Popular cryptocurrency trading platform Coinbase has now become the newest member of the Crypto Open Patent Alliance (COPA), an initiative that develops a library of crypto technology patents that all COPA members can use. The consortium was developed by Square to increase access to crypto technology and according to the Thursday announcement the crypto exchange giant is now a part of it.
The consortium has also announced the board appointment of Steve Lee, Crypto Lead at Square, and Dan Robinson, Research Partner at Paradigm. These indecent board members are all considered “well-known for their contributions to the advancement of cryptocurrency initiatives,” the announcement noted.
“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,” said Brittany Cuthbert COPA Board Member and Senior Counsel at Coinbase.
Since its inception, 18 major companies have joined the alliance including the likes of Satoshi Labs, Kraken, Protocol Labs, Foundation Devices, ARK.io, Blockchain Commons, and Blockstream.
“We are excited by how the community has reacted to the launch of COPA and we’re thrilled to welcome the new founding board members,” said Kirupa Pushparaj, COPA Board Member and Head of IP at Square, Inc. “We look forward to continuing to see COPA membership grow and unlocking foundational cryptocurrency technologies through open patents.”
Requirements for Members
There are two basic requirements that COPA members must commit to. One being the Patent Pledge Condition, which requires members to only use their cryptocurrency patents for defensive reasons.
The other requirement is the Shared Patent Library condition that requires members to devote all their crypto patents to a patent pool, so other members also to use defensively. It aims at arming even the smallest institution among the members with the formidable patents within the patent pool. The strong patents act as lawsuit hindrance from those looking to hinder bitcoin development.
COPA’s is looking to foster innovation and spur adoption. Jack Dorsey’s Square Inc. firmly believes that free and open collaboration is necessary to fuel advancement in the emergent crypto space.
“COPA goes to the very core of the open-source ethos — the coming together of the community to build, create, help crypto grow and succeed, and remove barriers to innovation,” Pushparaj previously said in a statement.