Base, a layer-2 project backed by Coinbase, has announced the acquisition of the development team from Iron Fish, a privacy-focused proof-of-work blockchain.
Base, a layer-2 project backed by Coinbase, has announced the acquisition of the development team from Iron Fish, a privacy-focused proof-of-work blockchain. This strategic move aims to bolster Base’s initiatives in creating privacy-preserving technologies.
The acquisition specifically pertains to the team’s expertise and does not involve the Iron Fish blockchain or its native token, IRON.
Iron Fish is known for its use of zero-knowledge proofs, particularly zk-SNARKs, to facilitate private transactions. Despite launching its mainnet in 2023 after two years of development, Iron Fish has faced challenges in gaining traction in the competitive blockchain landscape. The project raised $28 million in a funding round led by Andreessen Horowitz in 2021, intended to support its privacy-centric offerings.
Following the announcement of the acquisition, Iron Fish confirmed via social media that it is joining Base with the goal of scaling privacy solutions for its users.
Elena Nadolinski, the founder of Iron Fish, will continue to serve on the foundation's board, ensuring that the project maintains its governance structure and remains independent from Base and Coinbase.
In the wake of the acquisition news, the price of Iron Fish's native token experienced a notable surge, increasing nearly 30%. The acquisition reflects Base's commitment to enhancing its privacy technological capabilities while allowing Iron Fish to operate autonomously.
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