Circle Internet Financial, a global digital financial technology firm and the issuer of USD Coin (USDC), announced it has joined LOT Network, a non-profit global community of companies that protects its members against Patent Assertion Entities (PAEs).
PAEs acquire patents via third parties and try to make money through litigation against potential infringers. If a PAE acquires any patent asset that was once owned by a LOT Network member, all LOT Network members receive a license to that patent, protecting them from any potential litigation and fees. LOT Network covers more than 3.8 million patent assets from over 2,800 members across 56 countries. Circle is joining this collaborative community to reduce risk and encourage the development of products and services that bring real-world utility to the internet of value.
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“Since our inception a decade ago, Circle and our products have been at the forefront of innovation and trust,” said Daniel Kaleba, Assistant General Counsel, Litigation and IP, at Circle. “Our membership with LOT Network champions the fair use of intellectual property and can protect the USDC infrastructure and ecosystem from patent exploitation, allowing us to focus on delivering internet-native financial services.”
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“I commend Circle for taking an important step in adding a measure of protection to their patent and IP strategy,” said Ken Seddon, LOT Network CEO. “Circle joins a growing number of financial technology companies as well as 12 of the largest holders of blockchain patents that are benefitting from the LOT agreement. With their membership in LOT, Circle and its customers can rest easy knowing that their funds are staying focused on producing great technology, attracting key talent and returning profits to shareholders versus being spent on draining resources that could put a company out of business.”
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