Coinbase has acquired the workforce behind Iron Fish, a privacy-focused blockchain undertaking, 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 workforce inside Base, working to develop privacy-preserving instruments for on-chain transactions.
Coinbase mentioned the transfer was made to make sure everybody has entry to enhanced privateness, which it mentioned “isn’t non-obligatory” however is a “core constructing block.”
Privateness is usually a problem for blockchain networks, which frequently expose transaction particulars by default, as it may be abused for illicit actions. By integrating privateness options instantly into Base, Coinbase emphasised it goals to supply builders instruments to construct safer and compliant decentralized functions.
Nadolinski will proceed serving on the Iron Fish Basis’s board, guaranteeing continuity for theproject, the announcement provides.