Winklevoss Brothers Earn Crypto Exchange Patent

Winklevoss IP, the corporation owned by Gemini founders Cameron and Tyler Winklevoss, has been awarded with a patent declare that aims to settle trade traded products and solutions (ETPs) holding cryptocurrencies.

The corporation outlined a system that can execute transactions for ETPs holding cryptocurrencies “these types of as bitcoins … ripple, dogecoins … ether” as well as BBQCoin, among the other people, according to patent posted by the U.S. Patent and Trademark Office on Tuesday. The corporation initial filed the software in December of past year.

ETPs, which incorporate trade-traded-cash (ETF), are a sort of safety whose price ranges derive from other investment devices they are tied to, which in the Winklevoss situation, would be cryptocurrencies.

The patent reward is notable as it provides a glimpse into the Winklevoss brothers’ continuing efforts to force ahead the trading of cryptocurrency-related ETFs following obtaining met hurdles from U.S. regulators.

As previously reported by CoinDesk, the U.S. Securities and Exchange Commission (SEC) has turned down the brothers’ past bid in March 2017 that sought to checklist a bitcoin-tied ETF on the Bats BZX Exchange, citing danger affiliated with the trading and regulatory uncertainty.

At this time, the SEC has still to environmentally friendly-gentle any bitcoin-related ETFs on exchanges. And in January this year, a number of firms that ended up proposing a rule modify to the SEC experienced also withdrawn their filings per requirement by the securities regulator.

Present-day patent reward also will come just a thirty day period following the Winklevoss IP received another patent declare for strengthening cryptocurrencies’ transaction safety that could be utilized in the Gemini trade, as previously reported by CoinDesk.

The Winklevoss brothers image by using CoinDesk

The leader in blockchain information, CoinDesk is a media outlet that strives for the highest journalistic specifications and abides by a stringent established of editorial guidelines. CoinDesk is an impartial working subsidiary of Electronic Forex Group, which invests in cryptocurrencies and blockchain startups.