Winklevoss Brothers Acquire Crypto ETF Patent

The first Bitcoin Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that Read this Term billionaires, the Winklevoss twins, have marked another milestone on the crypto financing market as they acquired a patent for the creation of a long-awaited Bitcoin Exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term-traded-fund (ETF).

The United States Patent and Trademark Office awarded a patent to a firm called Winklevoss IP LLP for exchange-traded-products (ETP) on June 19. The patent document details it as a method "for providing an exchange-traded-product holding digital math-based assets.”

Investopedia defines ETP as “a type of security that is derivatively priced and traded intra-day on a national securities exchange.” ETPs include various investment instrument including ETFs, exchange-traded vehicles (ETVs), exchange-traded notes (ETNs) and certificates.

Although the patent was awarded to the Winklevoss-backed company, its inventors are the brothers themselves, along with Evan Louis Greebel, Kathleen Hill Moriarty, and Gregory Elias Xethalis.

The Winklevoss twins are likely to list the instrument at Gemini, an exchange backed by them. Earlier this year, Gemini introduced a block trading facility to cater to the increasing number of institutional traders trying to trade in large amounts - especially hedge funds.

The Winklevoss brothers are actively working on crypto trading instruments, and according to publically available data, they have acquired seven crypto-related patents since last December.

However, despite the advancements, it is not clear when these instruments will hit the market, given the Securities and Exchange Commission's (SEC) harsh requirements. Earlier in March 2017, the Winklevoss brothers already tried to list Bitcoin ETFs on exchanges, but the SEC rejected their proposal. Later in December, with the introduction of Bitcoin futures on two exchanges in the US, the crypto community was hoping to see ETFs as well, but due to the strict listing rules imposed by the SEC, that did not happen yet.