Square forms patent alliance for cryptocurrency firms

The payments company Square, led by Jack Dorsey, has proposed that cryptocurrency firms should not hide their developments from the community. To this end, it created the Cryptocurrency Open Patent Alliance (COPA).

Square is putting all of our crypto patents into a new non-profit org we’re calling the Crypto Open Patent Alliance, which will maintain a shared patent library to help the crypto community defend against patent aggressors and trolls. Join us! #bitcoinhttps://t.co/I9VopgtMz9

— jack (@jack) September 10, 2020

The aim of the alliance is to broaden access to technology through a shared patent library, and open access to it will be mandatory for all COPA members.

“We believe that the success of cryptocurrency depends on a community coming together to create and develop technologies. But this is not possible when industry players hide developments in patents,” according to a Square statement.

Under Square’s plan, COPA will turn patents into a tool for fostering innovation in the industry.

COPA will operate separately from Square, under its own board of directors.

Earlier, Square received approval from U.S. authorities to open a bank, Square Financial Services. Its activities will involve lending and providing deposit products to small businesses.

Back in 2019, the number of blockchain-technology patents granted reached 1,799.

Experts say a new record could be set this year, with 1,257 patents filed in seven months. The United States and China lead in patent filings.

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