EthSystems Spins Out of Ethereum Foundation with Zero-Knowledge Focus

The Ethereum Foundation has spun out its Institutional Privacy Task Force as a new for-profit company called EthSystems. The team, which includes former Ethereum Foundation employees Mo Jalil, Oskar Thorén, and Aaryamann Challani, will focus on developing confidential systems for institutional Ethereum use.

EthSystems is backed by Consensys CEO Joe Lubin and two of the largest corporate holders of ETH, Bitmine and SharpLink. The company's business model involves bespoke consulting to help banks, asset managers, and other regulated institutions overcome obstacles to adopting Ethereum.

The team expects to achieve this primarily through zero-knowledge cryptography. They plan to continue contributing to open-source projects and publishing detailed protocol specifications.