The same thing seems to be happening to me: There is no entry “VST Transit” in the VST Cloud menu.
@Spork: My dongle is blue.
I downloaded the full Version of Cubase Pro 8.5 from the “MySteinberg”-page, since the installation of the Update-File didn’t work - it stopped saying that there were corrupt CRC files. The Installation of the full version worked without a problem.
The only thing is, that the VST Transit won’t show up, see the screenshot in the jpg- file.