{"data":{"type":"company_profile","id":70613,"entity_id":"wefunder:company:70613","attributes":{"canonical_url":"https://wefunder.com/transitnet","generated_at":"2026-06-22T03:27:54Z","updated_at":"2026-06-21T05:00:20Z","entity_ids":{"company":"wefunder:company:70613","slug":"wefunder:company_slug:transitnet"},"profile_visibility":{"owner_published":true,"public_search_results":true,"site_search_listed":true,"privacy_mode":"promote","invite_only":false},"provenance":{"source":"wefunder_public_company_profile","as_of":"2026-06-22T03:27:54Z","claims":{"total_amount_raised":{"source":"FrontCompanySummary#amount_raised","last_verified_at":"2026-06-21T05:00:20Z","as_of":"2026-06-22T03:27:54Z","confidence":"high"},"total_investors":{"source":"FrontCompanySummary#number_of_investors","last_verified_at":"2026-06-21T05:00:20Z","as_of":"2026-06-22T03:27:54Z","confidence":"high"},"active_raise_states":{"source":"Fundraise.visible(nil, nil)","last_verified_at":"2026-05-07T21:41:56Z","as_of":"2026-06-22T03:27:54Z","confidence":"high"},"latest_fundraise_state":{"source":"Fundraise.visible(nil, nil).order(funding_started_at)","last_verified_at":"2026-05-07T21:41:56Z","as_of":"2026-06-22T03:27:54Z","confidence":"medium"}}},"company":{"id":70613,"entity_id":"wefunder:company:70613","slug":"transitnet","name":"TransitNet","tagline":"CLOSING SOON: The world’s 1st crypto proof-of-ownership infrastructure ","elevator_pitch":"We want to make crypto safe and secure. Our first-of-its-kind platform allows investors to confirm ownership for digital currencies they have in their crypto wallets, as well as monitor asset movements and securely exchange information with other parties before sending or receiving crypto.","story":"Now more than ever, the crypto industry needs infrastructure to increase security, transparency, and oversight. TransitNet is the world's first crypto proof-of-ownership registry – a registered record of ownership, much like titles for land and other secured assets, that can be securely shared in order to facilitate financial transactions. We are building the missing infrastructure to safeguard trillions of dollars in crypto assets and revolutionize Web3.More and more investors are falling victim to scams, theft, rug pulls, lost keys, criminal activity, and hackers as the crypto market grows. At least $3B worth of cryptocurrency was stolen from victims worldwide in 2021 alone, an 80% rise over 2020.Many investors choose to self-host their wallets, which allows them to transact over the internet on a peer-to-peer basis without a financial intermediary. However, self-hosting your crypto wallet is like keeping cash under your mattress—a convenient but risky choice—and cryptocurrency can be lost as quickly as files on your computer. Unlike financial industries with decades-old security measures, the crypto market does not possess infrastructure that can secure and facilitate transactions. Instead, each crypto holder must operate as their own bank.The result? Widespread frustration, as well as utility and digital asset losses. What’s more, fewer investors end up entering the market. Most crypto users we’ve talked to have told us that they’re constantly watching explainer videos on YouTube to figure out how to do the simplest things. These are very smart people, but managing and transacting digital assets is that opaque and complex. Here’s the thing: it doesn’t have to be that way. TransitNet’s ethos is simple and revolutionary: the right infrastructure can make crypto safer and more useful. \u0026nbsp;\u0026nbsp;Our first-of-its-kind platform allows investors to verify ownership, monitor asset movements, and securely exchange information with other parties before sending or receiving crypto. Investors can also provide proof of their assets to outside parties when necessary—to apply for a loan, for example, or to donate to charities. So far, our feedback has been phenomenal. We’ve confirmed several use cases for our solution, and our testers are telling us that TransitNet will be a game-changer for this asset class. We’re minimizing the risks of crypto ownership—and increasing its utility. Combined, these benefits will unlock crypto’s mass market potential.Our team is equipped with the expertise and experience necessary to revolutionize crypto and Web3.Together, we built CapLinked, a venture-backed software company. Its SaaS product, which enables secure information sharing, is used by leaders like Amazon, Hess, KPMG, and Roche. Now, we’re turning our attention to crypto and retail investors—and the timing’s never been better.The multi trillion-dollar crypto market is already massive—and with more and more investors entering the space, it’s expanding at record speed. In fact, crypto investing is growing even faster than retail investing: 16% of American adults have invested in, traded, or otherwise used cryptocurrencies. For men between the ages of 18 and 29, that figure rises to 43%.As a result, infrastructure that can support the market and its investors has become a crucial need. Financial infrastructure for crypto is already a $45B industry, part of a $325B global fintech market that’s growing at a CAGR of 25%. Today, the market is fueled by exponential interest in NFTs and Web3. Note:\u0026nbsp;Forward-looking financial projections cannot be guaranteed.For a nominal subscription fee, TransitNet will safeguard billions of dollars’ worth of crypto assets, delivering peace of mind to millions of investors. NOW is the time to invest. This opportunity is unprecedented: after all, cryptocurrency and Web3 are already changing the way we do business. You only get so many chances to be part of a revolutionary solution from the ground up. Don’t miss out.","location":"Manhattan