Winklevoss Twins Acquire Patent for Digital Assets Security System

https://money.cnn.com

Winklevoss IP LLP, the company owned by Gemini founders Cameron and Tyler Winklevoss, has recently acquired proprietary rights to a proposed system for “securely storing digital assets.”

Published by the U.S. Patent and Trademark Office (USPTO) on September 4, the patent dubbed “Systems and methods for storing digital math-based assets using a secure portal” outlines a method for dividing digital asset accounts “into a plurality of private key segments,” thereby boosting the security of virtual currencies.

As stated in the filing:

“Private keys for a multi-signature account may be stored as backups, e.g., in secure storage, which may be difficult to access, and may be used in the event that more readily obtainable keys are lost.”

As further detailed in the patent application, the system applies to “digital math-based assets,” including Bitcoin, Ethereum, Litecoin, and Ripple.

The patent marks the Winklevoss twins’ latest filing among the company’s several other previously acquired crypto-related patents. In April, Winklevoss IP has been granted a patent for a system that would increase the security of digital transactions by employing common cryptographic encryption.

In May, the USPTO has also conferred exclusive rights to Winklevoss IP for a crypto-based asset trading system capable of facilitating exchange-traded products (ETPs) settlements using cryptocurrencies. More recently in June, the company has additionally been granted intellectual rights to a similar patent proposing a crypto-related ETP system.