Winklevoss twins win 5th patent of cryptocurrencies broker

The brothers owning Winklevoss IP were awarded the patent for the settlement of publicly traded products (ETPs) with digital coins

Source: Yahoo Finance

The company owned by Cameron and Tyler Winklevoss, Winklevoss IP, has been awarded a patent application, which aims to establish exchange-traded products (ETPs) with cryptocurrencies.

According to the patent issued by the United States Patent and Trademark Office, the company has designed a system that can perform transactions for ETPs with cryptocurrencies such as Bitcoin, Ripple, Ethereum, Dogecoins, as well as BBQCoin, among others. The first request presented by the company of the Winklevoss twins was in December last year.

These ETPs are a type of guarantee whose prices derive from other investment instruments to which they are linked, which in the case of Winklevoss, would be the cryptocurrencies.

The patent reward is remarkable once it recognizes the continued efforts of the Winklevoss brothers to boost the trading of cryptocurrency-related ETFs after they have faced obstacles from US regulators.

The patent application is yet another attempt by the twins to buy a cryptocurrency based stock exchange with the proposal for the first ETF being rejected by the Securities and Exchange Commission in March 2017. Explaining the move, the SEC disclosed, “The Commission is rejecting this proposed rule change because it does not consider the proposal to be consistent with Section 6 (b) (5) of the Exchange Act, which requires, that the rules of a national stock exchange are designed. Prevent fraudulent and manipulative acts and practices, and protect investors and the public interest. “

Now that there are rumors that major investment firms, including Goldman Sachs, will lead to the negotiation of bitcoins for Wall Street, it is possible that the SEC will heat up for the volatile asset class as it continues to mature. However, any attempt to introduce an ETF by the Winklevoss will still have to be approved by the commission. So far, no company has managed to secure the right to offer a cryptocurrencies based ETF to investors.