Winklevoss twins partner with State Street for bitcoin ETF proposal

The Winklevoss twins has partnered with multi-billion dollar financial services provider State Street Corporation.

In a new SEC filing, State Street is now listed as the administrator and transfer agent for the Winklevoss Bitcoin Trust, a proposed bitcoin ETF backed by investors Cameron and Tyler Winklevoss, the founders of the Gemini bitcoin exchange.

“The sponsor and the custodian have engaged an independent audit firm to verify that the custodian can demonstrate “proof of control” of the private keys that control the Trust’s on a monthly basis,” states the filing. Gemini’s daily auction price at 4PM will also be used to price the asset value of the ETF.

While a step forward, the development comes amid a now years-long effort by the Winklevoss brothers to launch the ETF as a way to allow investors additional exposure to digital currency market movements.