Winklevoss IP, owned by the brothers Cameron and Tyler Winklevoss, has received a patent for a transaction-executing mechanism for exchange products (ETPs) tied to cryptocurrency rates.
The application was filed in December 2017, while the approved patent was made public on the U.S. Patent and Trademark Office’s website on Tuesday.
The new system can handle transactions with derivatives of cryptocurrencies such as Bitcoin (Bitcoin) , Ethereum (ETC/USD), Ripple (XRP/USD), Dogecoin, as well as a number of less popular altcoins, such as BBQCoin.
ETPs, which include exchange-traded-funds (ETF), are a type of security whose prices derive from other investment instruments they are tied to, which, in the Winklevoss case, would be cryptocurrencies.
Earlier in April, Winklevoss IP received a patent for "a system, method and software product for processing secure transactions within a cloud computing system", which would prevent “unauthorized access of information over external data connections”.
By Nadya Astam