Meta joins the Crypto Open Patent Alliance

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Key Takeaways Meta has joined the Crypto Open Patent Alliance. Members of this group agree not to legally enforce cryptography-related patents. Last week, Meta sold the intellectual property behind its Diem stablecoin. Share this article

Meta has become a member of the Crypto Open Patent Alliance. This group consists of several leading cryptocurrency companies that have pledged not to enforce certain cryptographic patents.

“Growth and Innovation”

Meta has joined the Crypto Open Patent Alliance, a non-profit organization dedicated to cryptocurrency innovation led by Block, Jack Dorsey’s payment solutions company formerly known as Square. One of COPA’s stated goals is to “remove patents as a barrier to growth and innovation”.

The consortium includes more than 25 other companies, including Coinbase, Microstrategy, Uniswap and Kraken. According to Crypto Open Patent Alliance chief executive Max Sills, joining the group represents a company’s commitment not to enforce its “core cryptocurrency patents.”

Although several large companies count themselves COPA members, Meta is the largest to date in terms of the number of patents it holds, according to Sills.

Meta’s Head of Licensing and Transactions, Shayne O’Reilly, will represent Meta on the COPA Board of Directors.

Emblematic of Meta’s struggles in the cryptocurrency industry is its recent $200 million sale of the technology behind its Diem stablecoin, preceded by its years-long battle with US lawmakers over the stablecoin. Meta has, however, retained its Novi digital wallet, which it launched as a pilot program with select customers in Guatemala and the United States last October. Last December, Novi launched a crypto-payment feature to select users in the United States via WhatsApp (also owned by Meta).

Dorsey, meanwhile, has been involved in other initiatives beyond COPA that seek to advance the blockchain space. Earlier this month, he announced the Bitcoin Legal Defense Fund with the aim of helping Bitcoin developers who are facing legal difficulties.

Disclosure: At the time of writing this article, the author of this article owned BTC, ETH, and several other cryptocurrencies.

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