Coinbase is the latest company to join the Crypto Open Patent Alliance (COPA), a consortium developed by Square to increase access to crypto technology through creating collaborative patent library, according to an announcement published Thursday.
Square announced the formation of the consortium in September. Since then, 18 companies have joined the initiative, including Satoshi Labs, Kraken, Protocol Labs, and Blockstream.
COPA also announced the appointments of the board of directors Steve Lee, Square Crypto Lead, and Dan Robinson, Paradigm Research Partner. Independent board members are individuals who are considered “famous for their contributions to the advancement of cryptocurrency initiatives,” according to the announcement.
“As the crypto economy continues to grow, we believe it is important to help empower all projects built towards an open financial system,” said COPA Board Member and Senior Advisor at Coinbase Brittany Cuthbert. “We look forward to working with COPA members to create a basic patent shield for our industry.”
Through the consortium, Square aims to make crypto technology accessible and available for everyone to use. COPA members promise to never use their crypto patents against anyone, except for defense purposes, making these patents free for everyone to use. COPA has also created a collaborative patent library where every developer can share their crypto patents and develop more technologies.