Winklevoss Twins Secure Patent for Crypto Exchange Traded Products
Entrepreneurs Cameron and Tyler Winklevoss, early investors in Facebook and Bitcoin, have secured another crypto patent, this time for a system that enables cryptocurrency exchange traded products (ETPs).
Published by the U.S. Patent and Trademarks Office (USPTO) on June 19, patent filing 10,002,389 was awarded to Winklevoss IP, LLC, the company that controls patents and other intellectual property for the Winklevoss twins.
According to the filing, the Winklevoss twins’ new invention is for “systems, methods, and program products for an application programming interface generating a blended digital math-based assets index.”
In essence, the new invention enables the creation of cryptocurrency shares with prices determined by scanning major exchanges, allows users to purchase these shares, delivers digital assets to purchaser wallets, and issues shares to the purchaser.
The patent filing lists the inventors as both Winklevoss brothers, along with Evan Louis Greebel, Kathleen Hill Moriarty and Gregory Elias Xethalis.
ETPs are financial instruments that derive their value from other investment instruments such as commodities, currencies, share prices, interest rates, or, in this case, cryptocurrencies.
The Winklevoss Twins had previously secured a separate cryptocurrency technology patent on April 10 for a "system, method, and program product for processing secure transactions within a cloud computing system.”
The most likely beneficiary of their new patent is Winklevoss-owned crypto exchange Gemini, which announced a partnership with Nasdaq in April to monitor crypto markets.