Winklevoss brothers win another cryptocurrency patent

24 Jun, 2018
by Richard Allen
Winklevoss brothers win another cryptocurrency patent

Tyler and Cameron Winklevoss, founders of the Gemini cryptocurrency exchange, have landed themselves another crypto investment patent.

CoinDesk reports that a company linked to the brothers has won a US patent related to the creation of exchange-traded products tied to cryptocurrencies and digital assets.

The patent was awarded to Winklevoss IP LLP on June 19. The patent details a method “for providing an exchange-traded product holding digital math-based assets" as well as the issuance of the shares tied to that exchange-traded product (ETP). This marks the addition of intellectual property the brothers have amassed, but it’s not entirely clear when or how the concepts will be applied to real-world products.

An ETP, much like exchange-traded funds (ETFs), is a type of security which derives its price from other investment instruments. In the case of ETPs, it’s cryptocurrencies.

The Winklevoss brothers won a patent last month for a system that settles transactions for ETPs tied to cryptocurrencies. This week’s patent names a variety of cryptocurrencies, from major ones like bitcoin and monero to more obscure ones like BBQcoin.

This is the seventh crypto-related patent the brothers have won, the first being in December 2017.


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