Phosphatase is an enzyme that catalyzes the hydrolysis of phosphate ester bonds, specifically removing a phosphate group from its substrate. This process is called dephosphorylation and it plays a crucial role in various cellular processes such as regulation of metabolism, signal transduction pathways, gene expression, and cytoskeletal dynamics. Phosphatases are classified into different types based on their specificity for substrates or the location where they act within the cell.