Meta joins Crypto Open Patience Alliance along with Coinbase
The social media platform Meta has joined the board of directors of the Crypto Open Patent Alliance (COPA), which is working to assemble a pool of cryptographic patents that all members can use in an effort to encourage innovation. “The merger of Meta and COPA means that cryptography is not a niche,” Max Sills, COPA general manager and Square consultant, told Blockworks. “It’s a technology that every industry will depend on.”
Through COPA, Meta has pledged not to enforce its core cryptocurrency patents, except for “defensive reasons”. This effectively makes its patents freely available for use by all. Some of these patents include Meta’s technology that enables the creation, mining, storage, transmission, settlement, integrity or security of cryptocurrencies, Sills said.
The nonprofit community was founded by Block, formerly Square, Inc., and is made up of over 30 members, including MicroStrategy, Kraken, Uniswap, Chaincode Labs, and OKCoin. Meta representative Shayne O’Reilly, who manages the company’s licensing and transactions group, will join the board members of Block and Coinbase. It is not known who the representative of both companies is.
Over time, the board will be governed by a group of nine members: three members of crypto companies and six members of other companies. COPA is a cross-industry effort with a mission to unite large technology companies such as Meta, with financial services organizations, government agencies, crypto-native companies and others, to protect crypto innovation.
“Cryptographic technologies are a public commodity that everyone in the world will ultimately depend on for the value of their transactions,” Sills said. “Protecting those common goods is essential for its development”. Here’s how it works: Members pool their cryptographic patents to form what the organization calls a “shared patent library.” Each member is therefore free to use the technology underlying a patent.
Over the next 12 months, COPA will continue to reach out to big techs, banks and payment companies, Sills said. “COPA’s goals over time are to double the minimization of [intellectual property] risk in cryptocurrency and create greater patent protection for our members,” Sills explained.
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