Beach, CA","website":"https://transitnet.io/","total_amount_raised":2665992,"total_investors":2481,"is_funded":false,"is_active":false,"quality_score":4,"related_urls":["https://wefunder.com/transitnet","https://transitnet.io/"]},"media":{"share_image_url":"https://uploads.wefunder.com/uploads/company/header_media_photo/70613/xxl_cropped_TransitNet_-_New_Campaign_Image.jpg","logo_url":"https://uploads.wefunder.com/uploads/company/logo/70613/large_cropped_TRANSITNET__1_.png","header_media_url":"https://uploads.wefunder.com/uploads/company/header_media_photo/70613/standard_cropped_TransitNet_-_New_Campaign_Image.jpg","cover_photo_url":"https://uploads.wefunder.com/uploads/company/header_media_photo/70613/standard_cropped_TransitNet_-_New_Campaign_Image.jpg","profile_video_url":"https://wefunder.wistia.com/medias/jwffoa6gql"},"links":{"company_url":"https://transitnet.io/","twitter_url":"http://twitter.com/TransitNetApp"},"highlights":[],"quick_facts":[{"index":1,"claim_id":"claim-fact-1","value":"🔥 Stanford-educated co-founders with multiple exits in excess of $2B+"},{"index":2,"claim_id":"claim-fact-2","value":"💸 CEO is early PayPal: designed revenue model \u0026amp; scaled PayPal from 2.5K to 25M users to IPO"},{"index":3,"claim_id":"claim-fact-3","value":"📣 Featured in TechCrunch, Bloomberg, CNBC, Business Insider, US News, Sky News \u0026amp; more"},{"index":4,"claim_id":"claim-fact-4","value":"🏆 Stakeholders include Peter Thiel \u0026amp; other \"PayPal Mafia\" members"},{"index":5,"claim_id":"claim-fact-5","value":"🚀 Positioned to revolutionize $45B crypto infrastructure market, $325B global fintech market"},{"index":6,"claim_id":"claim-fact-6","value":"🥇 World's first crypto proof-of-ownership registry, safeguarding trillions worth of crypto assets"},{"index":7,"claim_id":"claim-fact-7","value":"🧭 Patent-pending functional beta product solving complex investor pain points"}],"team":[{"id":1208186,"entity_id":"wefunder:company_role:1208186","role":"employee","name":"Will Coleman","title":"Architect","bio":"Crypto \u0026amp; security expert. Principal architect of attest services at Cohen \u0026amp; Company (largest US auditor of crypto funds). Co-led first collateralized stablecoin attest. Wrote reporting software for $5B hedge fund. Former CIO at Arthur Bell.","avatar_url":"https://uploads.wefunder.com/uploads/company_role/custom_photo/1208186/square_cropped_Will_Coleman_pic.jpg?1679637157","linkedin_url":"https://www.linkedin.com/in/will~coleman/","related_urls":[]}],"featured_investors":[{"id":5498,"entity_id":"wefunder:company_investor_profile:5498","investor_profile_id":68882,"investor_profile_entity_id":"wefunder:investor_profile:68882","subject_entity_id":"wefunder:user:37235","name":"Stephen Roulac","avatar_url":"http://uploads.wefunder.com/uploads/user/avatar/37235/medium_xxStephen_Roulac_Portraits_by_Angie_Capri_Photography_for_The_Global_Analyst_103.jpg","profile_url":"https://wefunder.com/stephen.roulac","investment_total":100000,"investment_info":"Invested $50,000 this round \u0026 $50,000 previously","is_lead_investor":true,"related_urls":["https://wefunder.com/stephen.roulac"]}],"investor_memos":[],"tab_counts":{"posts":0,"ask_questions":159,"featured_investors":1,"faq_entries":5},"active_fundraises":[{"id":56200,"entity_id":"wefunder:fundraise:56200","state":"successful","offering_type":"4(a)(6)","funding_type":"note","structure":"safe","security_type":"equity","currency":"USD","testing_the_waters":false,"min_purchase":250,"max_purchase":9,"funding_target":50000.0,"funding_started_at":"2022-06-14T00:40:29Z","funding_closed_at":"2022-12-09T05:02:21Z","auto_close_at":"2022-12-09T04:59:59Z"},{"id":56201,"entity_id":"wefunder:fundraise:56201","state":"successful","offering_type":"4(a)(6)","funding_type":"note","structure":"ttw","security_type":"equity","currency":"USD","testing_the_waters":true,"min_purchase":250,"max_purchase":9,"funding_target":50000.0,"funding_started_at":"2022-05-10T14:55:17Z"},{"id":46477,"entity_id":"wefunder:fundraise:46477","state":"successful","offering_type":"506(c)","funding_type":"note","structure":"safe","security_type":"equity","currency":"USD","testing_the_waters":false,"min_purchase":100,"max_purchase":9,"funding_target":5000000.0,"minimum_target":"50000.0","maximum_target":"5000000.0","funding_started_at":"2021-05-20T19:57:57Z","funding_closed_at":"2021-05-20T19:57:57Z"},{"id":37993,"entity_id":"wefunder:fundraise:37993","state":"successful","offering_type":"4(a)(6)","funding_type":"note","structure":"safe","security_type":"equity","currency":"USD","testing_the_waters":false,"min_purchase":100,"max_purchase":9,"funding_target":5000000.0,"minimum_target":"50000.0","maximum_target":"5000000.0","funding_started_at":"2020-11-13T22:13:04Z","funding_closed_at":"2021-05-01T05:04:22Z","auto_close_at":"2021-05-01T03:59:59Z"}],"latest_fundraise":{"id":56200,"entity_id":"wefunder:fundraise:56200","state":"successful","offering_type":"4(a)(6)","structure":"safe","testing_the_waters":false,"can_invest_now":false,"funding_started_at":"2022-06-14T00:40:29Z","funding_closed_at":"2022-12-09T05:02:21Z","terms":{"eb":null,"nb":null,"txt":null}},"recent_posts":[],"q_and_a":[{"id":239936,"entity_id":"wefunder:comment:239936","question":"TransitNet chose to complete the campaign on Dec. 2022 knowing it would shut down 2 weeks later? And TransitNet did not tell anyone until WeFunder demanded an update and instead used a law firm to tell us they decided to shut down? That's not how to play, @ERIC JACKSON and @CHRISTOPHER GREY. You should have done the Stand-Up thing and extended the campaign to allow the FTX fiasco that hit right before the campaign closed to pass or halted taking monies and returned the investments you already collected since you both knew you were closing the doors. This makes TWO! (2) campaigns ERIC JACKSON, STEPHEN ROULAC \u0026amp; CHRISTOPER GREY have dropped out of 2 investments on WeFunder alone-CapLinked and TransitNet. These names should be placed on a \"Do Not Touch\" list: ERIC JACKSON, CHRISTOPHER GREY, CRESTRIDGE INVESTMENTS, STEPHEN ROULAC and THIRD WAVE PARTNERS. Remember these names, retail investors. Spread the news far and wide on Reddit, Discord and YouTube. We need to protect each other! If anyone is starting legal counsel searches seeking accountability, please post so we can tackle this as a whole for a greater impact. Another note, WeFunder appears to have removed the Update on TransitNet after investors responded with overwhelming demand for answers. Why