Winklevoss Twins Win Cryptocurrency Exchange Patent
Winklevoss IP – owned by Gemini exchange founders Cameron and Tyler Winklevoss – has acquired a patent for exchange-traded-products (ETPs) holding cryptocurrency.
The patent was originally filed in December of last year and was released to the public on Tuesday. According to the patent, the system can executive transactions for ETPs holding crypto assets “such as bitcoins… ripple, dogecoins.. ether” among others.
ETPs – which include exchange-traded-funds (ETFs) – are securities whose price is tied to the performance of their underlying assets which, in this case, are cryptocurrencies.
The patent is a win for the brothers, who have been actively pushing to combine the two financial systems. Last March, the U.S. Securities and Exchange Commission (SEC) rejected the Winklevoss twins’ bid for a bitcoin-tied ETF on the Bats BZX Exchange.
The news also comes a month after Winklevoss IP won a patent for strengthening cryptocurrencies’ transaction security that could be used for their cryptocurrency exchange, Gemini.