Coinbase-backed Base has acquired the development team behind Iron Fish to enhance privacy-focused blockchain solutions.
Base Expands Privacy Research
Coinbase-backed Layer 2 project Base said it acquired the development team at Iron Fish blockchain to accelerate efforts around privacy. Iron Fish is a privacy-focused proof-of-work crypto project that ensures private transactions by using zero-knowledge proofs (specifically zk-SNARKs).Focus on Privacy, Not Token Acquisition
Base said it’s bringing the Iron Fish team to develop "privacy-preserving primitives" for Base. It clarified that the move involves integrating the Iron Fish team’s expertise rather than acquiring the Iron Fish blockchain or its native token. This means the acquisition will focus solely on the team’s expertise, leaving the Iron Fish project independent and unaffiliated with Coinbase or Base.Iron Fish Maintains Independence
Iron Fish confirmed on X that it’s "joining Base to scale privacy" for users. Its founder, Elena Nadolinski, will continue to serve on the foundation's board, indicating that Iron Fish will maintain its governance structure despite the development team joining Base. Following the announcement, the price of Iron Fish's native token (IRON) surged by nearly 30%.
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