Ethereum Foundation Privacy Team Spins Off into EthSystems — Backed by Joe Lubin and BitMine
Three former members of the Ethereum Foundation's privacy team — Mo Jalil, Oskar Thorén, and Aaryamann Challani — launched EthSystems as an independent for-profit company. The venture is backed by Ethereum co-founder Joe Lubin, BitMine, and SharpLink. EthSystems will build "Ethereum Confidential Systems" for regulated institutions like banks and asset managers, using zero-knowledge proofs to minimize exposure of sensitive data — including transaction details, holdings, and client identities — when conducting large-scale financial transactions on public blockchains.
Why it matters: This spin-off signals Ethereum's commitment to providing blockchain privacy for heavily regulated institutions, potentially accelerating institutional adoption.
