Coinbase wants to support COPA in its fight against the aggressive use of patents.
The „Cryptocurrency Open Patent Alliance“ (COPA), led by the payment service provider Square, has gained the large crypto exchange Coinbase as a new member.
Square had founded the „Alliance for Patent Freedom in Crypto Investor the Crypto Industry“ in September in order to establish a defence mechanism for the crypto industry against the restriction of innovation through patents.
Coinbase legal counsel and COPA board member Brittany Cuthbert announced the alliance in a statement on Friday:
„In an ever-growing crypto-economy, we believe it is important that all projects have the necessary freedom to build an open financial system. […] We look forward to working with the other members of COPA to create a protective wall for basic technologies in our crypto industry“.
A patent often provides the applicant with long-term protection for his innovation, prohibiting competitors from offering similar products and services or from using certain technologies. Since the crypto industry is originally based on a freedom concept, many technologies in the industry are open source, i.e. freely usable. However, many large companies have now filed patents for their innovations, including for example Block.one and Samsung.
In this context the statement explains:
„COPA is convinced that the success of crypto-currencies depends on the crypto-community joining together to build on existing technologies and to create new innovations. However, this will not be possible if some companies make basic technologies inaccessible through patents“.