Base acquires Iron Fish's PoW blockchain team to build "privacy-preserving primitives."

Base, a Coinbase-backed Layer 2 project, revealed that it had acquired the Iron Fish blockchain development team to accelerate privacy-related projects.

Iron Fish is a proof-of-work cryptocurrency project with a privacy emphasis that employs zero-knowledge proofs, specifically zk-SNARKs, to ensure secret transactions.

"Privacy-preserving primitives" will be created for Base by the Iron Fish team, Base said. It clarified that instead of buying the Iron Fish blockchain or its native token, the move involves acquiring the experience of the Iron Fish team.

This means that the Iron Fish project will be independent and not affiliated with Coinbase or Base, with the acquisition focusing solely on the experience of the team. The news that Iron Fish is "joining Base to scale privacy" for users was confirmed on X. Iron Fish will not lose its governance model even after the development team joins Base, as seen in the fact that its founder, Elena Nadolinski, will continue to sit on the foundation's board.

After over two years of work, Iron Fish went live on its mainnet in 2023, though it soon struggled to get sufficiently popular. It raised $28 million in 2021 to help with the development and growth of its privacy-focused blockchain in a funding round led by Andreessen Horowitz.

The value of Iron Fish's native token (IRON) rose by about 30% following the announcement.

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