The company Winklevoss IP, which is owned by Gemini founders Cameron and Tyler Winklevoss, has been awarded a patent. The aim of the patent is to settle exchange-traded products (ETPs) holding digital math-assets. The patent application was filed in December 2017.
What is an ETP? According to a definition by Investopedia, Exchange-traded products (ETP) are a type of security that is derivatively priced and trades intra-day on a national securities exchange. ETPs are priced so the value is derived from other investment instruments, such as a commodity, a currency, a share price or an interest rate. ETP’s also include ETF’s (Exchange Traded Funds).
The Winklevoss twins have repeatedly pushed to seek SEC (Securities and Exchange Commission) approval for their ETF. In March the SEC refused to approve a fund proposed citing concern that “significant markets for bitcoin are unregulated”.
This newly awarded patent shows the continued efforts by Cameron and Tyler Winklevoss to implement the trading of cryptocurrency-related ETFs despite resistance from regulators.
The patent states:
Systems, methods, and program products for providing an exchange-traded product holding digital math-based assets are disclosed. Shares based on digital math-based assets may be redeemed using one or more computers by determining share price information based upon quantities of digital math-based assets held by a trust, electronically receiving a request from an authorized participant user device to redeem a quantity of shares, electronically transmitting a quantity of digital math-based assets from one or more origin digital asset accounts to one or more destination digital asset accounts associated with the authorized participant, and canceling the quantity of shares from the authorized participant. – Further details on the Patent – Click here
The Winklevoss Twins are living the CRYPTOLIFE! Read more here
Besides the Winklevoss Twins, who are the other BITCOIN ILLUMINATI?
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