Facebook parent Meta to allow anyone to use its crypto patents
- Meta has joined the body that promotes the unrestricted use of technology in the crypto sector.
- Formerly known as Facebook, the firm has agreed not to enforce its patents except for litigation.
- The Alliance was founded by Jack Dorsey, former Twitter CEO and major crypto exchanges Coinbase and Kraken.
- The intellectual property rights to Diem have been sold to Silvergate banks as Meta winds down the project.
Meta, formerly known as Facebook, has joined Jack Dorsey’s crypto alliance to allow the use of its cryptocurrency patents. The firm is winding down its stablecoin Diem and selling its intellectual property rights to a leading crypto bank.
Meta joins Square’s Crypto Open Patent Alliance
Formerly Facebook, Meta has joined Square’s trade body, the Crypto Open Patent Alliance (COPA) that promotes the unrestricted use of innovative technology and crypto patents, except for litigation. Former Twitter CEO Jack Dorsey founded the Alliance.
Several cryptocurrency firms, including Coinbase, Kraken, BitPay and Lisk, joined COPA in its efforts to power innovative crypto projects through access to patents.
Meta has decided not to enforce its core patents, fostering innovation in blockchain and cryptocurrencies.
Meta recently sold its intellectual property rights for stablecoin Diem to Silvergate banks. The metaverse firm is winding down its stablecoin project. Meta is ready to allow developers in the cryptocurrency ecosystem to build using its crypto patents.
The metaverse firm could pay Diem’s investors with the $200 million raised from the sale of the intellectual property rights.
Max Sills, General manager at COPA, was quoted as saying:
Companies large and small can encourage innovation by collaborating on fundamental infrastructure. This is one step further to advancing COPA’s mission, which is to remove legal obstacles so cryptocurrency can become the backbone for transferring value anywhere in the world.
Meta has put its plans to venture into the digital payment ecosystem through stablecoin Diem to rest and joined the COPA board as a voting member.
Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
