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A16z Leads $28M Round for Privacy Coin Iron Fish

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Iron Fish, a decentralized blockchain community that goals to create a cryptocurrency as non-public as money, has raised $27.7 million in a Series A spherical led by Andreessen Horowitz (a16z) forward of the community’s Dec. 1 testnet launch.

  • “While a number of Web 3 teams are now building developer-oriented privacy tools for blockchains, there’s also a need for mainstream privacy solutions that are accessible for everyday users,” wrote a16z normal accomplice Ali Yahya, deal analyst Elena Burger and crypto accomplice Guy Wuollet in a blog post. ”That’s why we’re thrilled to put money into Iron Fish, a decentralized blockchain community utilizing zero-knowledge proofs to create a user-friendly, non-public cryptocurrency.”
  • Other buyers within the spherical included Sequoia, Electric Capital, MetaStable, Arrington XRP, Terra co-founder Do Kwon, Thesis CEO Matt Luongo and Anchorage co-founder Nathan McCauley.
  • San Francisco-based Iron Fish launched its first testnet in April and says it has since attracted almost 2,000 self-identified miners to its neighborhood. The firm is now launching an incentivized testnet that can reward member participation with management factors that can result in future mainnet Iron Fish cash.
  • The Iron Fish roadmap begins with the proof-of-work blockchain with native cryptocurrency and can then lengthen to incorporate extra property, stablecoins and cross-chain bridges, together with layer 2 help.
  • “Iron Fish is working toward becoming a universal privacy layer for all chains, unlocking a critical need that has previously been missing in the web3 ecosystem,” wrote a16z in its weblog put up.
  • Iron Fish was based in 2018 by Elena Nadolinski, a former software program engineer at Microsoft and Airbnb.

Read More: New Privacy Coin Iron Fish Launches Testnet With $5.3M in Funding

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