Gemini Exchange Owners Awarded patent for Crypto ETP Exchange
Gemini founders Tyler and Cameron Winklevoss secure a patent for the first-ever cryptocurrency Exchange Traded Product (ETP).
The patent, which was initially filed on December 19, 2017 was made public by the United States Patent and Trademark Office on May 8, 2018.
ETPs are derivative-based investments that are traded on a securities exchange. An ETP is generally valued on the basis of a benchmark stock or commodity, which in the case of Winklevoss IP’s patent would be bitcoin or some other cryptocurrency.
While derivative-based cryptocurrency investments already exist in the form of the bitcoin futures contract offered by CBOE and CME Group, no ETPs exist for the US cryptocurrency market yet.
The twins are one of the richest cryptcurrency holders and are the founders of the cryptocurrency exchange “Gemini. Gemini has managed to secure five patents in the five months since the start of 2018.
The previous patent, disclosed in mid April, aimed to improve security in cryptocurrency transactions using a number of common cryptographic techniques.
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.
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