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Meta joins cryptocurrency group promoting open patents COPA

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The company Meta, formerly known as Facebook, has joined an organization that promotes the free use of innovative technology in the cryptocurrency industry, the Crypto Open Patent Alliance (COPA).

The consortium of technology and cryptocurrency companies was created in September 2020 by the Block company (formerly known as Square) of former Twitter CEO Jack Dorsey.

According to an announcement, upon joining COPA, Meta pledges not to enforce its “core cryptocurrency patents”.

The entity’s manager, Max Sills, defines these patents as any “technology that enables the creation, mining, storage, transmission, settlement, integrity or security of cryptocurrencies.”

In addition to Meta, dozens of other members make up COPA, including major cryptocurrency companies such as Coinbase and Kraken.

COPA wants to reduce patent litigation

COPA’s goal is to encourage blockchain-related innovation by reducing the likelihood of patent litigation.

In addition, according to Dorsey, the aim is “to help the crypto community defend itself against patent attackers and trolls.”

In April 2021, the body sued Australian computer scientist Craig Wright, best known for his widely debated claim to be the inventor of BTC.

The lawsuit was due to Wright trying to prevent cryptocurrency groups from hosting the BTC white paper.

Meta licensing head to join COPA board

Per the release, Meta’s head of licensing and open source Shayne O’Reilly will join the board.

The other COPA directors are: Brittany Cuthbert of Coinbase; Steve Lee of Square; Dan Robinson of venture firm Paradigm; Jerry Brito of the Coin Center advocacy group; and Kirupa Pushparaj, Square’s deputy general counsel and chairman of the board.

“Companies large and small can drive innovation by collaborating on critical infrastructure. This is a step forward in advancing COPA’s mission. We want to remove legal obstacles so that cryptocurrencies can become the backbone for transferring value anywhere in the world,” Max Sills said in a statement.

According to Sills, Meta is the largest holder of patents that has joined COPA to date.

“This means that cryptocurrencies are becoming a core technology for companies across all industries.” 

When asked if Diem’s ​​patents would be included, Sills said:

“It includes all of Meta’s major cryptocurrency technology patents in its portfolio.”

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All content in this article is for informational purposes only and in no way serves as investment advice. Investing in cryptocurrencies, commodities and stocks is very risky and can lead to capital losses.

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