Key Takeaways:
- Meta, the parent company of Facebook, has joined a crypto group promoting open patents.
- According to an announcement, Meta, formerly known as Facebook, has joined a trade body that promotes the free use of innovative technology in the crypto sector.
Meta is winding down its Diem project, reportedly selling the project’s intellectual property to Silvergate Bank for $200 million to repay investors.
It has agreed not to enforce its core cryptocurrency patents, except in defence of litigation, by joining the Crypto Open Patent Alliance (COPA).
By joining COPA, Meta will join over two dozen other companies that have pledged not to enforce their “core cryptocurrency patents,” which are broadly defined by Max Sills, COPA’s general manager, as any “technology that enables the creation, mining, storage, transmission, settlement, integrity, or security of cryptocurrencies.”
In September 2020, Jack Dorsey’s Block, formerly known as Square, established the organization. Major cryptocurrency exchanges such as Coinbase and Kraken are among its dozens of members.
“By collaborating on fundamental infrastructure, companies of all sizes can encourage innovation.” “This is another step toward advancing COPA’s mission, which is to remove legal barriers so cryptocurrency can become the backbone for transferring value anywhere in the world,” said Max Sills, IP counsel.
COPA filed a lawsuit in 2021 against Craig Wright, the Australian computer scientist best known for his widely disputed claim to be the inventor of Bitcoin, over his attempts to copyright the bitcoin white paper. This issue has plagued the crypto community for years.
The organization sued Chains chief scientist Craig Wright in April of this year to prevent crypto groups from hosting the Bitcoin white paper on their websites.
Shayne O’Reilly, Meta’s head of licensing and open-source, will join COPA’s board, along with representatives from Coinbase and Block.
