Winklevoss IP, a company owned by the founders of the cryptocurrency exchanges Gemini Cameron and Tyler Winklevoss, received a patent for the method of calculation for exchange-traded products (ETP) that contains cryptocurrencies.
The company has developed a system that can perform transactions with ETP that contains crypto-currencies such as “Bitcoin, Ripple, Dogecoin, live”, and also a large number of less popular altcoins, such as BBQCoin, which is also mentioned in the patent, published by the Bureau of patents and trademark United States on Tuesday. The company first filed an application in December last year.
ETPs, which include exchange-traded funds (ETF) are securities the price of which is based on other investment instruments to which they are attached. In the case of twins we are talking about cryptocurrency.
The value of this patent can not be underestimated, as it gives an idea of the tireless attempts of the Winklevoss brothers to promote trade ETFs, cryptocurrencies, which has met resistance from U.S. regulators.
As previously reported, in March 2017, the Commission on securities and exchange Commission (SEC) rejected the proposal of the brothers to launch a bitcoin ETF, citing the high degree of risk and legal uncertainty.
So far the SEC has not given the green light for any bitcoin ETF on the exchanges. In January 2018, and several companies have requested the SEC to change the rules, at the request of the securities regulator were forced to withdraw their bids.
The patent was received by the brothers in a month after Gemini launched Gemini Block Trading, which allows investors to make large transactions that bypass the exchange of the order book. Earlier in April, the Winklevoss brothers received a patent in accordance with which increases the safety of cryptocurrency transactions.