TechFlow news, July 15, according to The Block, Ethereum Foundation (EF) Institutional Privacy Task Force (IPTF) core members Mo Jalil, Oskar Thorén, and Aaryamann Challani co-founded the for-profit company EthSystems, officially spinning off from the Ethereum Foundation to operate independently. The company has received support from Ethereum co-founder Joe Lubin (Consensys CEO) and Ethereum treasury giants Bitmine and SharpLink.
EthSystems focuses on building "Ethereum Confidential Systems" for regulated institutions such as banks and asset management firms, utilizing technologies like zero-knowledge cryptography (ZK Proof) to enable institutions to execute large-scale financial transactions on public chains without exposing sensitive data such as transaction information, holdings, or client identities to the entire network. The business model is primarily based on customized consulting services, while committing to continuous open-source contributions.
