Former Ethereum Foundation team launches EthSystems for institutional use

Founded by Mo Jalil, Oskar Thorén, and Aaryamann Challani, the startup emerged from the Foundation’s former Institutional Privacy Task Force. The company aims to deploy confidential infrastructure for banks and asset managers, utilizing zero-knowledge cryptography to verify transactions without exposing sensitive data like trade positions or client identities. Backing for the project comes from Bitmine, SharpLink, and Consensys CEO Joe Lubin.

EthSystems operates as an independent entity, a shift that aligns with the Ethereum Foundation's recent decision to streamline its own operations. After cutting 54 roles and dissolving its Protocol Support division earlier this summer, the Foundation has pivoted toward focusing strictly on core network fundamentals. By becoming a commercial counterparty, EthSystems intends to provide the bespoke consulting that the non-profit Foundation previously could not offer, while continuing to contribute to open-source protocols and research.