did @WeFunder attempt to CENSOR investor feedback by removing the Update? Is @Wefunder attempting to edit the chain of events to minimize investor discussions to appease someone or minimize WeFunder involvement? Let's not start to whitewash events on this website, @WeFunder. It can backfire tremendously if there's an agenda to remove the bad and only show the good. Let this play out without censoring discussions.","author_name":"Martin D. ","votes":10,"created_at":"2023-03-24T04:18:24Z","canonical_url":"https://wefunder.com/transitnet#question-239936","answers":[]},{"id":132480,"entity_id":"wefunder:comment:132480","question":"Hi Eric, I appreciate all of your answers here. My question really expands on what has already been hinted at below. Do you have any research or anecdotal evidence to support the idea that institutional support for crypto would expand based on this particular product? I strongly believe that institutional investors have, until recently, largely sat on the sidelines when it comes to crypto...but not because of \"title\" concerns as much as for lack of custody solutions. Those solutions are starting to emerge. If I'm an institutional investor or Registered Investment Advisor what purpose does transitnet serve if I can place my fund's or my clients' crypto into an account (likely insured) with someone like Fidelity Digital Assets? Proof of \"title\" is no different in that context than proving that my IRA at Fidelity is actually mine, no? Thank you.","author_name":"Mark C MISAGHI","votes":10,"created_at":"2021-02-25T23:38:06Z","canonical_url":"https://wefunder.com/transitnet#question-132480","answers":[{"id":133699,"entity_id":"wefunder:comment:133699","answer":"Hi Mark. These are great questions, and I appreciate you asking. First, I'll note that we think custody is an important component of the ecosystem and it will certainly play a role in increasing acceptance. But similar to DeFi, we don't see this as an either/or situation. We think crypto will flourish with a combination of both custodial and self-hosted wallets, because both can be useful in different circumstances. Registered investment advisors may heavily prefer custodial situations (which seems logical), but there are also going to be business/commercial needs that are better met with non-custodial wallets. Further, we believe a title registry is complementary to both scenarios. A title registry can also help custodians, exchanges, and others who desire additional records for incoming or outgoing assets.","author_name":"Eric J","votes":3,"created_at":"2021-03-05T22:11:38Z"}]},{"id":239931,"entity_id":"wefunder:comment:239931","question":"I'm very disappointed with all the corruption in startups for the average citizen. Are these startups really being vetted? Would the answer be more regulation from the government?","author_name":"Rickey Brookins","votes":7,"created_at":"2023-03-24T03:55:00Z","canonical_url":"https://wefunder.com/transitnet#question-239931","answers":[]},{"id":265561,"entity_id":"wefunder:comment:265561","question":"Hi Unfortunate TransitNet investors \u0026amp; Wefunder Manager, I got a funny reply from Keith Simpson when I asked about the status of company update and justice for push-pull game between TransitNet \u0026amp; parent company.. How can he say like this?.. Will WeFunder take responsibility and return our money back?. I request all of you to raise voice for justice. “ Thank you for your e-mail. Regarding TransitNet, LLC, the company is currently idle (non operational). We will continue to explore opportunities to maximize shareholder value. Furthermore, it appears you are not a TransitNet, LLC investor. You appear to be a WeFunder investor. You may want to direct your inquiry to WeFunder. Thank you, Keith Simpson General Counsel”","author_name":"JM S","votes":6,"created_at":"2023-10-14T00:28:25Z","canonical_url":"https://wefunder.com/transitnet#question-265561","answers":[]},{"id":239955,"entity_id":"wefunder:comment:239955","question":"Well, this is a shock to say the least. Why is their website still up and running if they closed shop? Continuing that raise in Dec was just unethical. We deserve more info. I couldn't even access the update so I have limited info. Does anyone know their reasoning for closure?","author_name":"James Funaro","votes":6,"created_at":"2023-03-24T08:08:14Z","canonical_url":"https://wefunder.com/transitnet#question-239955","answers":[]},{"id":216496,"entity_id":"wefunder:comment:216496","question":"Let’s keep rolling guys. TransitNet truly is unique and had really potential to be worth conservatively $4B (assuming they succeed to execute not outstandingly but just professionally). At $16m valuation cap, and using 50% dilution , that is potentially an ROI multiple of about x125. and Cryptocurrency is here to stay and grow. We are in an economic malaise right now , and all asset classes, and within an asset class a few make it (such has holding shares in Gas \u0026amp; Oil companies). So be calm and stay patient and trust the long term ‼️ Here another opportunity to invest at a very attractive valuation cap , even a small amount like $250 is something that you should seriously consider : being a little bit bold during this huge inflation eating away with guarantee your wealth and future is worth to seek the very rare Pearl that has a real potential to give mind blowing returns. The advantage is that when investing small you got the best of everything : if the company fails , then your loss has no consequences. If it succeed , it will pay off all your other investments that turned soar and/or give you a nice lump sum (for example: a $250 generating a return of $32K base on the conservative assumption given above) that is worth often 10 to 15 years of saving for the majority of people in the Western World (if they are able to save at all). now personally , for TransitNet to become a decacorn is doable , but that will take some time (10 years I would say), and this assumes TransitNet perfectly executing the plan and increasing the sources of their revenue (not just from title registry , but also being involved