Skip to content

Winklevoss Twins Secure Patent for Exchange ETP Cryptocurrency

--Advertisements --

Join our community of 10,000 traders on Hacked.com for only $ 39 a month

According to a patent filing made public by the May 8, 2017, Cameron and Tyler Winklevoss obtained a patent for the establishment of Exchange Traded Products (ETPs) with digital currencies, including bitcoin, ripple, dogecoin and the ethereum .

FTEs are derivative investments that are traded on a stock exchange. An FTE is usually valued on the basis of a reference stock or a commodity, which in the case of the Winklevoss IP patent would be bitcoin or another cryptocurrency. While the investment in derivative cryptocurrency already exists in the form of the CBOE bitcoin futures contract and CME Group no FTEs exist for the US market. cryptomonnaie.

The document reveals that the Winklevoss twins first filed a patent application in December 2017 through their joint venture, Winklevoss IP.

The Winklevoss Twins are rather popular personalities in the digital currency community and are among the richest crypto holders in the world thanks to their multi-million dollar investment in Bitcoin and related companies. several years. In 2015, they founded the cryptocurrency exchange Gemini which will become the "first exchange of teas e thereum in the world" in 2016.

 Wall Street "width =" 750 "height =" 500
The Winklevoss twins have so far failed to obtain the SEC's approval for a long-awaited bitcoin ETF .

The patent application is another attempt by the twins to market an exchange-traded product based on cryptocurrency, with the first ETF proposal having been rejected by the US Securities and Exchange Commission in March 2017.

-- Advertisements --

Explaining the movement, the SEC revealed

"The Commission disapproves of this proposed rule change because it does not find the proposal consistent with Article 6 (b) (5) of the Exchange Act, which requires among other things, that the rules of a national securities exchange must be designed to prevent fraudulent and manipulative acts and practices and to protect investors and the public interest. "

]

Now that the big investment companies, including Goldman Sachs, are rumor to bring bitcoin trading to Wall Street, it is possible that the SEC is warming up to asset class volatility as it continues to mature. However, any attempt to introduce an ETF by the Winklevoss Twink will still have to be approved by the commission. Until now, no company has managed to get the right to offer a cryptocurrency-based ETF to investors.

See also  TransferWise announces a massive investment of $ 280 million as the first shareholders cash

Winklevoss IP, the company that obtained the patent, managed to obtain five patents in the five months since the beginning of 2018. The precedent Patent disclosed in mid-April, aimed to improve the security of cryptocurrency transactions using a number of common cryptographic techniques.

Pictures of Shutterstock

-- Advertisements --

Follow us on Telegram.
Advertising

Advertisements