Twitter CEO Jack Dorsey’s payments company Square has become part of the largest patent protection consortium, the Open Invention Network (OIN).
Notable for its crypto asset moves, payments company Sqaure is leading patent protection efforts in the crypto industry. The company joined the Open Invention Network (OIN), a patent protection consortium formed by companies such as IBM, Red Hat, and Sony in 2005. The organization aims to avoid patent disputes in the crypto-asset space.
Square’s adviser, Max Sills, spoke on the issue of intellectual property and said that many developers working in the cryptocurrency space are at risk of being sued over the issue:
“We are in such a period of rapid growth that many surprising things happen without patents. We want to avoid protracted legal battles.”
This isn’t Square’s first move in patent space. The company founded the Cryptocurrency Open Patent Alliance (COPA), a patent organization that includes industry-leading members such as Ark Investment and Coinbase, last September.
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