Winklevoss to Patent Stablecoin Tech For Banks

The patent filling says that the system requires “trusted enterprises” responsible for the creation, exchange and destruction of tokens
03 February 2020   551

The owners of the American cryptocurrency exchange Gemini Cameron and Tyler Winklevoss have received a number of patents in the United States for a system for issuing stablecoins by commercial banks.

Six patents issued between August 2019 and January 2020 for the Winklevoss intellectual property company describe a system similar to the stablecoin model already in use by Tether (USDT) and Gemini Dollar (GUSD). The model gives users the ability to directly exchange fiat currency for its digital equivalent.

The patent says that the system requires “trusted enterprises” responsible for the creation, exchange and destruction of tokens, as well as for ensuring reserves in fiat currency in the ratio 1: 1. At the same time, the trusted company may be the Gemini exchange itself, but “other types of trusted organizations (for example, banks, trusts, etc.) can also participate in the issue, administration, redemption and / or other management” of stablecoin.

One of the patents granted on January 21 describes the tools by which organizations such as banks can quickly and efficiently create and issue new tokens to users. Trusted organizations may also be allowed to charge users a “processing fee” when releasing stablecoins.

Patents also detail the means by which stablecoins can be used as collateral “in financial transactions performed using smart contracts.” Another patent assumes that dividends from securities and other similar instruments can be paid in stablecoin.

Given the technology applications described in the patents, the system may be licensed so that it can be used by banks and other financial institutions. In addition, it is not yet clear whether Gemini will use GUSD or other tokens based on the same technology.

DEAPCOIN IEO to be Held at OKEx on 8.04

The project is planning to raise $2M a the price of 1 DEP on IEO will be $ 0.0025
25 March 2020   250

OKEx Exchange announced Wednesday the 11th initial exchange offering (IEO). It will be conducted by the DEAPCOIN Project (DEP) and will be held on April 8th.

As in previous OKEx campaigns, the selection of participants and the selection of the allocation coefficient will be carried out according to two criteria: the average daily balance of OKB and the trading volume on the exchange. For each of the groups, allocation of 400 million DEP tokens is allocated.

The price of 1 DEP on IEO will be $ 0.0025. Thus, the project intends to attract up to $ 2 million from OKEx users. Trading in USDT and USDK pairs will start on the same day.

The DEP token was released by DEAPCOIN to shape the economy around the PlayMining entertainment platform they are developing, where users can earn cryptocurrency during games. DEP is presented as an ERC-20 standard token, while game items on the blockchain will use the ERC-721 standard.

Despite the generally negative dynamics of the IEO space recently, the token of the previous placement of the OKEx platform - HyperDAO - that passed at the end of February is currently trading almost 3 times higher than the initial selling price.