Coinbase has acquired the team behind Iron Fish, a privacy-focused blockchain project, to strengthen privacy features on its layer 2 network Base, the company announced.
The deal does not include the Iron Fish blockchain or its native token, which will continue to operate independently “and unaffiliated with Coinbase or Base,” under the Iron Fish Foundation.
The acquisition brings Iron Fish’s key developers, including CEO Elena Nadolinski and Jason Spafford, to Coinbase in a bid to form a new privacy-focused team within Base, working to develop privacy-preserving tools for on-chain transactions.
Coinbase said the move was made to ensure everyone has access to enhanced privacy, which it said “isn’t optional” but is a “core building block.”
Privacy can be a challenge for blockchain networks, which often expose transaction details by default, as it can be abused for illicit activities. By integrating privacy features directly into Base, Coinbase emphasized it aims to offer developers tools to build more secure and compliant decentralized applications.
Nadolinski will continue serving on the Iron Fish Foundation’s board, ensuring continuity for theproject, the announcement adds.