Gemini Exchange Owners Awarded Exchange-Traded Products (ETPs) Patent
Winklevoss Brothers Secure Their 5th Patent
Almost a month after receiving a patent for digital transactions security system, the famous Winklevoss Twin brothers have secured yet another patent. Via Winklevoss IP, Cameron and Tyler Winklevoss have been granted a patent application that would allow settling of Exchange-Traded Products (ETP) using digital currencies. The US Patent and Trademark Office broke the news on Tuesday, May 8th and this seemingly gives the two their 5th patent and counting.
The Winklevoss twins are increasingly becoming a dynamic duo synonymous with ingenuity. The two who first broke into stardom in 2004 following a successful launch of ConnectU, later sued Facebook’s Mark Zuckerberg for reportedly stealing their idea and got a $65 million in damages. However, their successes in the lucrative venture capital investment industry seem to have been growing by the day.
This latest patent was initially filed in December 2017 and highlights all “systems, methods and program products” typically used when trading crypto-based assets. It is their 5th patent that comes nearly a month after their 4th which underscores the “improvement to computer security technology.”
The move marks yet another first for the two who hail from the Town of Southampton in New York. It should be mentioned that right after securing their 4th patent, Cameron and Tyler Winklevoss who head Gemini, entered into a partnership with Nasdaq. From the association, it was reported that Gemini would leverage NASDAQ’s SMARTS Market Surveillance Technology in monitoring the market.
An excerpt from the mechanism that governs patents explained their patent that would allow settling of Exchange-Traded Products (ETPs) using digital currencies as an “invention.” The description further revealed that it would relate to all systems, methods and programs that products used with the conventional Exchange-Traded Products (ETPs) that hold cryptocurrencies.
However, this feat for the duo hasn’t arrived on a silver platter
About a year ago, Cameron and Tyler Winklevoss suffered a huge blow when their application to introduce a Bitcoin exchange-traded fund regulated by the state was quashed. The US Securities and Exchange Commission downright rejected it, despite falling under the category of ETPs.
So high profile was the rebuff that the market experienced a sudden aura of uncertainty. Several sources even suggested that the application had arrived too soon, yet the authorities hadn’t initiated measures to handle similar innovations.
But as it turns out, the idea is slowly coming to life. Wall Street reportedly witnessed top blue-chips led by Goldman Sachs and the New York Stock Exchange backing creation of Bitcoin-related products and services. Going by exploits of these two brothers, there’s no doubt more achievements are on the way.