Coinbase to add private Base transactions
Coinbase plans to enable private stablecoin transactions on Base, its Ethereum layer‑2 network, using technology from privacy platform Iron Fish. Coinbase acquired the Iron Fish team in March 2025 to support the effort.
Brian Armstrong, Coinbase’s CEO, said the company will share more details soon. He did not address whether the feature will require Know Your Customer checks or other identity controls, a question raised by many replies to his post.
Coinbase also has not specified whether Base’s implementation will follow Iron Fish’s current approach or how any disclosure or compliance mechanisms will be handled on its network.
Iron Fish’s current design uses zero‑knowledge proofs and so‑called view keys to hide transaction details while allowing data to be disclosed when legally required. Users obtain view keys when they create an Iron Fish account; those keys can be used to grant read‑only access to transaction data for tax authorities or law enforcement.
Setup also relies on a cross‑chain bridge called ChainPort and a real‑time threat detection system intended to help ensure only vetted funds enter its privacy network. Iron Fish already supports privacy transactions on more than 20 blockchains and offers a privacy version of wrapped USDC on Base through ChainPort.
Coinbase’s deal brought the Iron Fish team into Base to build “privacy-preserving primitives,” but it did not acquire the Iron Fish L1 or its token, which remain independent under the Iron Fish Foundation. Coinbase framed this as a long-term bet on compliant privacy for builders and users on Base.
Regulators and prosecutors have pursued developers of other privacy tools in recent years, including people associated with Tornado Cash and founders of the Samourai Wallet, who already have faced legal action.
Iron Fish’s current design uses zero‑knowledge proofs and so‑called view keys to hide transaction details while allowing data to be disclosed when legally required. Users obtain view keys when they create an Iron Fish account; those keys can be used to grant read‑only access to transaction data for tax authorities or law enforcement.
Setup also relies on a cross‑chain bridge called ChainPort and a real‑time threat detection system intended to help ensure only vetted funds enter its privacy network. Iron Fish already supports privacy transactions on more than 20 blockchains and offers a privacy version of wrapped USDC on Base through ChainPort.
Coinbase’s deal brought the Iron Fish team into Base to build “privacy-preserving primitives,” but it did not acquire the Iron Fish L1 or its token, which remain independent under the Iron Fish Foundation. Coinbase framed this as a long-term bet on compliant privacy for builders and users on Base.
Regulators and prosecutors have pursued developers of other privacy tools in recent years, including people associated with Tornado Cash and founders of the Samourai Wallet, who already have faced legal action.
