Richard Sandor, a known U.S. economist and businessman which has spearheading the early development of futures contracts is seeking a cryptocurrency patent. The a former Chicago Board of Trade chief economist and vice president, advanced the utilization of financial futures back in the 1970s, earning him the moniker “the father of financial futures.”
Notably, Sandor is now listed as the first of three inventors for the “Secure Electronic Storage Devices for Physical Delivery of Digital Currencies When Trading” patent application, released on August 10 by the U.S. Patent and Trademark Office. He is currently the chairman and CEO of Environmental Financial Products LLC, which is listed as the applicant for the patent. The application itself details a hardware concept for the storage of digital currencies tied to derivatives contracts.
It explains: “The invention relates to a method to facilitate trading of digital currencies, which comprises electronically storing an amount of a digital currency on an electronic storage device or electronic registry; and physically storing the storage device or electronic registry in a secure, physical repository that is not publicly accessible with the storage device or electronic registry available for use in subsequent delivery of the digital currency.”
It’s the latest submission to focus on cryptocurrency-related derivatives, coming on the heels of news that options exchange CBOE is planning to launch products in this area later this year. Firms like CME have also moved to obtain intellectual property tied to cryptocurrencies. As we know CME’s patent applications reveal an interest in bitcoin mining derivatives. New announcements are expected.
Disclaimer: InfoCoin is not affiliated with any of the companies mentioned in this article and is not responsible for their products and/or services. This press release is for informational purposes only. Information does not constitute an investment advice or an offer to invest.