BtcTurk, one of the largest cryptocurrency exchanges in Turkey, has become the latest member of the Crypto Open Patent Alliance (COPA). The exchange will now work alongside major crypto firms to provide open access to patents and drive adoption of cryptocurrency technology.
BtcTurk joins COPA
COPA is an alliance that seeks to remove the need for patents as they are known to hinder innovation in the crypto industry. The non-profit organization offers a common approach to dealing with intellectual property. Some of the COPA members include Aquarius, Block and Coinbase.
The alliance is also made up of companies not native to the cryptocurrency industry. Companies like MicroStrategy and Meta are part of the alliance. The role of these companies is to ensure that public patents related to cryptocurrency and blockchain technology are publicly available.
The CEO of the Turkish Stock Exchange, Ozgur Guneri, said that the company was joining COPA because it wanted to support the growth of the cryptocurrency industry. The exchange would also give funds to the organization to support its work.
The CEO highlighted the important work played by the organization to protect cryptographic technologies. Guneri added that the exchange would work with COPA in several initiatives, such as involvement in the legal process and support for requests made by the nonprofit organization.
According to BtcTurk’s chief legal counsel, Ayca Aktolga Ozturk, the exchange would support the non-profit organization in defending crypto companies against “patent trolls” and the misuse of trademark laws. BtcTurk expressed their excitement to work with COPA and support the entire cryptocurrency industry.
COPA’s Role in Cryptographic Patents
COPA was launched by Block in 2020. The company’s role is to consolidate crypto and blockchain patents under one roof, making it easier to provide open access to technologies created by members of the COPA. ‘alliance.
The COPA alliance has recognized the adoption of cryptocurrencies in its early stages. He also added that the success of the innovative cryptocurrency industry depends on community efforts to build applications on top of existing blockchain technologies.
Meta became a member of COPA earlier this year. The social media giant said it would support the organization’s goals of making crypto patents accessible to everyone. Block’s Jack Dorsey applauded Meta’s decision to support COPA initiatives.
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