Winklevoss IP LLC Patents Cryptocurrency Storage System

As reported by Investopedia, bitcoin moguls Tyler and Cameron Winklevoss have been granted a patent by the U.S. Patent and Trademark Office. The patent relates to a cryptocurrency and crypto-related exchange-traded product (“ETP”) storage system and is titled “Systems and method for access control using context-based proof”.

The patent describes a system of computers, which generates keys for new accounts for storing cryptocurrencies and ETPs. The computers associated with the storage system remain isolated until they are required to transfer assets, thereby functioning as a “cold storage” device. One set of keys to the storage account is stored on an electronic memory device, while the other is transcribed and transferred to a key storage company. This system, the patent explains, helps to avoid the theft of blockchain funds.

The Winklevoss twins, who are also the founders of the crypto exchange platform Gemini, have accumulated several other crypto-related patents as they endeavour to create the first bitcoin exchange-traded fund (“ETF”). Despite regulatory pushback, (the U.S. Securities and Exchange Commission rejected the Winklevoss twins’ second attempt to list a bitcoin ETF in July 2018), Cameron Winklevoss stated that the twins “look forward to continuing to work with the SEC and remain deeply committed to bringing a regulated bitcoin ETF to market and building the future of money”.