NEW YORK, May 21, 2018 /PRNewswire/ -- (CryptoMediaNetwork.com)-- Last week, Cameron and Tyler Winklevoss have won a patent for settling exchange-traded products (ETPs) with digital currencies, including bitcoin, ripple and ethereum. This comes as a major development to the brothers as just a year ago, the SEC had rejected their bid to list a bitcoin-tied ETF on the Bats BZX exchange. However, the iconic Winklevoss Twins may have just met their match.
Just outside of Times Square in Richmond Hill Toronto, Donnie Kim works around the clock on a project that could very well revolutionize the world of finance. He has spent the last 12 months grinding away with his team to develop the world's first cryptocurrency ETF system called Kryptoin.
The Kryptoin ETF System is a platform that allows for the creation of a digital token representing the valuation of a combination of cryptocurrencies belonging to the same set of blockchain nodes integrated to the Kryptoin application. The application requires the integration of blockchains due to the inherent security risks and transactional demands of a conventional ETF ecosystem. The smart contract is utilized to bind specific requirements of an in-kind exchange between an ETF Issuer and Authorized Participant. The product of such an exchange between the parties is a decentralized system.
Kryptoin ETF Tokens will behave like a traditional ETF found on a stock exchange. The underlying assets can be exchanged/traded at a Kryptoin Trading Desk or be liquidated on a digital exchange. ETFs and their indices can be created to be a benchmark for many niche markets arising all over the world. The goal of the system is to create an ETF token system that will allow users, whom Kryptoin anticipates will be global asset managers and individuals, to assemble creation units or indices to fit their specific investment objectives and preferences.
Their recent provisional patent filing "Kryptoin Exchange Traded Blockchain ETF Token System and Method to Facilitate the Creation and Redemption of a Cryptocurrency Portfolio" (62/663,941), outlines the development of a system and method to exchange trade cryptocurrencies and tokens and settling it on a distributed ledger. The major difference between Kryptoin and the Winklevoss patent is that the latter is a hybrid model while Kryptoin is entirely block chain based.
Anthony Licausi, Managing Director at Barenberg Capital Partners in New York and member of the Kryptoin Advisory Team states "Donnie is a visionary who stands at the forefront of advancement in the cryptocurrency space. This is a critical junction where the worlds of asset management and crypto intersect, and Donnie has developed a system that brilliantly leverages the benefits of ETFs that Wall Street has become so accustomed to."
As an ever increasing amount of investors pile into cryptocurrencies, Kryptoin ETF Tokens provide a way for institutional money managers and funds to customize products that meet their clients needs. With continuing conversations around crypto-related investment products growing in the regulatory community, the time has come for a system that provides additional investment capabilities in the space.
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