Meta, formerly and still widely known as Facebook, ensured that all of its crypto patents will be open to everyone by joining COPA.
With Facebook changing its name to Meta, hinting at a virtual reality world (or just simply the metaverse), it seems that the social media platform will have its core patents accessible to the crypto industry.
According to the official announcement made by the Crypto Open Patent Alliance (COPA), Meta became a member of the organization and part of COPA’s board that already has Jack Dorsey’s Block and Coinbase. Meta will be represented by the company’s Head of Licensing Shayne O’Reilly.
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COPA essentially seeks to bring together crypto-focused platforms like exchanges, tech companies, etc. to make blockchain technologies and development accessible to everyone so individual crypto-based firms do not use patents as a form of restriction.
Max Sills, who is the Intellectual Property Counsel at Block and GM of the Crypto Open Patent Alliance, praised Meta's decision to join the anti-monopoly group, stating:
"Meta’s leadership in COPA underlines the importance of protecting open source technologies. 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."
In fact, Block's CEO Jack Dorsey retweeted COPA’s announcement on Meta joining its board, and congratulated their decision, meaning that it won’t be cutting out smaller digital asset platforms that want to make it in the crypto industry.
Just a couple of weeks ago, there have been reports that Facebook might be adding NFT support to the social media platform, which may include trading and selling capabilities.
