Winklevoss Twins Win Patent for Crypto ETP

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Winklevoss Twins Win Patent for Crypto ETP

While the Winklevoss brothers, Tyler and Cameron, have not been able to create a bitcoin-based exchange-traded fund (ETF) due to regulatory obstacles, they are making progress on the accompanying needs and possibilities that they may be able to benefit on in the future.

In addition to successfully establishing the Gemini cryptocurrency exchange, the duo is continuing to amass a large number of patents related to the operation of different cryptocurrency goods. (See also: Everything You Need to Know About Gemini, the Winklevoss Bitcoin Exchange.)

Winklevoss Brothers Get Patent for Crypto ETP

According to CoinDesk, Winklevoss IP LLP, a business affiliated with the Winklevoss twins, has received a new U.S. patent pertaining to the production of exchange-traded products (ETP) linked to cryptocurrencies and digital assets. The Winklevoss brothers are identified as the inventors, together with Evan Louis Greebel, Kathleen Hill Moriarty, and Gregory Elias Xethalis.

The invention was granted by the United States Patent and Trademark Office on June 19, and it describes a method for “offering an exchange-traded product containing digital math-based assets” as well as the issuing of shares related to that ETP. It remains to be seen how the patent grant principles will be applied to any real-world investment products. However, it is worth noting that the granted patent lists a vast range of cryptocurrencies, including well-known ones such as bitcoin, ethereum, and ripple, as well as lesser-known ones such as Liquidcoins, BBQcoins, BitBars, and PhenixCoins.

An ETP is a financial product or investment that is derivatively priced and trades on a national securities exchange intraday. It includes products like as ETFs, whose values are determined in real time by the prices of the component equities.

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Winklevoss Brothers Continue to Secure Patents

The newly granted patent adds to the Winklevoss brothers’ growing portfolio of intellectual property. The twins were awarded a patent last month for the operation of a system that settles transactions for ETPs linked to cryptocurrency. According to publicly accessible data, the Winklevoss brothers have received seven distinct patents for cryptocurrency-related subjects in the previous seven months, with the first one being given in December of last year.

The Winklevoss brothers, the owners and creators of Gemini, have made multiple efforts to get regulatory clearance for the first bitcoin-based ETF but have been refused by the US Securities and Exchange Commission, citing “too many unknowns regarding digital currencies to authorize such a product.” (See also: SEC Denies Bitcoin ETFs for the Second Time; Rejects Winklevoss Bid in 2017.)

Investing in cryptocurrencies and Initial Coin Offerings (“ICOs”) is very dangerous and speculative, and neither Investopedia nor the author suggest that you do so. Because every person’s circumstance is different, a knowledgeable specialist should always be contacted before making any financial choices. Investopedia makes no guarantees or warranties about the accuracy or timeliness of the information provided on this site. The author owns no cryptocurrencies as of the day this post was published.

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