Circle, the issuer of USDC, has announced the acquisition of a patent portfolio from IBM. It is anticipated that this will expand the organization's capabilities in building an internet-based financial system.
The press release indicates that the portfolio includes 680 patent families and nearly 1,000 individual patents. They cover areas such as blockchain, banking, financial services, insurance, corporate infrastructure, supply chain verification, and secure cloud operations.
Circle emphasized that the deal makes the company a leader in the United States in terms of the number of Web3 patents under its control. This significantly expands the company's intellectual property and its potential for building the future financial system.
Furthermore, the release states that Circle and IBM will explore various collaboration options, but details are not specified. The transaction amount is not disclosed.
It is noteworthy that between 2018 and 2019 alone, IBM registered about 500 patents in the blockchain sphere. However, this process later slowed down. In 2022 and 2023, only 41 and 13 patents were filed, respectively, according to GreyB.
As noted by the organization, this was due to a change in leadership strategy. Previously, IBM aimed to register as many patents as possible, but after 2019, it focused on increasing the value of each individual patent.
The company also has extensive ambitions in the field of quantum technologies. This may also be one of the reasons for the number of patents under its control.
"Intellectual property is crucial for advancing our mission and expanding the adoption of blockchain infrastructure. IBM is a pioneer in technological innovation, and this acquisition expands Circle's capabilities to develop the infrastructure that powers globally significant financial systems, natively built for the internet," said Sarah Wilson, Chief Legal Officer and Corporate Secretary of Circle.
Following the news, Circle's stock price rose by 2.2%, according to TradingView.
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