Coinbase has acquired the group behind Iron Fish, a privacy-focused blockchain mission, to strengthen privateness options on its layer 2 community Base, the corporate introduced.
The deal doesn’t embrace the Iron Fish blockchain or its native token, which can proceed to function independently “and unaffiliated with Coinbase or Base,” beneath the Iron Fish Basis.
The acquisition brings Iron Fish’s key builders, together with CEO Elena Nadolinski and Jason Spafford, to Coinbase in a bid to kind a brand new privacy-focused group inside Base, working to develop privacy-preserving instruments for on-chain transactions.
Coinbase stated the transfer was made to make sure everybody has entry to enhanced privateness, which it stated “isn’t optional” however is a “core building block.”
Privacy could be a problem for blockchain networks, which regularly expose transaction particulars by default, as it may be abused for illicit actions. By integrating privateness options straight into Base, Coinbase emphasised it goals to supply builders instruments to construct safer and compliant decentralized purposes.
Nadolinski will proceed serving on the Iron Fish Basis’s board, guaranteeing continuity for theproject, the announcement provides.
