Winklevoss Brothers Win Patent For A Crypto-Based ETP Platform
Tyler and Cameron Winklevoss, U.S. based entrepreneurs have won a patent for a framework to give crypto-based exchange-traded products (ETPs), as per a patent documenting distributed by the U.S. Patent and Trademarks Office (USPTO) on June 19.
It was fully framed by the brothers on November 27, 2017, by Winklevoss IP. Along with the crypto-entrepreneurs, Evan Louis Greebel, Kathleen Hill Moriarty, and Gregory Elias Xethalis were titled as Inventors in the patent.
Earlier in March 2017, the U.S. Securities Exchange Commission (SEC) dismissed the Winklevoss twins’ application to make a Bitcoin-based trade exchange-traded fund (ETF), under “the rules of a national securities exchange be designed to prevent fraudulent and manipulative acts and practices and to protect investors and the public interest.”
The new patent outlines frameworks, techniques and program products for utilizing ETPs that hold digital assets and different items or services identified with ETPs holding digital assets, for example, Bitcoin (BTC) and different cryptographic forms of money, including Ethereum (ETH), Ripple (XRP), and Litecoin (LTC).
ETPs are a sort of security where the value is obtained from other investment assets, for example, foreign currencies, commodities, share value or loan costs, interest costs and likewise. For this situation, the ETP’s cost is solely from cryptocurrencies.
In May, the Winklevoss siblings were provided a comparable patent for a framework that enables Winklevoss IP to settle ETPs utilizing cryptocurrency.
In April, the Winklevoss’ cryptocurrency exchange Gemini, joined forces with driving stock trade Nasdaq to screen markets utilizing NASDAQ’s SMARTS Market Surveillance Technology.