in KYC/AML , taking commission for offering insurance by selecting a preferred partner(s) and third parties services that adds true value to TransitNet main core service , and more ). The potential is mammoth. p.s.: another rare Pearl not to miss is HyperSciences who is raising right now on the StartEngine a platform: worth a look. Especially if you have missed NowRx whose campaign is now closed in the Seedinvest platform. In this economic malaise (that appear to last for the next 2 years) , investors are deterred to invest (I can see this clearly on all crowd platforms in the US and U.K.). NowRx , HyperSciences and TransitNet are the only three (as far as I am aware) that the award to risk ratio is so solid in this inflationary and troubled world economy. this is purely my humble opinion and not an advise whatsoever. You will have to do your own DD and decide for yourself what to do. All the best !","author_name":"M Jellad","votes":6,"created_at":"2022-08-25T23:47:55Z","canonical_url":"https://wefunder.com/transitnet#question-216496","answers":[{"id":216739,"entity_id":"wefunder:comment:216739","answer":"Thank you for your support!","author_name":"Eric J","votes":1,"created_at":"2022-08-29T16:48:55Z"}]},{"id":133280,"entity_id":"wefunder:comment:133280","question":"Difficult questions are not being answered by Eric.","author_name":"Venkatraman Swaminathan","votes":6,"created_at":"2021-03-03T01:21:49Z","canonical_url":"https://wefunder.com/transitnet#question-133280","answers":[{"id":133704,"entity_id":"wefunder:comment:133704","answer":"Hi Venkatraman. Apologies if it seems like I've been slow to respond to question here. Recently I ran a little behind but I've able to provide some answers today. Hopefully they are helpful to people.","author_name":"Eric J","votes":4,"created_at":"2021-03-05T22:24:59Z"}]},{"id":132145,"entity_id":"wefunder:comment:132145","question":"Hi Eric, one of my readers told me about your deal, and I'm considering writing an analysis about it! Would you like to talk about your company in an episode of our podcast? If that's of interest to you, please reach out to me through the contact form on our website! Looking forward to hearing from you. Sincerely, Manuel https://www.angelnotes.co","author_name":"Manuel Bleve","votes":6,"created_at":"2021-02-23T21:49:19Z","canonical_url":"https://wefunder.com/transitnet#question-132145","answers":[{"id":132292,"entity_id":"wefunder:comment:132292","answer":"Manual, thank you for your invitation and kind words about TransitNet. I look forward to speaking with you.","author_name":"Eric J","votes":2,"created_at":"2021-02-24T21:21:39Z"}]},{"id":264437,"entity_id":"wefunder:comment:264437","question":"Scammed thousands of people out of millions of funds with the last grab a few months ago in December 2022 even when they knew they were on life support and trying to give itself away and leave the investors high and dry. Now the lawyer says its an inactive company like many of Wefunder companies eventually become.","author_name":"Jeff Braisted","votes":5,"created_at":"2023-10-05T23:16:39Z","canonical_url":"https://wefunder.com/transitnet#question-264437","answers":[]},{"id":239961,"entity_id":"wefunder:comment:239961","question":"@JAMES FUNARO- Their lazy lawyer sent WeFunder a chicken scratch reply, Post-it-Note sized, saying TransitNet “ran out of funds to continue with expenditures”, or something to that effect. It was WRONG for WeFunder to delete the update, I agree. WeFunder should be fair and unbiased by allowing investors to discuss the issue. Deleting it was an attempt to hide something or control the discussion—not good for WeFunder’s reputation either way.","author_name":"Martin D. ","votes":4,"created_at":"2023-03-24T13:13:04Z","canonical_url":"https://wefunder.com/transitnet#question-239961","answers":[]},{"id":239960,"entity_id":"wefunder:comment:239960","question":"are you serious you robbed investors closed your round dec 2022 and walked away? Email from wefunder Dear Wefunder Investors, Transitnet stopped operating in December 2022 due to a lack of sufficient funds to continue its current rate of expendi...","author_name":"Thomas Kenaya","votes":4,"created_at":"2023-03-24T12:57:40Z","canonical_url":"https://wefunder.com/transitnet#question-239960","answers":[]},{"id":137456,"entity_id":"wefunder:comment:137456","question":"I am glad to have interest in the company and hoping this will lead to a long lasting journey. I can see why this type of safety and security is needed in this industry and market. Recently, I changed my mobile number listed on file with Coinbase, and I'm not able to log in. I must go through a process to gain access. Though my email address and name is on file, I cannot reset my password through a reset link by email. Though it is not a big issue in this situation, the need for a company such as this (with the technology to have and show ownership) will be very important in the near future, in such cases, where issues may be more complicated. Whew! I didn't have much funds in the account. :) As of 05/18/21, I have been able to log in.","author_name":"Christopher Knox","votes":4,"created_at":"2021-03-24T15:30:21Z","canonical_url":"https://wefunder.com/transitnet#question-137456","answers":[{"id":138633,"entity_id":"wefunder:comment:138633","answer":"Christopher, thank you for sharing your thoughts! I can appreciate your personal experience, and I'm glad you were able to recover your account. But you're absolutely right it does illustrate the need to establish title, which could be critical in many circumstances (e.g. theft, loss, insurance claim, audits, etc.). We're excited to have you join us as we build what we believe will be a valuable service!","author_name":"Eric J","votes":1,"created_at":"2021-03-30T17:58:24Z"}]},{"id":133219,"entity_id":"wefunder:comment:133219","question":"Reposting Jeff Park's interesting question he posted 2x and was skipped over: \"Hi - Interesting company. Did Founders Fund and Peter Thiel invest directly in TransitNet, or indirectly through Caplinked? How is the title on TransitNet to a certain wallet recognized by insurance companies, law enforcement or courts? What gives TransitNet the authority to provide the title? Is there a regulatory component to all this?