The leading US-based cryptocurrency exchange platform Coinbase is acquiring the team of a blockchain startup to enhance its privacy efforts on Base. In a recent announcement, Coinbase stated that it is bringing on board the development team of the layer-1 project Iron Fish (IRON) to assist in the development of “privacy-preserving primitives” on Base, the cryptocurrency exchange’s proprietary blockchain. Coinbase emphasized that it is not acquiring Iron Fish itself, its token, or its technology.

“Privacy is not just a feature, it is a right – and it is crucial for unlocking the full potential of cryptocurrency. Today, we are taking a significant step towards that future by acquiring the team behind Iron Fish…

This team has a strong track record of assisting developers by creating privacy-preserving tools and technology that are secure, accessible, and compliant-friendly.”

According to Coinbase, the Iron Fish team will help the company establish new privacy standards, simplify development for builders, and reinforce anonymity for everyday users.

“With the Iron Fish team joining Base, we are making a long-term investment in privacy as a fundamental aspect of the on-chain economy… Base’s scalability and privacy stack will enable developers to create the next generation of private, secure, and compliant on-chain applications…

Privacy tools will become easier to use, giving individuals more control while maintaining fast and low-cost transactions. This means that anyone can trade, transact, and engage on-chain while protecting sensitive information.”

Iron Fish, which was launched in April 2023, is a proof-of-work blockchain that focuses on privacy and is backed by the asset management giant Andreessen Horowitz. It encrypts every transaction with zero-knowledge (ZK) proof. At the time of writing, IRON is trading at $0.266, representing a 9.5% decrease in the last 24 hours.