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Winklevoss Twins Wins Digital Currency Exchange Patent

May 10, 2018 Posted /  158 Views

Winklevoss Twins Wins Digital Currency Exchange Patent

The organisation established by Gemini founders Cameron and Tyler Winklevoss, Winklevoss IP, has been granted with a patent claim that intends to Exchange Traded Products (ETPs) holding digital currencies.

The organisation illustrated a framework that can execute transactions for ETPs holding digital currencies, for example, bitcoin, ripple, dogecoins, ethereum and in addition BBQCoin, among others, as indicated by patent distributed by the U.S. Patent and Trademark Office. The organisation initially filed the application at the end of last year.

ETPs that incorporates exchange-traded funds (ETF), is a kind of security whose costs are obtained from other investment instruments they are fixed to, which in the Winklevoss instance, would be digital currencies.

The patent reward is eminent as it gives a look into the Winklevoss twins moving forward with endeavours to push forward the trading of digital currency related ETFs in the wake of having met obstacles from U.S. controllers.

Beforehand, the U.S. Securities and Exchange Commission (SEC) has rejected the twins last offer in March last year that seeks to list a bitcoin tied ETF on the Bats BZX Exchange,
referring to threat-related to the vulnerability and regulatory vulnerability.

At present, the SEC still needs to give green light to any bitcoin-related ETFs on exchanges. At the beginning of this year, a few firms that were suggesting a change of rule to the SEC had likewise pulled back their filings per prerequisite by the securities controller.

The present patent reward additionally comes following the Winklevoss IP wins another patent claim for fortifying digital currencies transaction security that could be utilised as a part of the Gemini exchange.

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Tags: Winklevoss twins digital currency exchange Gemini patent

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