\"","author_name":"Gordon M","votes":4,"created_at":"2021-03-02T17:47:34Z","canonical_url":"https://wefunder.com/transitnet#question-133219","answers":[{"id":133706,"entity_id":"wefunder:comment:133706","answer":"Hi Gordon. Apologies that I ran behind answering questions. I'll repost my answer to Jeff Park here: The institutional investors you mentioned hold stakes in TransitNet through their ownership of CapLinked, which incubated TransitNet and recently spun it off as a new company. There are no institutional investors in the current Reg CF round. We opted to do a Reg CF fundraise for the new company's seed round to establish a broad base of stakeholders in the crypto community. Assuming we decide to raise a traditional venture round in the future, we would most likely approach institutional investors at that time. In terms of the question of your questions centering around the concept of authority, I would start by saying TransitNet is obviously a private company and not a government entity. Similar to a title company in a real estate transaction, we aren't conferring title per se, but we are providing an off-chain registry of records that can help verify title. Our software provides third-party documentation of title data for crypto wallets that can be used by third parties for certain business and financial activities. For example, the advisory firms using our beta product are able to obtain important additional information that they did not previously have. Here's a testimonial from one of our beta users about the value-add they receive from this: “TransitNet provides a critical service for the audit, tax and service provider community,” said Corey McLaughlin, co-president of the Investment Industry Services Division at Cohen \u0026amp; Company. “By providing a secure and private way to identify if multiple managers have claimed a wallet address, TransitNet enhances our ability to verify the title for digital assets. Using TransitNet is just another way that we are committed to offering leading technology and best practices to our clients.” My reason sharing the quote above is simply to show that we're positioning TransitNet as an indispensable tool in a critical business process that requires title verification. It doesn't have to have legal authority to confer value to its users. Regarding your question about a possible regulatory component, I think it could likely turn out that there is. It's not hard to imagine a third-party record of title helping exchanges and other private firms with compliance given the regulatory landscape (e.g. the proposed FinCEN wallet rule, future applications of the Travel Rule, etc.). These are great topics and frankly they deserve more time and attention. We will be announcing a live webinar event within the next 2-3 weeks. I've added these questions to the topic list so we can discuss them in further detail.","author_name":"Eric J","votes":6,"created_at":"2021-03-05T22:28:04Z"}]},{"id":327579,"entity_id":"wefunder:comment:327579","question":"TransitNet Crowdfunding Investors Request Formal Status Update (Required Under Federal Regulations) Dear TransitNet and CapLinked Team, We are writing on behalf of the crowdfunding investors in TransitNet’s Wefunder offering. The last communication any investor received from CapLinked was in 2023, stating that TransitNet was “idle (non-operational)” with “no further updates at this time.” No additional information has been provided for more than two years, and investors are now required to resolve the status of this investment for tax and reporting purposes. To proceed legally, we are requesting a formal written update consistent with the obligations outlined in Regulation Crowdfunding. Relevant Regulation Crowdfunding Requirements 🔹 1. Issuers must provide material updates to investors Under 17 C.F.R. § 227.201 (“Disclosure Requirements”), issuers are required to provide updates regarding material changes, including operational status. A company becoming non-operational is considered a material change under SEC guidance. 🔹 2. Issuers must provide ongoing annual reports unless the issuer no longer has reporting obligations Per 17 C.F.R. § 227.202 (“Annual Reports”), Reg CF issuers must provide annual updates unless they meet a termination condition. One of the termination conditions is when: “The issuer has ceased to do business.” (17 C.F.R. § 227.202(b)(4)) However, issuers must notify investors when they meet a termination condition. TransitNet has never issued such a notice. 🔹 3. Investors may claim a security as worthless only if the company has formally ceased operations For tax purposes, IRS Publication 550 states that investors may deduct a worthless security only when: “The security has no current liquidating value, and the issuer has ceased all business operations.” And “A closed and completed transaction” must occur — meaning a formal event or statement indicating the business is finished. Without an official statement from TransitNet or CapLinked, investors cannot legally classify their investment as worthless. Our Request (Aligned With Federal Regulations) Crowdfunding investors respectfully request official confirmation of one of the following: 1. TransitNet has ceased operations, and therefore investors may treat the investment as a total loss under IRS rules; or 2. TransitNet remains an active entity, with ongoing business operations, assets, or future plans. This is not an adversarial request — it is a requirement for legal compliance under: SEC Regulation Crowdfunding (17 C.F.R. § 227.201–202) IRS Publication 550 – Worthless Securities Rules Because the last formal communication occurred in 2023, a brief statement is now overdue and necessary for all investors to complete accurate financial reporting. We respectfully ask that an official update be posted here on Wefunder so all investors have equal access to the information. Thank you,","author_name":"Mitchell