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EthSystems launches as for-profit privacy and compliance firm for Ethereum
The new company, backed by Ethereum treasury firms Bitmine and Sharplink and co-founder Joe Lubin, aims to let banks and asset managers transact on Ethereum without exposing trade details or client identities.
EthSystems launched Tuesday as a for-profit firm focused on building confidential systems for institutional Ethereum, spun out from the team that previously ran the Ethereum Foundation's Institutional Privacy Task Force, according to Decrypt.
The company says institutions have been hesitant to move stablecoins, tokenized assets, and settlement onto public blockchains because they need a privacy layer to keep sensitive information, including trade details, positions, and client identities, from being visible on a shared ledger.
EthSystems is headed by CEO Mo Jalil, along with Oskar Thorén and Aaryamann Challani, who previously led the Foundation's year-long effort that included hundreds of conversations with central banks, regulators, tier-one banks, and asset managers.
The firm is launching with a year of open-source work already published, including proofs of concept for private bonds and confidential stablecoin transfers, and plans to monetize through bespoke consulting services such as workshops, architecture reviews, and production systems, Decrypt reported.
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