Winklevoss IP, the company owned by Gemini authors Cameron and Tyler Winklevoss, has been granted with a patent claim that intends to settle exchange-traded products (ETPs) holding cryptocurrencies.
The company sketched out a framework that can execute transactions for ETPs holding cryptocurrencies, “for example, bitcoins … ripple, dogecoins … ether” and also BBQCoin, among others, as indicated by patent distributed by the U.S. Patent and Trademark Office on Tuesday. The company initially recorded the application in December of a year ago.
ETPs, which incorporate exchange-traded funds (ETF), is a sort of security whose costs get from other investment instruments they are tied to, which in the Winklevoss case, would be cryptocurrencies.
The patent reward is remarkable as it gives a look into the Winklevoss siblings’ proceeding with endeavors to push forward the exchanging of cryptocurrency-related ETFs subsequent to having met obstacles from U.S. regulators.
As previously announced by CoinDesk, the U.S. Securities and Exchange Commission (SEC) has rejected the siblings last offered in March 2017 that looked to list a bitcoin-tied ETF on the Bats BZX Exchange, referring to chance related with the exchanging and regulatory vulnerability.
At present, the SEC still can’t seem to green-light any bitcoin-related ETFs on trades. Furthermore, in January this year, a few firms that were proposing a run change to the SEC had also pulled back their filings per prerequisite by the securities controller.
The present patent reward also comes only a month after the Winklevoss IP won another patent claim for fortifying cryptocurrencies’ transaction security that could be utilized as a part of the Gemini trade, as already detailed by CoinDesk.
Winklevi or Winklevii are American born rowers and internet entrepreneurs namely Cameron and Tyler Winklevoss. They both participated at the 2008 Beijing Olympics where they both competed in the men’s pair rowing event. Additionally, they are co-founders of Harvard connection (connectU). In 2004 they sued the Facebook founder Mark Zuckerberg claiming he stole their ConnectU idea to create the popular social networking site and ultimately settled for $65million.