Coinbase Joins Square’s Crypto Open Patent Alliance (COPA) As A Founding Member
- Coinbase is the latest founding member to join Square’s Cryptocurrency Open Patent Alliance (COPA).
- Coinbase joins 18 other founding members aiming to enhance the “open patent policies on crypto projects.”
An announcement on COPA’s official website this Thursday confirms Coinbase, U.S. largest cryptocurrency exchange, joins the alliance as a founding member alongside Square Inc. The alliance aims to push forward an ‘open patents policy’ to boost the growth in developments and innovation in the crypto ecosystem. Coinbase joins the alliance to push “COPA’s missions forward, educate the community and drive membership, and establish and administer the alliance’s policies.”
In September, Square launched the COPA alliance to ensure that Bitcoin and the wider crypto ecosystem remain free and secure. Jack Dorsey, the founder of Square, said at the time that COPA aims to “maintain a shared patent library to help the crypto community defend against patent aggressors and trolls,” further asking more companies to join their goal.
Since the launch of COPA, 18 crypto companies have joined the alliance, including Blockstack, Blockstream, Kraken, Protocol Labs, and Satoshi Labs.
Senior counsel at Coinbase and member of the COPA board, Brittany Cuthbert, stated his enthusiasm with the exchange joining the alliance to create a “foundational patent shield for the crypto ecosystem.” Cuthbert further said,
“As the crypto economy continues to grow, we believe it is important to help empower all projects building towards an open financial system.”
Furthermore, COPA also announced Steve Lee, Square Crypto Lead, and Dan Robinson, a Paradigm researcher, a crypto firm focused on open-source protocols, as COPA’s newest board members.
COPA’s goal aims to enhance development and innovation across the crypto field by abolishing the tying up of “foundational technology in patents and litigation,” given the market is still in its early days. The alliance aims to make these foundational cryptocurrency technologies available to everyone through tackling offensive patent lockup by developers.
All COPA members pledge not to use their foundational development crypto patents, “except for defensive reasons,” which frees up the patents used by any developer across the space. Moreover, the alliance creates a “shared patent library where members pool all of their crypto patents together to form a collective shield of patents.” This allows members of the alliance to use any patent in the library to defend themselves and deter aggressors.