Coinbase has acquired the team behind Iron Fish, a Blockchain project centered on privacy, to strengthen privacy characteristics at its 2 network base, announced the company.
The agreement does not include the iron fish block chain or its native token, which will continue to operate independently “and not affiliated with coinbase or base”, under the iron fishing foundation.
The acquisition leads to the key developers of Iron Fish, including CEO Elena Nadolinski and Jason Spafford, to coinbase in an attempt to form a new team focused on privacy within the base, working to develop privacy preservation tools for chain transactions.
Coinbase said the movement was made to ensure that everyone has access to improved privacy, which said “is not optional” but is a “central construction block.”
Privacy can be a challenge for blockchain networks, which often expose the details of the transaction by default, since it can be abused of illegal activities. By integrating privacy characteristics directly into the base, Coinbase emphasized that it aims to offer tools to build safer and more compatible decentralized applications.
Nadolinski will continue to serve in the Iron Fish Foundation table, ensuring continuity for the project, adds the announcement.
