, posing limitations to businesses and individuals who wish to use it. Bearer assets are subject to loss or theft, are difficult to insure, pose accounting challenges and are generally not useful as collateral or proof of reserve. This is one of the factors limiting crypto’s widespread use. Despite the fact that over 300,000,000 people worldwide invest in crypto, its use in other use cases remains limited.
Founded by Eric M. Jackson (PayPal’s first head of US marketing) and Christopher Gray (a former head of private equity and investment banking), TransitNet establishes a system for registering crypto ownership. It is a piece of infrastructure that makes it possible to create verified title records and share them securely with other parties. Also, TransitNet is a chain-agnostic solution, allowing users to establish title to a number of addresses on different blockchains and collect these records in one place.
Here are some examples of how TransitNet’s ownership register can benefit users:
- Prevent fraud and losses from incorrect transactions by verifying the identity of the parties involved before sending or receiving crypto;
- Reduce the risk of lost crypto with proof of ownership that can be provided to authorities in case of theft or disputed payments;
- Monitor wallet addresses 24/7 to detect any movement of crypto into or out of a user’s verified wallet;
- Allow crypto to serve as collateral or proof of reserve without being unlocked, facilitating the use of crypto in a wider range of financial activities; and
- Seamlessly demonstrate all accounts and wallets 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 by invitation only. Interested parties can request access on TransitNet’s website ().
TransitNet comes at a critical time for crypto, with Bitcoin prices down 60% so far this year and the long-awaited “Web3” ecosystem of decentralized technology built on blockchains yet to deliver many viable 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 broad applicability in countless real-life situations and can address key security issues that hold millions back from entering the space,” said CEO Eric M. Jackson, a fintech veteran who was part of the early team at PayPal. “Allowing private off-chain documentation of property will give both individuals and businesses greater certainty about the ownership of assets. TransitNet is poised to become an important part of the Web3 infrastructure.”
TransitNet’s divisible proof of ownership is consistent with the blockchain community’s privacy ethos. By enabling users to voluntarily exchange information about ownership of specific crypto wallet addresses, TransitNet keeps information private and secure.
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About TransitNet LLC
TransitNet offers ownership verification tools for cryptographic assets. First incubated as a project by CapLinked Inc., the initiative was spun off as a separate company in 2020. TransitNet’s first software product was the Asset Collision Identifier, a tool to help audit firms verify their clients’ crypto holdings. The latest product is a title registry that allows users to document ownership of crypto wallet addresses and share this information securely. TransitNet’s co-founders are Eric M. Jackson (PayPal’s first head of US marketing) and Christopher Gray (former head of private equity and investment banking). TransitNet is a trademark of TransitNet LLC. Visit to learn more.
