The Winklevoss Brothers Become Rightful Patent Owners For Stablecoin Technology

Parth Vig
Parth Vig is a Management student, and a keen observer of Cryptocurrency and blockchain technology, his interest in writing brings him to thecoinrepublic.com, He believes that he has many ideas that he pens down and he feels it would be a great asset for any kind of creative writing.
  • The Winklevoss brothers are recently in the news for their successful entitlements to the U.S patents regarding the stablecoin technology.
  • Six patents have been awarded between the time August 2019 and January 2020 to the Tyler and Cameron Winklevoss’ intellectual property company.
  • The patent, as mentioned issues that “other types of trusted entities may also use to issue, administer, redeem, or otherwise manage,” including the stablecoin as well.

Gemini cryptocurrency exchange owners, the Winklevoss brothers, are recently in the news for their successful entitlements to the U.S patents regarding the stablecoin technology, which further aimed to function in the financial sectors such as banking.

Six patents have been awarded between the time August 2019 and January 2020 to the Tyler and Cameron Winklevoss’ intellectual property company.

The firm outlines a system and similar to the collateralized token model, which currently is being used by the tether and the brothers’ Gemini dollar (GUSD) that would allow it’s users to swap fiat currency for their digital equivalents directly.

As mentioned in an article published by coindesk,

The stablecoin system seeks “trusted entities” charged with generating, exchanging, and destroying the stablecoins, and be responsible for holding the fiat currency collateral on a 1:1 ratio with the number of tokens issued.

That’s where the Gemini exchange comes into the picture. The patent, as mentioned issues that “other types of trusted entities may also use to issue, administer, redeem, or otherwise manage,” including the stablecoin as well.

Other details such as collateral “in financial transactions that executed via smart contracts” have also been mentioned in the patent. The focus has been paid to protect investments as Gemini applied for U.S. broker-dealer licenses during the previous summer, which would now allow the customers to buy digital securities and receive dividends, which can all be in GUSD.

The technology has been given clearance by the New York Department for Financial Services too. Stablecoin providers have already been using banks to hold onto their customer funds. Gemini’s head of communications told CoinDesk in an interview that “Our patent covers the unique way.

The patents would prioritize in protecting the investments they make in the research and development fields of their products. This would certainly make it interesting to see how the organizations aim to back up its claims in the near future, seeing the high expectations involved.

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