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Meta Joins Crypto Open Patent Alliance to Support Open Source Technology


Meta has decided to join the Crypto Open Patent Alliance (COPA), promising to make its fundamental crypto patents available to everyone. Among those who have joined the group are Coinbase, Uniswap, Kraken, Block, and MicroStrategy. Meta, the parent organization of Facebook, has also decided to join the Crypto Open Patent Alliance (COPA), a group that advocates for accessible patents in crypto and blockchain technologies. On January 31, the group released a statement greeting the social media giant and announcing that Shayne O’Reilly will indeed portray Meta. Meta, as a COPA member, would not begin enforcing core cryptocurrency patent protections against anyone except for defensive purposes. This means that any patent rights not covered by this circumstance will be available to everyone. Meta’s involvement in the crypto world has already become apparent in recent years. Initially there was the Diem project, which took place before the relaunch to Meta. The main focus is on the metaverse and NFTs, but it’s clear that there are many more on the way. Twitter co-founder Jack also weighed in on the progress, saying only “this is great” in a Twitter post. Jack has stated that the crypto industry is best served by serving the interests of everyone, not just the wealthy. COPA considers itself the leading cryptocurrency patent alliance, aiming to create an open source environment and protect key technologies for all customers. In its cross-sector collaboration initiative, it is partnering with financial services firms, cryptocurrency firms and established companies. Block, Coinbase, Kraken, MicroStrategy and Uniswap are among the more than 30 members. Meta’s move to sell assets from its Diem initiative has led to some progress. The company stated that it planned to sell the stablecoin project and its assets by the end of January 2022 and was looking for buyers. The decision to sell Diem was primarily driven by regulatory challenges. Silvergate, a financial infrastructure solutions company in the digital asset market, announced on January 31 that it had acquired Diem’s ​​intellectual property and other assets. It plans to use this technique to build a Silvergate-issued stablecoin for payment systems. Meta will now focus on the metaverse, which is currently being worked on. To scale up its efforts, the company allegedly snatched hundreds of Microsoft employees.
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