Following last months news that the Winklevoss twins were awarded a patent for a system that settles cryptocurrency trades, their company Winklevoss IP has now been awarded a new patent for an exchange-traded product (ETP).
ETP’s include exchange-traded funds and are a form of security, the prices of which rely on other investments that they are tied to. With the award of these two patents it would seem likely that the Winklevoss twins intend on setting up an exchange-traded fund for digital assets. The twins already run their own cryptocurrency exchange, Gemini, owned by the Gemini Trust Company, LLC.
The new patent describes a system that offers “digital math-based assets” held by an ETP and the ability to issue shares related to the ETP. Additional names included in the details of the new patent are Evan Louis Greebel, Kathleen Hill Moriarty and Gregory Elias Xethalis.
The patent outlines a number of cryptocurrencies related to the product, including Bitcoin (BTC), Monero (XMR), Ripple (XRP) and even Dogecoin (DOGE).
The patent is the seventh awarded to the Winklevoss IP in the past six months related to cryptocurrency, despite a ruling last year by the Securities and Exchange Commission (SEC) that denied a proposal by the twins for setting up an exchange-traded fund. Whether the SEC’s stance on exchange-based ETF’s has changed recently is unknown.
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