Brothers Tyler and Cameron Winklevoss have long been thinking about creating a Bitcoin exchange-traded investment fund. While the idea is still in development, a company associated with the brothers has been awarded another patent to create cryptocurrency exchange products.
The patent was awarded to a firm called Winlkevoss IP LLP, and both Winlkevoss brothers are among the principals, along with Evan Louis Griebel, Kathleen Hill Moriarty and Gregory Elias Hetalis.
The patent details a method for “providing an exchange-traded product for storing digital mathematical assets,” as well as a process for issuing shares tied to an exchange-traded product (ETP). This gives the brothers intellectual property rights to the concept, but it is not yet clear when and in what form it will be applied.
An ETP is a type of security whose price is derived from another investment instrument - in this case, cryptocurrencies.
According to CoinDesk, the Winklevoss brothers last month received a patent for a system that can handle cryptocurrency ETP transactions. Both of the brothers' patents are intended to work with a wide range of digital currencies, ranging from large ones like Bitcoin and Monero to the obscure BBQcoin.
Publicly available patent information shows that this week's patent is the brothers' seventh cryptocurrency patent. They received their first one last December.
The US Securities and Exchange Commission (SEC) once rejected the brothers' proposal to list Bitcoin-related ETFs on an exchange, stating that: “The rules under which the nation's stock exchanges operate are designed to prevent fraudulent and manipulative practices and to protect investors and the public interest.”
According to https://www.coindesk.com
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