The twins Tyler and Cameron Winklevoss, founders of crypto exchange Gemini, have added one more crypto patent to their piggy bank. This time the patent is about the development of exchange products tied to cryptos.
As the news reports read, the patent was received by the brothers' company Winklevoss IP LLP, with both of them being mentioned as inventors, following Evan Louis Greebel, Kathleen Hill Moriarty and Gregory Elias Xethalis.
The released document contains the methods of digital asset-based ETP development as well as issuing of ETP shares.
"Shares based on digital math-based assets may be created using one or more computers by determining share price information based upon quantities of digital math-based assets held by a trust...," the document reads.
Specifically, like ETF funds, ETP is considered as a kind of securities, with its price being based on the cost of other investment tools. This document is referred to cryptocurrencies, including both the leading coins, like Bitcoin, Monero, and less popular like BBQcoin.
As the media stated, this patent will be the seventh document received by the twins in the digital coins sector. For reference, Winklevoss IP already managed to obtain the patent for the system, method and program product for processing secure transactions within a cloud computing system.