- Winklevoss Twins Win Patent on Exchange Traded Products (ETPs) System.
- The twins had earlier won a patent claim for supporting cryptocurrencies’ transaction security.
United States: The renowned Bitcoin Winklevoss Twins, Cameron and Tyler Winklevoss – who owned the Gemini Exchange and Winklevoss IP, have been awarded a patent right that aims to settle exchange-traded-products (ETPs) holding digital currencies.
On Tuesday 8th May, the US Patent and Trademark Office published a patent which revealed that Winklevoss IP proposed a system that can carry out transactions for ETPs holding digital currencies “such as bitcoins … ripple, dogecoins … ether” and also BBQCoin, among others. The application for the patent was first filed last December by the company.
ETPs, which include exchange-traded-funds (ETF), are a type of security whose prices derive from other investment instruments they are tied to, which in the case of Winklevoss IP, would be digital currencies.
The patent reward is outstanding as it offers a glimpse into the Twins’ persistent efforts into pushing forward the trading of crypto-related ETFs after having faced difficulties from US regulators.
Prior to this report, the US SEC has rejected the Winklevoss Twins’ last bid in March last year that sought to list a BTC-related ETF on the Bats BZX Exchange, the US SEC cited risk associated with the trading and regulatory uncertainty. Presently, the US SEC has not shown any green-light to BTC-related ETFs on exchanges. Winklevoss IP won this patent barely a month after it won a patent claim for supporting cryptocurrencies’ transaction security that could be used in the Gemini exchange.