Weaver","votes":3,"created_at":"2026-03-12T12:43:10Z","canonical_url":"https://wefunder.com/transitnet#question-327579","answers":[]},{"id":239967,"entity_id":"wefunder:comment:239967","question":"Thanks Martin. Appreciate that. Wefunder has to put that back up. The email is already in all our hands so it would be a very bad look on their part. I understand companies going out of business. I've been through this already with other investments. But finalizing a raise and sending out last minute emails to investors to get in before it closes is wrong.","author_name":"James Funaro","votes":3,"created_at":"2023-03-24T14:29:15Z","canonical_url":"https://wefunder.com/transitnet#question-239967","answers":[]},{"id":211989,"entity_id":"wefunder:comment:211989","question":"How will this affect you? “Newrl will now enable compliance for businesses and regulators by removing the anonymity on blockchains. This opens the doors for typical businesses to start embracing blockchain to improve their processes and expand their markets.” wap.business-standar…122070700722_1.html","author_name":"Venkatraman Swaminathan","votes":3,"created_at":"2022-07-18T04:36:06Z","canonical_url":"https://wefunder.com/transitnet#question-211989","answers":[{"id":214738,"entity_id":"wefunder:comment:214738","answer":"Thanks for sharing this--it's a good discussion topic. My understanding is that they are building in a KYC solution for this specific blockchain. This sounds like a promising idea that could make this blockchain useful for specific business and consumer uses. To contrast that, TransitNet is building an offchain tool for proving ownership (title) for digital wallets that is blockchain agnostic and securely shareable. So my understanding is that we have fairly different areas of focus for our respective solutions.","author_name":"Eric J","votes":0,"created_at":"2022-08-09T18:29:50Z"}]},{"id":211915,"entity_id":"wefunder:comment:211915","question":"To Eric Jackson again. This is a follow up to my question I posted 3 min ago regarding NEWRL. A while ago I have posted the following as well : ————-/————- EU Votes Against Anonymous Wallets 😍 —\u0026gt; Hi Eric I just saw that EU Voted Against Anonymous Wallets and will require exchanges and other third parties to ascertain who is the owner of non-custodian individual wallets. Here a YouTube link from 99Bbicoins youtu.be/CuL3WLhJUnI ——-/—— As you can see this issue that the EU is concerned is pertaining to KYC/AML ‼️ I cannot fathom TransitNet just concern with “title registry” without doing (or at least offering) KYC services. Because how can you say that a particular non custodial wallet belongs to Mr Joe Smith , without checking that Joe Smith actually exist and some legal paper works were shown to TransitNet. NEWRL technology allows the name and the tax number to be hidden on the blockchain, on a hashtag is shown. It is up to the customer to show directly his identity (read-only as the article said https://wap.business-standard.com/content/press-releases-ani/kyc-now-made-available-for-public-blockchains-by-newrl-122070700722_1.html) to the Exchange for example, who already did a KYC against that particular client, but now they can ascertain that the cryptos coming from an non custodial wallet belongs to Joe Smith and Joe Smith can show directly to the Exchange that he is Joe Smith. How to do this ⁉️ well by incorporating digital fingerprints of KYC documents (called \"hashes\" that mention that the KYC process was signed by TransitNet) for each wallet on it, along with information about the jurisdiction of the owner. The wallet owner is required to either use a centralised authentication service (TRANSITNET) or use a non-custodial wallet application to ensure authenticity of the KYC documents . Actual documents, and information like name and tax-id, however, are not public. In this way, TransitNet manages to maintain privacy while still ensuring adherence to KYC/AML norms. I cannot comprehend why TransitNet is letting this critical KYC need passing by under her nose.","author_name":"M Jellad","votes":3,"created_at":"2022-07-17T01:45:26Z","canonical_url":"https://wefunder.com/transitnet#question-211915","answers":[{"id":214737,"entity_id":"wefunder:comment:214737","answer":"Thanks for your question and sincere interest in noting ways in which TransitNet's technology can be utilized. I can assure you that use cases involving KYC and wallet ownership documentation are very much on our radar. We'll be communicating more on this subject over the months to come, but for the moment suffice it to say that we see potential for TransitNet to play a role in these situations.","author_name":"Eric J","votes":0,"created_at":"2022-08-09T18:23:48Z"}]},{"id":211912,"entity_id":"wefunder:comment:211912","question":"Hi Eric! QUESTION 1 : is NewrL a threat to TransitNet ⁉️ Today a friend of mine send me the following link : https://www.linkedin.com/posts/swapnil-pawar-mumbai_kyc-now-made-available-for-public-blockchains-activity-6953227202721173504-RQ0p?utm_source=linkedin_share\u0026amp;utm_medium=ios_app He is asking whether this Indian company called Newrl could be a threat to TransitNet ⁉️ https://wap.business-standard.com/content/press-releases-ani/kyc-now-made-available-for-public-blockchains-by-newrl-122070700722_1.html I responded briefly to him “No, TransitNet is concerned with ownership while Newrl is concerned with Identity”, that is to say NEWRL is satisfying the importance of KYC, which is a key part in itself but also a necessary adjunct to complete properly AML. What say you ? Question 2 : Also , why TransitNet doesn’t even think of offering such an important service , namely KYC/AML , which as an incredible additional upgrade services that many third parties would desire such as exchanges (such as Binance, Kraken , Bitstamp etc ) which will make them feel even more safer against local governments when receiving crypto directly from clients non custodial wallets ⁉️ Your responses would be critical Thanks","author_name":"M Jellad","votes":3,"created_at":"2022-07-17T01:20:31Z","canonical_url":"https://wefunder.com/transitnet#question-211912","answers":[{"id":214736,"entity_id":"wefunder:comment:214736","answer":"I