Square Launches Crypto Patent Organization to Spur Adoption (1)

Square Inc. is launching a patent consortium to encourage cryptocurrency patent holders to share their assets and contribute in the technology’s development.

The payments company plans to invite others to join the Cryptocurrency Open Patent Alliance beginning Thursday, Square said the same day.

The nonprofit group won’t be affiliated or owned by Square, a company spokeswoman said. The group will operate as a separate entity with an independent board of directors, she said.

“We believe that cryptocurrency’s success depends on the community coming together to build and develop upon existing technologies to innovate, which is not possible when parties tie ...