Square Joins Open Invitation Network to Limit Cryptocurrency Litigation

Square has joined the Open Invention Network (OIN), a global patent non-aggression consortium, the payment giant announced Tuesday.

• The OIN, originally created to protect the Linux operating system from patent litigation, reduces patent lawsuits over cryptocurrencies by having its members pledge royalty-free access to patents for open source technology.
• The idea is to avoid extended legal battles over the core technologies that underlie the new digital currencies, Max Sills, counsel at Square, told Bloomberg. This includes technologies such as the Linux kernel and hadoop.
• Square last year created the Crypto Open Patent Alliance (COPA), in which members pledge not to sue each other specifically over crypto technology patents, except for defensive purposes.
• Square has become extremely involved with bitcoin, adding hundreds of millions of dollars the cryptocurrency to its balance sheet, as well as offering its customers the ability to buy and sell bitcoin.
• Square CEO Jack Dorsey recently previewed plans to build a decentralized bitcoin exchange, and has also indicated that Square is building its own bitcoin hardware wallet.