TransitNet is launching a new title registry for crypto wallets that may signal a complete paradigm shift in how institutional investors see crypto.
According to data presented by Finaria, $1.9 billion in crypto was stolen in 2020. A major reason for this level of theft comes from crypto's status as a bearer asset. This means that anybody who is able to get their hands on someone else's crypto essentially becomes the owner of it. This is also why crypto seems to be the currency of choice requested by ransomware attackers.
However, TransitNet is developing a new solution for investors, allowing them to turn their crypto from a bearer asset to a registered asset, making the whole crypto sphere more secure and attractive to institutional investors.
The first of TransitNet's title verification tools is the Asset Collision Identifier (ACI). This tool lets service providers check for the collision of crypto wallets. In other words, it will identify wallet addresses that may be claimed by multiple managers and then help ensure that specific assets are not claimed by more than one fund. After the release of the ACI demonstrated the industry need for verification tools, TransitNet is now developing a title registry. The forthcoming release of which, will expand the ability for TransitNet users to register their cryptographic assets.
TransitNet has just closed a seed round on WeFunder worth $2 million. Investment from major players in the crypto investment industry was previously secured during an angel investment round. However, TransitNet's latest investment round was to give access to the project to crypto investors across the world rather than the elite crypto investment funds. The names that invested back in 2018 include such renowned firms as BKCM, ALPHABIT, and Kenetic Capital, which is evidence of how significant a project like this could be. The ability for crypto to gain the same legitimacy as assets stored in the bank could be a genuine game-changer.
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.
TransitNet is the solution that the crypto industry needs to move to the next level. TransitNet offers crypto investors the ability to change their crypto from a bearer asset to a registered asset and will consist of a suite of different tools that will assist with title verification for cryptographic assets. TransitNet can be utilized by custodians, auditors, fund administrators, insurers, crypto exchanges, and most significant institutional investors.