Meta joins Copa, a crypto promoting organization

Meta

Meta Platforms, formerly Facebook Inc, continues to bet on the cryptocurrency segment, despite the fact that efforts to launch Diem, its own stable cryptocurrency, have not finally been carried out, so this project will finally be closed. Silvergate Bank, an outside investment firm, is already buying $182 million worth of assets from Diem, it has confirmed.

Despite this, Meta becomes part of the Crypto Open Patent Alliance (COPA), an organization launched in 2020 with the aim of promoting innovations and technological advances in the world of cryptocurrencies, with the help of large companies. of technology, facilitating its adoption and expansion through the development of open source technologies, which allow cryptocurrencies to make their way without encountering litigation in between.

As noted on the COPA website:

Open access to patents and freedom from threats to core cryptocurrency technologies is necessary for the industry to grow, innovate and create new products.

The company led by Mark Zuckerberg thus joins other companies that have also been joining the organization in its short period of life, including Block (formerly Square), Coinbase, Kraken, Uniswap, among others.

Meta will not only be a partner, but will also join COPA’s board of directors from Shayne O’Reilly , manager of Meta’s licensing and transaction group.

Zuckerberg’s company further adheres to COPA’s commitment, which states that it “will not assert its core cryptocurrency patents against anyone, except for defensive reasons, effectively making these patents freely and freely available for all to use.”

The entry of Meta Platforms in COPA means that:

The move solidifies COPA’s position as the leading cryptocurrency patent alliance, which is building a collaborative environment focused on open source to protect core technologies for all users.

For Max Sills, Block’s intellectual property advisor and general manager of COPA:

Meta’s leadership in COPA underscores the importance of protecting open source technologies. Companies large and small can foster innovation by collaborating on critical infrastructure. This is one more step to advance COPA’s mission, which is to eliminate legal obstacles so that cryptocurrencies can become the backbone to transfer value to any part of the world.

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