Monday, February 26

Meta registers with crypto consortium that promotes open patents: joins Block, Coinbase, Kraken – DiarioBitcoin

For Hannah Perez

The parent company of Facebook has joined COPA, the consortium of crypto companies led by Block, the payments firm of Jack Dorsey.


The social media giant Meta, parent company of Facebook, is the new member of COPA, a trade body that promotes the free use of innovative technology in the cryptocurrency sector.

Meta, formerly known as Facebookannounced on Monday that has been registered in Crypto Open Patent Alliance (CUP), a consortium of technology and cryptocurrency companies led by Block, Jack Dorsey’s payments firm, formerly called Square.

The group was established in 2020 with the goal of fighting the “patent grabbing” and ensure open access to technology in the cryptocurrency sector. COPA has prominent members of the industry, including exchanges Kraken Y Coinbase, as well as the main institutional investor of Bitcoin, MicroStrategy.

Meta, the new member of COPA

The social media conglomerate will join more than two dozen companies that have pledged not to enforce their “core cryptocurrency patents“; with the exception of facing litigation defense cases. In a press release, COPA announced the movement, which it described as the “largest cryptocurrency patent commitment to date“.

As part of the initiative, Meta will join the Alliance’s board of directors, along with Block Y Coinbase. Shayne O’Reilly, who heads the licensing and transactions group at Meta, will represent the company on the COPA board of directors. This will convert to Meta the sixth voting member of COPA’s board of directors.

Max Sills, Intellectual Property Advisor at Block and general manager of COPA, commented in this regard:

Meta’s leadership in COPA underscores the importance of protecting open source technologies. Companies large and small can foster innovation by collaborating on critical infrastructure. This is one more step in advancing COPA’s mission, which is to remove legal obstacles so that cryptocurrencies can become the backbone for transferring value anywhere in the world.

To date, the organization has promoted various efforts to protect and promote innovation in the crypto sector. In 2021, COPA filed a lawsuit against Craig Wright, self-proclaimed inventor of Bitcoin, for his attempts to obtain the copyright to the white paper from Bitcoin, a problem that has plagued the crypto community for several years. Wright, an Australian computer scientist, is best known for his widely debated claim to be the identity behind Satoshi Nakamoto.

What will happen to the Project Diem patents?

The decision of Meta to join the crypto group come amid reports that the company is leaving its controversial cryptocurrency project behind, Diem. as reviewed DailyBitcoinLast week it was reported that the diem association is looking to sell its assets as a way to return capital to its investor members.

More recent reports suggest that the company is selling the project’s intellectual property to Silvergate Bank, the banking partner with which Diem was associated last year and that it would be the issuer of the stablecoin, for USD$200 million.

It is not clear if the association of Meta with COPA will include the patents of the diem association. Max Sills told CoinDesk that the movement “iIncludes all of Meta’s core cryptographic technology patents in its portfolio“.

COPA’s general manager also added that Meta it is the largest patent holder to have joined the consortium to date. He says that the decision of the technological giant “means that cryptocurrencies are becoming a core technology for businesses in all industries”.

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Sources: CUP, The Block, CoinDesk, archive

Article versioned by Hannah Estefanía Pérez / DailyBitcoin

Image edited from Unsplash

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