Several social media platforms have expressed their interest in crypto. With Square, Jack Dorsey the CEO of Twitter has time and again revealed his interest in crypto. Apart from being an advocate of Bitcoin throughout the years, Dorsey’s Square platform rolled out a consortium that bolstered the access of crypto via a collaborative patent library. This initiative seems to have garnered increased attention from the crypto industry, as a major player recently announced its entry into the consortium.
Square’s COPA Welcomes An Array Of Members
Back in September this year, Jack Dorsey’s payments company, Square announced the launch of Cryptocurrency Open Patent Alliance [COPA]. Dorsey rolled out this platform with an intention of preventing firms from hiding away crypto-related innovations in patents. This non-profit crypto consortium has bagged over 18 companies to aid the growth of crypto. In its most recent announcement, COPA revealed that companies including Satoshi Labs, Kraken, Blockstream, Transparent Systems, Protocol Labs, Blockstack, Foundation Devices, ARK.io, Blockchain Commons, Carnes Validadas, Request Network, Horizontal Systems, VerifyChain, Cloudeya Ltd., Mercury Cash, and Bithyve had joined the initiative.
San-Francisco’s Coinbase, however, has joined Square as one of the founding board members of COPA. The Senior Counsel at Coinbase who is also a COPA Board Member, Brittany Cuthbert commented on Coinbase’s latest move and said,
“As the crypto economy continues to grow, we believe it is important to help empower all projects building towards an open financial system. We look forward to working alongside the members of COPA to create a foundational patent shield for our industry.”
Back in September, when COPA was launched, the platform urged the members of the crypto community to join the initiative as it would limit them from offensively asserting their patents against one and other. Square’s initiative would come off as highly beneficial to the crypto industry as the adoption and value of the crypto market have been going about in full swing.
All the aforementioned platforms that are now part of the initiative have pledged to refrain from using their crypto patents against anyone. However, defensive reasons are struck out from the pledge. Kirupa Pushparaj, the Head of IP at Square, Inc also suggested that the platform was excited and thrilled about the reaction of the community as they go on to onboard more members.