cryptocurrency futures

The Godfather of Futures Looks For Cryptocurrency Patent

Richard Sandor, an economist and U.S. businessman, has been known for his painstaking work in developing futures contracts and now he’s looking for a cryptocurrency patent. Sandor was a former Chicago Board of Trade chief economist and VP who grew the use of financial futures back in the seventies. This even earned him the name “the father of financial futures” as well as “the father of carbon trading” based on reports from Time.

Now, Sandor is on a list of the first of three investors seeking the “Secure Electonic Storage Devices for Physical Delivery of Digital Currencies When Trading” patent application. This was released by the U.S. Patent and Trademark Office on August 10. Sandor states, “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.”

He is the chairman and CEO of Environmental Financial Products LLC. This LLC is what is listed as the formal applicant for the patent. In general, the application itself goes into detail regarding storage of digital currencies that are tied to derivatives contracts.

This is the most recent submission to target cryptocurrency-related derivatives. It also comes right after the CBOE options exchange is preparing to launch products in this area later on in the year. Organizations like the CME have moved forward to gain intellectual property related to cryptocurrencies. The CME’s applications for patents will show building interest in cryptocurrency mining derivatives.

The patent states that this will be “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 available for use in subsequent delivery of the digital currency.”

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