Ethereum treasury giants Bitmine and SharpLink and Consensys CEO Joe Lubin have backed another Ethereum advocacy organization called EthSystems, a for-profit entity that is focused on building "confidential systems for institutional Ethereum," according to an announcement on Tuesday.
The company was spun out of the non-profit Ethereum Foundation and counts former EF employees Mo Jalil, Oskar Thorén, and Aaryamann Challani as co-founders. Jalil, Thorén and Challani previously worked on the EF’s Institutional Privacy Task Force (IPTF).
EthSystems aims to provide the technology that allows banks, asset managers, and other regulated institutions to conduct large-scale financial activity on Ethereum while preserving necessary confidentiality.
"The business model is simple: bespoke consulting, focused on solving the hardest blockers for institutional adoption. In practice, this means continuing a lot of the work we have been doing, only charging money for it," the team wrote. "Commercial engagements often require a commercial counterparty."
In addition to building confidential systems that enable institutions to execute transactions without exposing sensitive details like trade information, positions, or client identities to the entire network — likely using zero-knowledge cryptography — the company said it remains committed to continuing open-source contributions and publishing detailed protocol specifications.
