- Main goal of COPA is to make any and all innovations available to everybody
- With the addition of Coinbase, a total of 18 companies have joined this initiative
Square, which recently made news after buying Bitcoins worth $50 million, has been joined by Coinbase as part of its Cryptocurrency Open Patent Alliance (COPA) initiative. Square is a strong advocate for the legitimacy and potential of cryptocurrency. According to Square, only by working together and pooling together the various resources available, the adoption and growth of cryptocurrency can be furthered along. This was the principle upon which the COPA initiative was founded.
The main goal of COPA is to make any and all innovations available to everybody so that it benefits the collective rather than the individual, which would sound familiar as it’s the whole premise of cryptocurrency. The fact that no one person has a complete monopoly over it has been the greatest differentiating this sector from traditional financial sectors and it seems that Square very much believesbelieve in this ethos.
In a recent announcement, COPA appointed Steve Lee as the Square Crypto Lead and Dan Robinson as the Paradigm Research Partner. COPA consists of independent board members who have been elected due to their contributions to the cryptocurrency community. Brittany Cuthbert, a COPA Board Member and Senior Counsel at Coinbase recently said that the company believes in the importance of helping “empower all objects building towards an open financial system.”
With the addition of Coinbase, a total of 18 companies have joined this initiative. These include Coinbase, 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, Bithyve and Square itself.
COPA members have pledged to not use their crypto patents against each other as well as to provide a shared library of patents which provides protection against patent aggressors. As the number of members for this initiative grows, the shared library will only expand along with it and hopefully further the goal of Square and COPA.
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