When it comes to applying for patents, the Winklevoss are becoming experts. The plucky twins have now applied for their eighth crypto related patent and are showing no signs of slowing down. Recently the twins had their BTC ETF proposal shot down by the US Securities and Exchange Commission (SEC) for the second time. It appears as if the bad news hasn’t damaged the brother’s drive to take over the crypto world, as they’ve now joined forces with Bittrex, bitFlyer, and Bitstamp to create a self-regulatory group – perhaps a subtle finger to the SEC. This time around, the patent is for the systems and method behind storing digital math-based assets – essentially their own crypto custodial services for the Gemini exchange.
Winklevoss Twins Upgrading Custodial Services at Gemini
Gemini already offers custodial services to its customers, but this new patent application appears to be some form of upgrade to the system. Following attacks on major crypto exchanged in South Korea, it is a wise move by the twins to shore up their custodial accounts. In the patent submission, it details how the new system will be able to house and store a wide range of cryptos, including Bitcoin, Namecoin, Litecoin, BBQcoin, Ripple, Dogecoin, and Billioncoins. There is a rather large list of coins they plan to add, but many of the coins they are proposing to work with aren’t available trading pairs on the Gemini exchange. This could imply that it is looking to add these cryptos in the coming months and years, once it has secured the necessary patents and systems to do so.
Is a Winkle-Wallet on the Horizon?
Interestingly, the patent application highlights a system that could also be used to build a hardware wallet designed to work with multiple cryptos. Following their debacle with Mark Zuckerberg over Facebook, there is a good chance the twins want to cover all bases in the crypto remain a step ahead of their rival. As the rumor mill churns out more Facebook-related crypto news, it stands to reason that the twins want to create their own wallet. If the twins are working on a Winkle-wallet, hopefully they have learnt their lesson from John McAfee and the recent “unhackable” wallet scandal.
It isn’t just the Winklevoss twins that are applying for patents left, right, and center. Almost every major company in the US that is looking into blockchain and crypto has applied for at least one patent. The Bank of America has applied for the most crypto and blockchain related patents, with the final tally coming in just shy of 50. Walmart recently applied for a patent of its own to create a blockchain related robot delivery system, and UPS wants to start tracking parcels using blockchain.
Patents are certainly very popular in the US, with most companies wanting to own the rights to their own blockchain inventions. However, by sharing blockchain technology and advancements these companies could create a more powerful and flawless blockchain ecosystem that benefits more people.