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   425

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.

OKEx Ex-CEO to Intend to Raise $40M

Funds are needed for the new exchange called ACDX, which will offer  futures, options, revocable bear/bullish contracts and more
06 February 2020   632

Andy Cheung, who until recently was the operating director of the OKEx cryptocurrency exchange, will open a new derivative trading platform ACDX by the end of the first quarter, CoinDesk reports. The exchange will offer its clients futures, options, revocable bear / bullish contracts, debt contracts and fixed coupon notes.

One of our main goals for the exchange is to provide retail investors with ... structured products that are more commonly used by accredited crypto investors and wealth managers.

 

Andy Cheung

Former chief operating officer at OKEx

In the future, ACDX plans to reach a global level, but first of all it will gather a client base in Asia, using the connections of Cheung and partners in Hong Kong and China. In preparation for the launch, she intends to raise $ 40 million through the sale of tokens and shares in her business to crypto funds, private investment firms and family capital management companies in Europe and Asia. 

We have over $4 million so far and most of the money comes from our own funds. We are in talks with potential investors and likely to announce new investments in the next two months.

 

Andy Cheung

Former chief operating officer at OKEx

To date, ACDX has hired more than 25 employees, including eight developers who are preparing the trading platform for launch.