A new Ethereum-focused company called EthSystems has officially launched with support from Bitmine, SharpLink, and Consensys CEO Joe Lubin. The company aims to help banks, asset managers, and other large financial institutions build on Ethereum while keeping sensitive information private.
EthSystems was created by former members of the Ethereum Foundation’s Institutional Privacy Task Force. The founders, Mo Jalil, Oskar Thorén, and Aaryamann Challani, previously worked directly on privacy solutions for institutional users within the Ethereum ecosystem.
The company’s main goal is simple: help institutions use public Ethereum without exposing confidential business information. This includes protecting details such as transaction data, trading positions, and customer identities.
To achieve this, EthSystems plans to use advanced privacy technologies, including zero-knowledge proofs. These tools allow transactions to be verified without revealing the actual data behind them, making them especially attractive for regulated financial institutions.
According to the team, the company will operate as a commercial business that provides consulting services to organizations looking to build confidential financial systems on Ethereum. At the same time, it plans to continue contributing to open-source projects and publishing technical research for the broader Ethereum community.
The founders said their experience comes from years of working with banks, regulators, central banks, and financial institutions around the world. Their previous projects included private bonds, confidential stablecoin transfers, private cross-chain settlements, and other privacy-focused blockchain solutions.
The launch comes at an important time for Ethereum.
In recent months, the Ethereum Foundation has gone through a major restructuring. In June, the organization reduced its workforce by 54 employees, about 20% of its staff, following a review of its long-term priorities and spending.
The Foundation said the changes were necessary so it could focus on the work that only it can perform, such as maintaining Ethereum’s core technology, security, decentralization, and censorship resistance.
The restructuring continued in July when the Foundation dissolved its Protocol Support team, a group that had helped coordinate developer meetings, network upgrades, and Ethereum Improvement Proposals for several years.
As the Foundation narrows its focus, independent organizations are beginning to take on larger roles across the Ethereum ecosystem.
EthSystems is now joining other recently formed groups such as Ethereum Institutional and EthLabs, which are also backed by Bitmine, SharpLink, and Joe Lubin. Each organization has a different mission. EthLabs is expected to focus on protocol research and development, while Ethereum Institutional serves as a bridge between Ethereum and traditional financial companies.
EthSystems, meanwhile, is concentrating on one of the biggest challenges facing institutional adoption: privacy.
The company believes financial institutions want the benefits of a public blockchain but often cannot use it fully if sensitive information is visible to everyone. Its mission is to solve that problem while keeping the openness and security that make Ethereum valuable.
Meanwhile, Ethereum’s core developers continue working on future upgrades, including the upcoming Glamsterdam update, which is expected to improve network performance, data access, and other key parts of the protocol.
The launch of EthSystems shows how Ethereum’s ecosystem is evolving. As the Ethereum Foundation focuses more on its core responsibilities, specialized independent organizations are stepping in to drive innovation and support new areas of growth, especially in institutional finance.
