Coinbase partners with Square’s crypto patent efforts in COPA. This the latest firm to make its move into the Crypto Open Patent Alliance or COPA as it is known.
A news article on Theblockcrypto pointed out that the creation of the Crypto Open Patent Alliance or COPA was announced in September. Today, more than 17 companies have become part of the consortium.
Some of them include Protocol Labs, Blockstream, Satoshi Labs, Kraken. Coinbase is planning to join COPA, which is a consortium designed by Square with the sole purpose of improving the accessibility of crypto technology with the development of a collaborative patent library.
This was announced this week on Thursday. Crypto Open Patent Alliance has board members too. They released information on them. They have also appointed Dan Robinson, who will take care of the Paradigm Research Partner, and Steve Lee, who is the Square Crypto Lead.
Other board members will be independently involved in the consortium in contributing towards the initiatives that are going to be undertaken. Some of them are considered as famous individuals in the cryptocurrency market.
Walter Adamson had tweeted this on Coinbase joining Square’s crypto patent effort.
https://twitter.com/adamson/status/1334718333602684928?s=20
A news post on Coinmarketcap claimed the same. Square wants to make crypto technology available for everybody to work and develop on. Besides, the COPA members have vowed never to use the crypto patents against anybody.
It will be used only for development purposes. These patents are free to use. Crypto Open Patent Alliance has also partnered with developers who want to share their patents that work flawlessly on the crypto market and are planning to design more technologies in the space.
Brittany Cuthbert, who is the COPA Board Member and Senior Counsel at Coinbase, said that the crypto market is growing at a rapid pace, and all project members must build towards the open financial system.
She also added that they want to ensure everybody works towards the same goal in mind. The members of COPA have a big task at hand. They have to create a “foundational patent shield” that can provide immense growth for the industry.