Winklevoss brothers acquire crypto ETF patent
The Winklevoss twins‘ company, Winklevoss IP LLP, has obtained a patent for the development of ETF products related to cryptocurrencies and digital assets. This is stated on the website of the US Patent and Trademark Office (USPTO).
In the list of inventors, the founders of the Gemini exchange are listed along with Evan Louis Greebel, Kathleen Hill Moriarty and Gregory Elias Xethalis.
The document describes the method of development of exchange products (ETP) based on digital assets, as well as the release of associated with these ETP shares.
ETP, as well as exchange funds (ETF), is a type of securities, the price of which is deducted from the value of other investment instruments. In this case we are talking about cryptocurrencies, among which the patent mentions both large (Bitcoin and Monero), and less popular (BBQcoin).
According to information publicly available, this is the seventh patent in the field of cryptocurrency, which was obtained by the Winklevoss brothers.
Earlier, Winklevoss IP LLP received a patent for “system, method, and program product for processing secure transactions within a cloud computing system”. Presumably, this solution will be used in the infrastructure of Gemini exchange, belonging to Winklevoss brothers.
In March 2017, the US Securities and Exchange Commission (SEC) rejected the application of the Winklevoss brothers for listing the bitcoin-tied ETF, mentioning the rules of the national stock exchange that were created to prevent fraudulent and manipulative activities, as well as to protect investors and the public good.