The top US-based crypto exchange platform Coinbase is acquiring a blockchain startup’s team to bolster its privacy efforts on Base.
In a new announcement, Coinbase says it is onboarding the development team of layer-1 project Iron Fish (IRON) to help develop “privacy-preserving primitives” on Base, the crypto exchange’s proprietary blockchain.
Coinbase highlights that it is not acquiring Iron Fish itself, its token or its technology.
“Privacy isn’t just a feature, it’s a right – and it’s critical for unlocking the full potential of crypto. Today, we’re taking a major step toward that future by acquiring the team behind Iron Fish…
This team brings a strong track record of helping builders by developing privacy-preserving tools and technology that are safe, accessible and compliance-friendly.”
According to Coinbase, the Iron Fish team will help the firm establish new standards for privacy, make development easier for builders and reinforce anonymity for everyday users.
“With the Iron Fish team joining Base, we’re making a long-term investment in privacy as a core pillar of the on-chain economy… Base’s scalability and privacy stack will help developers create the next generation of private, secure and compliant on-chain apps…
Privacy tools will get easier to use, giving people more control while keeping transactions fast and low-cost. This means anyone can trade, transact and engage on-chain while protecting sensitive information.”
Iron Fish, which launched in April 2023, is a privacy-focused proof-of-work blockchain backed by the asset management giant Andreessen Horowitz that encrypts every transaction with zero-knowledge (ZK) proof.
IRON is trading for $0.266 at time of writing, a 9.5% decrease during the last 24 hours.
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