know we communicated on this topic via email, but I'll share my thoughts here in case anyone else is curious. Your response to your friend is good. We are bringing in ownership into the equation to offer something much more rich and robust than just KYC alone. That being said, you're right that we have KYC capabilities and they might be of interest to exchanges, custodians, and other players in the space. That's definitely something we're looking into.","author_name":"Eric J","votes":0,"created_at":"2022-08-09T18:19:11Z"}]},{"id":165828,"entity_id":"wefunder:comment:165828","question":"Hi I was just wondering when you think you guys might do another update on the progress of the company? Thanks!","author_name":"Brent Burke","votes":3,"created_at":"2021-08-25T21:31:02Z","canonical_url":"https://wefunder.com/transitnet#question-165828","answers":[{"id":208229,"entity_id":"wefunder:comment:208229","answer":"Hi Brent. In case you haven't seen them, you can access our company updates on the company's update page (https://wefunder.com/transitnet/updates). Please note that you'll need to be logged in to access our confidential, investor-only messages.","author_name":"Eric J","votes":1,"created_at":"2022-06-13T18:24:52Z"}]},{"id":132323,"entity_id":"wefunder:comment:132323","question":"Reposting my questions in case they were misssed. Did Founders Fund and Peter Thiel invest directly in TransitNet, or indirectly through Caplinked? How is the title on TransitNet to a certain wallet recognized by insurance companies, law enforcement or courts? What gives TransitNet the authority to provide the title? Is there a regulatory component to all this?","author_name":"Jeff Park","votes":3,"created_at":"2021-02-25T01:24:54Z","canonical_url":"https://wefunder.com/transitnet#question-132323","answers":[{"id":133689,"entity_id":"wefunder:comment:133689","answer":"Hi Jeff. Thanks for reposting and also for bearing with me as I play catch up here. You're asking good questions and I'll do my best to give you thoughtful answers below. The institutional investors you mentioned hold stakes in TransitNet through their ownership of CapLinked, which incubated TransitNet and recently spun it off as a new company. There are no institutional investors in the current Reg CF round. We opted to do a Reg CF fundraise for the new company's seed round to establish a broad base of stakeholders in the crypto community. Assuming we decide to raise a traditional venture round in the future, we would most likely approach institutional investors at that time. In terms of the question of your questions centering around the concept of authority, I would start by saying TransitNet is obviously a private company and not a government entity. Similar to a title company in a real estate transaction, we aren't conferring title per se, but we are providing an off-chain registry of records that can help verify title. Our software provides third-party documentation of title data for crypto wallets that can be used by third parties for certain business and financial activities. For example, the advisory firms using our beta product are able to obtain important additional information that they did not previously have. Here's a testimonial from one of our beta users about the value-add they receive from this: “TransitNet provides a critical service for the audit, tax and service provider community,” said Corey McLaughlin, co-president of the Investment Industry Services Division at Cohen \u0026amp; Company. “By providing a secure and private way to identify if multiple managers have claimed a wallet address, TransitNet enhances our ability to verify the title for digital assets. Using TransitNet is just another way that we are committed to offering leading technology and best practices to our clients.” My reason sharing the quote above is simply to show that we're positioning TransitNet as an indispensable tool in a critical business process that requires title verification. It doesn't have to have legal authority to confer value to its users. Regarding your question about a possible regulatory component, I think it could likely turn out that there is. It's not hard to imagine a third-party record of title helping exchanges and other private firms with compliance given the regulatory landscape (e.g. the proposed FinCEN wallet rule, future applications of the Travel Rule, etc.). These are great topics and frankly they deserve more time and attention. We will be announcing a live webinar event within the next 2-3 weeks. I've added these questions to the topic list so we can discuss them in further detail.","author_name":"Eric J","votes":0,"created_at":"2021-03-05T21:39:55Z"}]},{"id":130960,"entity_id":"wefunder:comment:130960","question":"Hi, I have a very good gut feeling about what you are doing - it makes logical sense, is certainly a potentially valuable and unique niche, and you team seems to have the background to pull this off. I'm just concerned about three things: First, you've answered this a little in this Q\u0026amp;A but I'm still looking to understand why you will win if another company, perhaps with much deeper pockets, comes in and decides to build a similar product. In that case, what is your moat - is it mostly first mover? Second, how much of the team's time is dedicated to this project, and what will it take as far as this raise and other factors to keep it that way (you all have other projects going on, and Mr. Coleman, who seems quite important to this enterprise, does not even list this on LinkedIn as one of his current responsibilities)? Finally, (and apologies for my lack of significant expertise in crypto), is \"title\" in any way counterindicated for some people for whom crypto is a means to stay anonymous and off the grid? Thanks!","author_name":"Alan Jacobson","votes":3,"created_at":"2021-02-16T13:59:16Z","canonical_url":"https://wefunder.com/transitnet#question-130960","answers":[{"id":132294,"entity_id":"wefunder:comment:132294","answer":"Alan, thanks for your great questions. I appreciate the thinking and research you've