Coinbase launched Base Privacy, a native and compliant infrastructure that lets enterprises trade, pay, and settle on Base with transaction confidentiality. The system centers on Base Ledgers, which combine instant onchain settlement with built-in compliance and privacy controls aimed at financial institutions.

Base Ledgers anchor funds directly to Base through a single onchain contract, settling on Base itself rather than a separate chain. Deposits hide the recipient and withdrawals hide the sender, keeping the two unlinkable on the public chain, while balances and transfers stay within the ledger. The design remains fully composable with the rest of Base, so funds can move in or out and be acted on in a single transaction, such as pay-and-settle or withdraw-and-swap. KYC is enforced at the ledger level through Coinbase Direct or a business's own provider, with sanctions screening built in.

Coinbase outlined enterprise use cases including B2B payments that do not broadcast a supplier list, onchain payroll that does not publish individual earnings, private treasury operations, stablecoin issuer corridors where balances and flows are not publicly observable, KYC-gated cross-border remittance, and brokerage settlement between disclosed counterparties without exposing trade flow or positions.

Businesses can start on a Coinbase Managed Ledger, where Coinbase runs the ledger, handles compliance, KYC, sanctions screening, and licensing, and exposes it through the Coinbase Developer Platform. They can also stand up a Self-Managed Partner Ledger with self-custody, their own KYC provider, custom policies, auditable onchain history, and custom ledger logic, moving from managed to self-operated with no extra work.