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Coinbase Expands Privacy Efforts by Acquiring Iron Fish Team for Base Blockchain
Coinbase, a leading US-based cryptocurrency exchange platform, is set to enhance its privacy initiatives on Base by acquiring a blockchain startup team. In a recent announcement, Coinbase revealed it is bringing on the development team from the layer-1 project Iron Fish (IRON) to assist in creating “privacy-preserving primitives” on Base, its proprietary blockchain. It’s important to note that Coinbase is not acquiring Iron Fish itself, nor its token or technology. “Privacy is not merely a feature; it’s a fundamental right and essential for realizing the full potential of crypto. Today, we are making significant progress toward that vision by onboarding the team behind Iron Fish… This team has a proven history of supporting builders with the development of privacy-preserving tools and technologies that are safe, accessible, and compliant. ” Coinbase indicated that the Iron Fish team will help the company establish new privacy standards, simplify development for builders, and enhance anonymity for everyday users. “With the Iron Fish team joining Base, we are making a long-term commitment to privacy as an essential component of the on-chain economy…
Base’s scalability and privacy infrastructure will empower developers to create the next generation of private, secure, and compliant on-chain applications… Privacy tools will become more user-friendly, allowing individuals to retain control while ensuring transactions remain fast and cost-effective. This enables anyone to trade, transact, and engage on-chain while safeguarding their sensitive information. ” Iron Fish, launched in April 2023, is a privacy-centric proof-of-work blockchain supported by the asset management titan Andreessen Horowitz, which encrypts each transaction using zero-knowledge (ZK) proofs. As of the time of writing, IRON is trading at $0. 266, reflecting a 9. 5% decline over the last 24 hours. Don’t Miss an Update – Subscribe for email alerts directly to your inbox Check Price Action Follow us on X, Facebook, and Telegram Explore The Daily Hodl Mix Generated Image: Midjourney
Brief news summary
Coinbase, a prominent U.S. cryptocurrency exchange, is enhancing the privacy capabilities of its blockchain platform, Base, by acquiring the development team from Iron Fish, a startup focused on privacy solutions. This acquisition aims to incorporate advanced "privacy-preserving primitives" into Base while maintaining Iron Fish's ownership and technology. Coinbase highlights the critical role of privacy in realizing the full potential of cryptocurrency. With Iron Fish's team on board, the exchange seeks to establish new privacy standards, streamline development for creators, and improve user anonymity. This initiative reinforces Coinbase's dedication to integrating privacy into the on-chain economy. Upcoming enhancements will prioritize scalability and privacy tools, empowering developers to craft secure and compliant applications that allow users to trade while protecting their personal data. Iron Fish, launched in April 2023 with backing from Andreessen Horowitz, employs zero-knowledge proofs for secure transactions. Currently, the IRON token is priced at $0.266, reflecting a 9.5% dip over the past 24 hours.
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