Meta, the former parent company of Facebook, has signed an agreement to join a trade body to promote the free use of innovative technologies in the cryptocurrency space, according to an announcement.
By joining the Cryptocurrency Open Patent Alliance (COPA), Meta has agreed not to enforce its core cryptocurrency patents — except in the context of defending it in a lawsuit.
Jack Dorsey’s Block, formerly known as Square, launched the group in September 2020. Its dozens of members include major cryptocurrency companies such as Coinbase and Kraken.
In April, the agency sued nChain’s chief scientist, Craig Wright, for his efforts to prevent cryptocurrency groups from hosting the Bitcoin white paper on his website.
Meta’s head of licensing and open-source, Shayne O’Reilly, will join COPA’s board, along with representatives from Coinbase and Block.
“Companies large and small can encourage innovation by collaborating on basic infrastructure,” Block’s IP attorney and COPA general manager Max Sills said in a statement.
This is another step forward in advancing COPA’s mission. A step forward is removing legal barriers and enabling cryptocurrencies to be the backbone for transferring value anywhere in the world.
Meta’s pledge comes just weeks after Block’s Dorsey, who recently stepped down as Twitter’s CEO, launched a new fund to help defend bitcoin developers from lawsuits.