Internet entrepreneurs Tyler and Cameron Winklevoss just scored another milestone in the crypto-market as they acquire a patent for a system that provides crypto-based exchange-traded products (ETPs). The twins have long sought this invention and now that it’s finally here, their billionaire status might level up again. Publicly available data for the two shows that this new patent is the seventh crypto-related product the Winklevoss brothers have received.
WINKLEVOSS’ ANOTHER MILESTONE
The U.S. Securities Exchange Commission (SEC) rejected the twins first application last year to create a Bitcoin-based traded fund (ETF), stating 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.” Despite this, the Winklevoss twins—now known as the first Bitcoin billionaires—were granted a lesser patent for a system that allows Winklevoss IP to settle ETPs using cryptocurrencies. It was granted to them last May, and just a month after, they have a much improved patent on hand.
The United States Patent and Trademark Office granted the awarding of the patent to a firm called Winklevoss IP LPP for the ETPs on June 19. The patent is for system, methods, and program products for ETPs. These are the ones that handle digital assets and other products and/or services related to holding digital assets such as Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Litecoin (LTC), and other cryptocurrencies.
Although the patent was awarded to a firm, both the Winklevoss twins are the inventors, along with Evan Louis Greebel, Kathleen Hill Moriarty, and Gregory Elias Xethalis. The persons involved, however, haven’t shared yet when or how the patent will be applied to real-world products.
WHAT IS ETP?
ETP is defined as “a type of security that is derivatively priced and traded intra-day on a national securities exchange.” It includes various investment systems including ETFs, exchange-traded vehicles (ETVs), exchange-traded notes (ETNs), and certificates. The price of ETPs is derived from the value of other commodities available for investment such as a commodity, a currency, a share price, or an interest rate. ETP is, by far, the biggest and most innovative all-in-one system for all cryptocurrency investors.