Sunday, September 25, 2022

Meta Platforms Bolsters Its Metaverse Stance by Joining COPA’s Board

Menlo-Park California-based American multinational technology company, Meta Platforms Inc, previously known as Facebook, Inc has declared it has joined the Crypto Open Patent Alliance’s (COPA’s) Board.

COPA is a patent pool that was announced on June 9, 2008, for owners and claimants of patents and intellectual property. It’s also a cross-industry driving force with a mission to unite big tech companies ranging from financial services organizations, government agencies, crypto-native companies, and others to protect the innovations linked to digital currencies.

COPA’s Ranking Boost on Meta Joining

Meta may be new to the cryptocurrency industry with its NFT and metaverse push, it is arguably one of the biggest crypto tech patent holders to join the Crypto Open Patent Alliance (COPA), a move that is billed to help enlarge the pool of intellectual property that could be used to defend the industry from litigation.

Meta agrees not to enforce its core cryptocurrency patents on joining COPA. Except for reasons of defense. Amongst the Defence cases that COPA has battled in recent times is the lawsuit from Craig Wright, the Australian computer scientist who claimed to be the inventor of bitcoin. Craig’s lawyers sent a cease-and-desist letter to COPA in an attempt to prevent the infringement on the copyright of the bitcoin white paper. 

The alliance aims to remove the legal obstacle surrounding the crypto world so cryptocurrency can become the mainstay for instilling value anywhere in the world.

General Manager Max Sills of COPA also states that this alliance was created “to protect and advance cryptocurrency innovation.”

Surely, having the largest crypto tech patent holder in collaboration with over thirty members including but not limited to Block Inc, Coinbase, MicroStrategy, Kraken, Chaincode Labs, and Uniswap is a growth ranking for COPA as one of the largest patent providers.

Meta Platforms becoming a member of the Crypto Open Patent Alliance (COPA) encourages innovation by lowering the chance of patent litigation. And this would help in boosting the mainstream acceptance of cryptocurrencies around the world.

The growth in key alliances being forged by tech empires around the world to collaborate in promoting the wide reaches of Bitcoin and the broader crypto ecosystem can have a fare reaching positive benefits. While regulations stand a lot to benefit, healthy competition to grow the nascent ecosystem is also imminent across the board.

Bright Felix
Bright Felix is a Blockchain and Cryptocurrency journalist, and also a Financial Analyst in the foreign exchange market, who fancies writing about the innovative proceedings of Blockchain technology and its application in real life to further broaden the general acceptance and incorporation of the modern technology. His passion to instil knowledge in people on the aspect of the present invention on the Blockchain space is what motivates his adept participation in every area that contributes to expanding the awareness of Blockchain technology.

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