LOS ANGELES, Feb. 18, 2021 (GLOBE NEWSWIRE) -- CapLinked, Inc., a developer of cloud-based information control software, today announced the spinoff of its blockchain-focused software line into a separate company. CapLinked previously developed and incubated TransitNet, a software platform that provides tools to assist with title verification for cryptocurrency. Going forward, TransitNet will be owned and managed by TransitNet LLC, a new company.
In a related development, TransitNet LLC has also launched a financing round with the regulatory-compliant fundraising service WeFunder. Complete information is available at https://wefunder.com/transitnet/.
When a cryptocurrency (such as Bitcoin or Ether) changes hands, it’s recorded on a public blockchain but the owners remain anonymous. This effectively renders crypto a bearer asset, which poses limitations to businesses and individuals who’d otherwise seek to use this new class of assets. Bearer assets are prone to loss or theft, are difficult to insure, pose accounting challenges, and aren’t useful as collateral or proof of reserve. TransitNet plans to address this by building a title registry for crypto wallets, enabling title registration for both self-hosted and custodial wallets.
“Crypto needs title to fulfill its potential,” said CapLinked CEO Eric M. Jackson, who will also helm the chief executive role for TransitNet. “Bearer assets have value but they also have significant limitations. While it’s great to carry some cash in my pocket, I don’t want to keep all my cash under my mattress--I want some of it in a titled account. We want to extend that optionality to crypto.”
“Creating a trusted third-party with a reliable record of title will help with risk management and empower new use cases for crypto,” said TransitNet Architect Will Coleman. “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.”
Spinning off TransitNet into a separate company from CapLinked will enable it to reach its full potential, added Jackson, by allowing both companies to concentrate on their respective areas of focus. TransitNet currently has an invitation-only beta product that is being used by audit firms and service providers, including the highly respected crypto audit firm Cohen & Co.
CapLinked’s fintech platform is used to securely share information between firms and manage multi-party interactions during complex transactions and projects. Dubbed the “go-to place for setting up and closing deals” by the Wall Street Journal, CapLinked serves many clients in industries such as financial services, pharmaceuticals and energy, where external collaboration and the sharing of sensitive data is common. CapLinked’s diverse list of global clients includes FTI Consulting, Ernst & Young, Roche, Founders Fund, KPMG, Hess, Crosslink Capital, Takeda, Piper Sandler, Raymond James, Stephens Inc. and many others.
For more information about CapLinked, visit https://www.caplinked.com/. Additional details about TransitNet can be found at https://transitnet.io.
About CapLinked, Inc.
CapLinked, Inc. is a fintech innovator whose cloud-based platform is used to protect information shared between firms and manage interactions during multi-party projects. Thousands of companies in over 113 countries worldwide rely on CapLinked’s enterprise, self-serve, and API product lines. Eric M. Jackson (PayPal’s first head of US marketing) and Christopher Grey (former private equity and investment banking executive) founded the company in 2010. CapLinked is a trademark of CapLinked, Inc. Visit https://www.caplinked.com to learn more.
About TransitNet LLC
TransitNet provides tools to assist with title verification for cryptographic assets. Its first product, the Asset Collision Identifier, lets service providers confirm the uniqueness of crypto wallets. The company was spun out of CapLinked, Inc. in 2020. TransitNet is a trademark of TransitNet LLC. Visit https://transitnet.io to learn more.