The team behind the Ethereum Foundation’s Institutional Privacy Task Force has formed an independent company called EthSystems. This new venture focuses on developing confidential systems that enable banks, asset managers, and other large organizations to conduct real financial activities on Ethereum’s public network while maintaining necessary privacy protections.
The transition allows the group to operate with a commercial structure better suited for delivering tailored solutions to enterprises.
Institutions increasingly see value in Ethereum for applications such as stablecoins, tokenized assets, and efficient settlement.
However, the transparent nature of public blockchains often conflicts with requirements to keep sensitive details—such as positions, counterparties, and transaction flows—confidential.
EthSystems aims to bridge this gap through modular privacy technologies that support selective disclosure aligned with regulatory and compliance standards.
Led by experienced professionals including Mo Jalil, Oskar Thorén, and Aaryamann Challani, the company draws on nearly a decade of expertise in protocol design, privacy infrastructure, and traditional finance.
The team previously advanced this work inside the foundation, engaging directly with major global institutions and shipping practical open-source prototypes.
These efforts include private bond constructions using zero-knowledge proofs, privacy-focused layer-2 approaches, explorations of fully homomorphic encryption, compliance-oriented shielded pools for stablecoin transfers, private cross-chain atomic swaps, and resilient systems for identity and civic participation.
A comprehensive Ethereum Privacy Map further documents use cases, architectural patterns, regulatory considerations across jurisdictions, and available tools, serving as a valuable resource for the ecosystem. All technical contributions remain open source, with ongoing public goods work planned alongside commercial activities.
EthSystems adopts a for-profit model to act as a credible commercial partner capable of handling bespoke engagements.
Services range from workshops that refine institutional requirements into actionable specifications, to proof-of-concept development, architecture reviews, and full production deployments integrated with existing systems.
This structure facilitates the deep technical execution needed for high-stakes financial infrastructure, while the company remains aligned with Ethereum’s long-term vision and continues collaborating with the foundation and related spin-outs like EthLabs and Ethereum Institutional.
Backers include long-term Ethereum supporters, reflecting confidence in the team’s ability to navigate the complex intersection of public ledgers, privacy, and institutional demands.
The founders emphasize a pluralistic approach that balances cypherpunk principles with practical enterprise needs, ensuring systems prioritize properties such as censorship resistance, openness, privacy, and security.
As global financial infrastructure evolves, EthSystems positions itself to accelerate Ethereum’s role beyond asset speculation into core commercial rails.
By focusing on rigorous protocol design and real-world usability, the company contributes to a future where institutions can confidently build on public, immutable ledgers without compromising sensitive operations. This development underscores Ethereum’s maturation as a versatile platform capable of serving diverse participants through specialized, collaborative innovation.