The Winklevoss Twins to Receive New Patent

Patent is about  a system that is designed to improve the security of digital transactions
12 April 2018   457

A company owned by the Winklevoss brothers, the founders of the Gemini exchange, received a patent for a system designed to enhance the security of digital transactions. This is reported by CoinDesk.

The application was filed in November, and the patent itself was issued recently by the US Patent and Trademark Office. It describes the "system, method, and program product for processing secure transactions within a cloud computing system".

The system uses a combination of common cryptographic techniques, including hashing functions and digital signatures. It is designed to ensure the security of transactions on the cloud exchange.

Although the document does not directly mention this, there are reasons to believe that the technology can be used in the infrastructure of the Gemini exchange.

The present invention is an improvement to computer security technology. Computer systems to date have been susceptible to attack, whether the introduction of malicious code or the unauthorized access of information, over external data connections, such as the Internet. As computing systems increasingly move to distributed computing architectures, such as cloud computing, external data connections are often necessary to the functioning of the computing system.

Patent Application

Winklevoss IP, LLC, which was awarded with the patent, owns many trademarks and 5 patents, including issued this week.

Coinbase to Issue New Statement

As reported, company says it was wrong about SEC approval of acquisitions of Keystone Capital Corp., Venovate Marketplace Inc. and Digital Wealth LLC
18 July 2018   119

Vice President of Communications of Coinbase Rachel Horwitz denied the information that the company received approval from the Securities and Exchange Commission of the United States for a deal to buy brokerage companies. This is reported by Bloomberg.

It is not correct to say that the SEC and FINRA approved Coinbase’s purchase of Keystone because SEC was not involved in the approval process. The SEC’s approval is not required for the change of control application. Coinbase has discussed aspects of its proposed operations, including the acquisition of the Keystone Entity, on an informal basis with several members of SEC staff.

Rachel Horwitz

Vice President of Communications, Coinbase

On Monday, a spokesman for Coinbase said that the company received permission from the SEC and the Agency for Regulation of Financial Institutions (FINRA) to purchase Keystone Capital Corp., Venovate Marketplace Inc. and Digital Wealth LLC.

However, despite the refutation from Rachel Horwitz, Coinbase still intends to obtain a license to carry out brokerage activities.