Coinbase got the team behind Iron Fish, a privacy-focused project, to strengthen privacy features at the base of Layer 2 network, the company announced.
The deal does not include the Iron Fish Blockchain or its native token, which will continue to work independently “and is not intrigued by the coinbase or base,” under the Iron Fish Foundation.
Acquisition brings major Iron Fish developers, including CEO Elena Nadolinski and Jason Spfford, to coinbase on a bid to come up with a new privacy-focused team inside the base, working to generate tools that maintain privacy for on-chain transactions.
Coinbase said the move was made to ensure that each had access to improved privacy, which it said was “not optional” but a “main building block.”
Privacy can be a challenge for blockchain networks, which often exposes transaction details default, as it can be abused for prohibited activities. By incorporating privacy features directly into the base, the Coinbase emphasized that the developers’ tools are aimed at offering tools to generate safer and compliant decentralized application.
Nadolinski will continue to serve the Iron Fish Foundation board, ensuring continuity for theproject, the announcement added.