put into our company. We think there is defensibility from our unique approach, early start, industry experience, and ability to execute. As far as big-company competition goes, as I learned from the early days of PayPal, execution is the most important factor, it's why we outmaneuvered Wells Fargo, Citibank, eBay, and others trying to enter our space. Our team is fully committed to making this succeed, as evidenced by our public involvement with the company here and elsewhere. As for the issue of those preferring to remain anonymous, I'd say that TransitNet's title registry is a voluntary tool that gives people and companies more options. If you want to \"stay off the grid,\" then you can elect not to use it. Some will do so, but we believe many will want to take advantage of a third-party that can document title.","author_name":"Eric J","votes":5,"created_at":"2021-02-24T21:33:39Z"}]},{"id":130031,"entity_id":"wefunder:comment:130031","question":"Hi, Eric. Thank you very much for bringing such innovation to the market \u0026amp; letting individual investors, like myself, to be a part of it. Please see the article \"Bitcoin to Come to America’s Oldest Bank, BNY Mellon\" in today's WSJ (I cannot post the link due to Wefunder's policies). It looks like this is an area where custodial banks would also like to possess some market share. I'd like to ask about the differentiators of TransiNet to withstand such competition from the traditional banking industry. I also would like to understand whether your solution complements what BNY is considering, or whether it directly competes with their services. Thanks in advance for your response.","author_name":"Ozzy Akay","votes":3,"created_at":"2021-02-11T13:53:11Z","canonical_url":"https://wefunder.com/transitnet#question-130031","answers":[{"id":130344,"entity_id":"wefunder:comment:130344","answer":"Hi Ozzy. Thanks for your kind words. I actually read that WSJ article and think its great that banks like Mellon are creating plans to offer custody. Since we are not custodials, we don't see them as competitors and instead think that a title registry can be valuable for both self-hosted and custodial wallets alike. Custodians should appreciate increased visibility into title on incoming assets, and likewise a record of title can help them confirm outgoing transfers. The future is likely to see firms utilizing a combination of self-hosted and custodial wallets, and we believe our title registry can complement both.","author_name":"Eric J","votes":1,"created_at":"2021-02-12T22:02:26Z"}]},{"id":316312,"entity_id":"wefunder:comment:316312","question":"This case is really creating a very bad reputation on Wefunder.","author_name":"Mirko Turrina","votes":2,"created_at":"2025-10-04T16:32:51Z","canonical_url":"https://wefunder.com/transitnet#question-316312","answers":[]},{"id":304216,"entity_id":"wefunder:comment:304216","question":"When will you officially close down this project so that we can recognize a loss of our investment on our taxes?","author_name":"Alberto SANCHEZ","votes":2,"created_at":"2025-03-16T21:13:56Z","canonical_url":"https://wefunder.com/transitnet#question-304216","answers":[]},{"id":290902,"entity_id":"wefunder:comment:290902","question":"I would love an update on this one. Is it still in business?","author_name":"James Funaro","votes":2,"created_at":"2024-08-22T18:50:19Z","canonical_url":"https://wefunder.com/transitnet#question-290902","answers":[]}],"faq":[{"question":"Hello Team, Super Excited about this technology. It would be great to bring you on my podcast! Let me know what day works best for you!","answer":"Thank you! I'd be happy to join your podcast. I'll send you an email and we'll figure out a time for next week."},{"question":"Hi Eric, Since TransitNet is a spin off of CapLinked how much of TransitNet will CapLinked investors own.","answer":"Hi Sarit. Thank you for your question. The answer ultimately depends on a variety of factors, including the amount of future financing and the corresponding valuation the company receives. This current round is using a SAFE, so the valuation and resulting dilution won't be known until a future priced equity round."},{"question":"I see that this deal is a SAFE. Will you guys have another round in the future and if you do will it convert to the preferred stock so is the investors who are taking a chance now will not get taken advantage of?","answer":"Hi Aurus. Yes, this round is using a SAFE. An investment made in this round\u0026nbsp;would therefore convert into a future equity round, but at a valuation described by the terms of the SAFE. Like any early-stage investment, there are risks involved, as well as potential benefits, too. If you haven't seen it already,\u0026nbsp;I'd recommend reading\u0026nbsp;WeFunder's FAQ on the topic of SAFEs for an in-depth discussion.\u0026nbsp;\u0026nbsp;https://help.wefunder.com/#/co...)\u0026nbsp;"},{"question":"Sir please extend the realise date I am interested to invest this but I don't have money now please extend at least extra 30to 45days is helps to rise capital and invest this company","answer":"Thank you for your interest in our company. Our public launch was today, however new investors are welcome to participate as long as there is room left in the round. We hope it will work out for you to join."},{"question":"Quick question. Is the target audience companies that want to hold their own keys? With companies like Fidelity creating cold storage solutions for corporations, why wouldn’t I just store my keys with them and then they are able to verify my assets? Or does Fidelity become the...","answer":"While custodial solutions are becoming an important part of the ecosystem, self-hosted wallets will remain useful, too. These options serve different functions and will co-exist. We believe our title registry will have value for both self-hosted and custodial wallets. Companies or individuals that utilize a mixture of those options will be well-served by having title records for all their wallets. Custodians should value a third-party tool for verifying title on incoming assets, as well as es..."}]}}}