EthSystems launches Ethereum privacy platform backed by Bitmine, SharpLink and Joe Lubin

EthSystems has launched as a for-profit Ethereum Foundation spinout backed by Bitmine, SharpLink and Joe Lubin, adding another independent organization focused on institutional adoption as the Foundation reshapes its own role. The company was established by former Foundation employees Mo Jalil, Oskar Thorén and Aaryamann Challani, who previously built and led the Foundation’s Institutional Privacy Task Force. EthSystems said it will build confidential infrastructure for banks, asset managers and other regulated institutions using public Ethereum without exposing trading positions, transaction details or client identities across the network. The founders argue that institutions may not move stablecoins, tokenized assets and settlement flows on-chain at scale until privacy tools are available on public networks. The company said it will combine bespoke consulting with continued publication of protocol specifications and open-source contributions. Its earlier work included proofs of concept for private bonds, confidential stablecoin transfers, private cross-chain settlement, hardened shielded pools and the Ethereum Privacy Map. The launch comes as the Ethereum Foundation shrinks and restructures, with three groups spinning out in recent weeks to take on work the Foundation is stepping back from. EthSystems is the first for-profit of the three, alongside non-profits EthLabs and Ethereum Institutional. EthSystems said it left the Foundation on good terms and sees itself as complementary, focused on applied privacy technology. Its backers include Bitmine Immersion Technologies, SharpLink, Joe Lubin and SNZ. Those investors have tied Ethereum’s long-term case to stablecoins, tokenized assets and settlement infrastructure, with Bitmine holding about 5.7 million ETH and SharpLink around 888,000. Ethereum already hosts $16 billion in tokenized real-world assets and $159 billion in stablecoins, according to RWA.xyz.