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EthSystems launches as a for-profit privacy provider for banks using Ethereum
The Ethereum Foundation spinout plans to commercialize privacy work including confidential stablecoin transfers and private bond issuance.
CoinDesk reports that former members of the Ethereum Foundation's Institutional Privacy Task Force have launched EthSystems, a new for-profit startup building blockchain privacy infrastructure for banks and other institutions using Ethereum.
The launch is part of a broader Ethereum Foundation restructuring that includes other newly formed entities, EthLabs and Ethereum Institutional, following criticism of the foundation's leadership and strategy for supporting Ethereum's institutional users.
EthSystems said it will commercialize work it previously developed inside the foundation, including confidentiality features for stablecoin transfers, private bond issuance, cross-chain settlement systems, and open-source protocol specifications.
In explaining the move to a commercial entity, the company said that commercial engagements require a commercial counterparty, adding that it will continue its prior work, but charge for it.
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