On Wednesday, April 14, cryptocurrency payments service provider BitPay announced that it was joining Square’s Crypto Open Patent Alliance (COPA). BitPay will be sharing open-source projects and a patent library with COPA in this collaboration.
COPA Facilitating the Much Needed Collaboration in Cryptocurrency Industry
Jack Dorsey’s Square founded COPA in September 2020 as a non-profit cryptocurrency community. COPA’s principle is the belief that open access to patents and threat-free foundational cryptocurrency technologies is vital for the growth, innovation, and development of new products in the industry.
Stephen Pair, the CEO of BitPay, acknowledged COPA’s contribution in advancing blockchain technology innovation. Pair referred to the accelerated take-off of cryptocurrencies to mainstream payment processes as “an inflection point,” which COPA leaders have been instrumental in facilitating.
Moreover, BitPay’s CFO, Jagruti Solanki, mentioned its commitment to teach, learn and grow together with other industry players. Although cryptocurrencies are now popular, the industry is still emerging. Businesses looking to invest and regulatory bodies that formulate the laws have a great deal of new territory to navigate. Therefore, the collaboration between key players such as engineers, designers, and developers is a much-needed movement. For this reason, the cryptocurrency payments service provider decided to partner with Square’s Crypto Open Patent Alliance.
COPA’s open patent library welcomes all cryptocurrency industry actors to access technological innovations without the requirement of patents of their own. During the announcement, the COPA board chair Kirupa Pushparaj declared that the non-profit cryptocurrency community welcomes BitPay and its many contributions as it continues to strive to eliminate barriers to innovation.
BitPay Innovations in the Cryptocurrency Payments Scene
Speaking of innovation, cryptocurrency payments service provider BitPay has been at the forefront in transforming the cryptocurrency payments scene. With its cross-border payments service, users can complete transactions using enabled digital coins such as ETH, DOGE, BTC, and ECH. Apart from cryptocurrencies, BitPay also allows payments with stablecoin such as PAX, GUSD, USDC, and BUSD.