BitPay has joined the Crypto Open Patent Alliance (COPA), agreeing to share open-source projects and participate in a shared patent library, the cryptocurrency payment processor announced on Wednesday (April 14).
COPA was founded by FinTech payments firm Square last September in an effort to make cryptocurrency’s foundational technology accessible to everyone, supporting industry growth.
“BitPay is partnering with and supporting COPA because we believe that the blockchain space is at an inflection point where crypto is becoming mainstream, forever changing the way businesses and consumers receive and spend funds,” Stephen Pair, CEO of BitPay, said in the press release.
By providing an open patent library, COPA removes obstacles to cryptocurrency technological innovation. Anyone can join, even without patents of their own. “We want to eliminate barriers to innovation, rather than letting patents become one, and welcome BitPay and their many contributions to the blockchain and payments space,” said Kirupa Pushparaj, COPA board chair, in the press release.
As cryptocurrency is gaining momentum as an emerging industry, both the businesses and the regulatory bodies involved must navigate new territory and learn in the process. Thus, collaboration and cooperation are key to moving the industry forward, BitPay CFO Jagruti Solanki told PYMNTS in a recent conversation. “We teach, and we learn, and we grow with each other,” she said.
BitPay enables borderless payments using cryptocurrencies, which reduce processing costs and potential fraud risks. The payment processor also provides a digital asset management solution in the BitPay Wallet, which is also available through a BitPay Prepaid Mastercard, allowing users to pay with crypto at thousands of businesses.
“We see both business and consumer adoption accelerating as a result of COPA industry leaders working together to advance technology innovation, making the blockchain easy to use for both businesses and consumers,” added Pair in the press release.