- Meta also owns Novi, a digital wallet subsidiary started under Calibra.
- Meta is winding down the Diem project and paying back investors.
Facebook, now Meta, has joined the Crypto Open Patent Alliance (COPA). A group managed by Block, the payments firm founded by Jack Dorsey. Meta will join over a dozen other firms. These firms have committed not to prosecute their “core cryptocurrency patents” by joining COPA. Max Sills broadly defines the term.
According to Max Sills, COPA’s general manager:
“technology that enables the creation, mining, storage, transmission, settlement, integrity, or security of cryptocurrencies.”
The sale of the intellectual property of Meta’s Diem project to Silvergate Bank for $200 million comes as Meta is winding down the project and paying back investors.
Reduce Patent Litigation
COPA’s purpose is to foster blockchain-related innovation. By lowering the probability of patent litigation by forming an alliance and compelling member businesses to submit their patents with COPA’s collective patent library.
In 2021, COPA launched a case against the Australian computer scientist Craig Wright, who highly contested for his widely held claim to being the creator of the Bitcoin currency for his attempts to copyright the Bitcoin white paper.
However, Meta also owns Novi, a digital wallet subsidiary started under Calibra, while Diem (previously Libra) was set up with a slew of corporate sponsors. While Novi CEO David Marcus departed the business earlier this month, a pilot service using Paxos’ USDP stablecoin was launched late last year for the wallet provider.
To better represent its Metaverse initiatives, Meta was recently rebranded from Facebook. Despite repeatedly refusing access into the cryptocurrency industry due to regulatory constraints, Meta has filed trademarks for trading, wallets, and exchange platforms with Brazil’s National Institute of Industrial Property (INPI).
