The Base team behind the Coinbase-approved network purchased the team developing Iron Fish which focuses on private blockchain technologies. Base takes a significant move forward as part of its strategy to add advanced privacy technologies to its system.

Iron Fish operates as a proof-of-work blockchain system which delivers secure private transactions with its zk-SNARK encryption technology. Base establishes a partnership with Iron Fish development staff to gain technical knowledge in creating privacy products for the Base platform.

IRON Token Surges 30% Following Acquisition News

Base took over the team while leaving the Iron Fish blockchain and its IRON token as separate entities. The blockchain keeps Iron Fish as its own separate entity even after joining Base because Coinbase did not buy or merge it with their company. Through its social media channel Iron Fish declared its move to Base in order to scale private user space.

Elena Nadolinski will continue her role on the Iron Fish Foundation board to preserve its blockchain governance system. The maintenance of Iron Fish”s governance controls shows that this network will stick to private blockchain projects while using fresh development members for innovation.

After two years of work in 2023 Iron Fish launched but struggled to win its target audience. In 2021 Iron Fish raised $28 million from Andreessen Horowitz to strengthen its privacy blockchain project before its official launch.

The market responded positively right after the acquisition news with IRON price jumping up 30%. The market sees great promise for private cryptocurrencies and boosts their value because of this news.

By purchasing Iron Fish Base demonstrates its dedication to developing Layer 2 privacy features while keeping the two separate entities. The joint efforts between Base and Iron Fish will help expand secure encrypted transaction solutions for the crypto market.