Bitcoin Payment Network, BitPay, Joins Square-Led Crypto Open Patent Alliance (COPA)
The alliance promotes sharing open-source patents and projects across partners.
BitPay is the latest in a string of big crypto companies to join the Square-led Crypto Open Patent Alliance (COPA), a blog post released on Wednesday confirmed. The alliance aims to enhance development across the crypto industry by promoting open-source projects and shared patents among members.
Launched in 2020, COPA is an alliance working towards ensuring Bitcoin and crypto remain completely free and open – as first envisioned by Satoshi. Square and Twitter founder Jack Dorsey has been at the forefront in calling for cooperation across the crypto field, stating the alliance will “help the crypto community defend against patent aggressors and trolls,” just like they recently did with Faketoshi, Craig Wright.
With cryptocurrencies and blockchain technologies becoming mainstream, firms in the space are changing their way of business, with patent protection and court battles becoming the order of the day, Stephen Pair, CEO of BitPay, said.
“We see both business and consumer adoption accelerating as a result of COPA industry leaders working together to advance technology innovation, making the blockchain easy to use for both businesses and consumers.”
As one of the oldest Bitcoin payment channels, BitPay saw it fit to release their patents to the alliance to enhance innovation in the crypto payment space. The platform processes cryptocurrency payments to enable borderless payments using assets such as BTC, ETH, DOGE, BCH, and stablecoins such as USDC, PAX, and BUSD.
BitPay joins Coinbase (a COPA founding member) as the second high-profile company in the COPA alliance to push forward an ‘open patents policy’ to boost the growth in developments and innovation in the crypto ecosystem, a statement from Coinbase read at the time.