Two of the most important figures in the virtual currency world, Tyler and Cameron Winklevoss were able to win a patent that will let them create a system to provide crypto-based exchange-traded products (ETPs). The information can be accessed through a patent filing published on June the 19th by the U.S. Patent and Trademarks Office.
New Winklevoss’ Crypto-Based ETPs
The patent shows new systems, methods and products for using ETPs which are able to hold digital assets, among other products and services. These include assets such as Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), and Litecoin (LTC).
The patent has been filed back on November 2017 by Winklevoss IP and includes the two brothers as investors. At the same time, the patent mentions Evan Louis Greebel, Kathleen Hill Moriarty and Gregory Elias Xethalis as investors other than the famous brothers.
ETPs are securities which have a value conformed by investment instruments like commodities, currencies or interest rates. As we are talking about a ‘digital asset’ ETPs, the price will be derived from cryptocurrencies in the market.
The title of the filing reads as follows:
“Systems, methods, and program products for an application programming interface generating a blended digital math-based assets index.”
It is also important to mention that back in May, the Winklevoss brothers were granted a patent that allows Winklevoss IP to settle ETPs using virtual currencies.
In March 2017, the US Securities and Exchange Commission (SEC), rejected an application submitted by the brothers, to create a Bitcoin ETF. According to the SEC, they did not allow it to operate because the main intention is to protect investors and the public interest and prevent fraudulent and manipulative acts.
During the last year, an important number of cryptocurrency ETF proposals have been rejected by the SEC saying that they cannot allow all kind of individuals to invest in such a risky market. Now, some proposals presented include a minimum investment amount of over $200,000 dollars. At the moment there is no information whether they will be accepted by the SEC or not.