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 embody the Iron Fish blockchain or its native token, which is able to proceed to function independently “and unaffiliated with Coinbase or Base,” below 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 type 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 optionally available” however is a “core constructing block.”
Privateness generally is a problem for blockchain networks, which frequently 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 functions.
Nadolinski will proceed serving on the Iron Fish Basis’s board, guaranteeing continuity for theproject, the announcement provides.