BitPay, a prominent crypto payments processor, has officially joined up with the Crypto Open Patent Alliance, or COPA. Through this, BitPay agrees to share various open-source projects and take part within a shared patent library. This was announced by BitPay on Wednesday the 14th of April, 2021.
The Mandatory Public Statements
Square, the FinTech payments firm headed by Twitter’s Jack Dorsey, stands as the founder of COPA. The Alliance was formed back in September of last year in a bid to make the foundational technologies of cryptocurrencies accessible to everyone in the world. This would, in turn, support the growth of the industry at large, as well.
Stephan Pair stands as the CEO of BitPay and gave a public statement within the press release. He explained that BitPay supporting and partnering with COPA stands as a testament to the payment processor’s belief that blockchain technology is standing at an inflection point. He explained Bitpay believes that Crypto is becoming mainstream, which will change the way consumers and businesses receive and otherwise spend payments forever.
Helping Jumpstart The Crypto Space
COPA provides an open patent library, allowing for various obstacles in the way of crypto technological innovation to be completely removed. Anyone can take part in this alliance, without even needing their own patents.
Kirupa Pushparaj stands as the Chairman of the COPA Board, and gave a public statement about the matter as well. Pushparaj explained that the entire goal of COPA is to eliminate the warriors surrounding innovations, and patents stand as a potential of becoming one. Pushparaj openly welcomed BitPay, predicting that it will provide many contributions to the payments and blockchain space.
A New Age For Crypto Industry
Jagruti Solanki stands as the CFO of BitPay, and gave a statement about the crypto space at PYMNTS. Solanki explained that the crypto space is gaining a large amount of momentum as an emerging industry, and both regulators and businesses are now forced to navigate this territory and learn the overall process. As such, Solanki stressed that the key to moving the crypto space forward is to ensure cooperation and collaboration. She explained that if people teach and learn together, they will grow together as well
As for what BitPay does, it allows for the use of cryptocurrencies to ensure borderless payments. This, in turn, reduces the risks of potential fraud and decreases the overall costs of processing the payments, as well.