U.S. crypto entrepreneurs Tyler and Cameron Winklevoss have won a patent for a system to provide crypto-based exchange-traded products (ETPs), according to a patent filing published by the U.S. Patent and Trademarks Office (USPTO) June 19.
The new patent represents systems, methods and program products for using ETPs that hold “digital assets” and “other products and/or services related to ETPs holding digital assets,” such as Bitcoin (BTC) and other cryptocurrencies, including Ethereum (ETH), Ripple (XRP), and Litecoin(LTC).Filed on Nov. 27, 2017 by Winklevoss IP, the patent includes both brothers as the inventors, as well as Evan Louis Greebel, Kathleen Hill Moriarty and Gregory Elias Xethalis.
ETPs are a type of security where the value is derived from other investment instruments, such as commodities, currencies, share prices or interest rates. In this case, the ETP’s price is derived from cryptocurrencies.In May, the Winklevoss brothers were granted a similar patent for a system that allows Winklevoss IP to settle ETPs using cryptocurrencies.Previously in March 2017, the U.S.
Securities Exchange Commission (SEC) rejected the Winklevoss twins’ application to create a Bitcoin-based exchange-traded fund (ETF), citing that "the rules of a national securities exchange be designed to prevent fraudulent and manipulative acts and practices and to protect investors and the public interest."In April, the Winklevoss’ cryptocurrency exchange Gemini, partnered with leading stock exchange Nasdaq to monitor markets using NASDAQ’s SMARTS Market Surveillance Technology.
Source: Cryptotelegraph.com