Open Source · Ethereum · BitMine Immersion Technologies · Decrypt
Team Behind Ethereum's Institutional Privacy Push Spins Out For-Profit Firm EthSystems
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The group that spent the past year running the Ethereum Foundation's institutional privacy work has spun out to start its own company.
Key facts
- With Ethereum already hosting $16 billion in tokenized real-world assets and $159 billion in stablecoins, according to RWA.xyz, Jalil argued that privacy is "the difference between Ethereum holding
- Bitmine holds some 5.7 million ETH and Sharplink around 888,000, and both have pitched public-market investors on Ethereum's role as settlement infrastructure for stablecoins and tokenized assets
- EthSystems is the latest team to break away from the Ethereum Foundation, which has spent 2026 shrinking and restructuring
- The founders, Mo Jalil, Oskar Thorén, and Aaryamann Challani, built and led the Foundation's Institutional Privacy Task Force, a year-long effort that held hundreds of conversations with central
Summary
EthSystems launched Tuesday to build "confidential systems for institutional Ethereum," founded by the team that ran the Ethereum Foundation's Institutional Privacy Task Force. It is the third organization to spin out of the Foundation this summer, and the first for-profit one, backed by Ethereum treasury firms Bitmine and Sharplink and co-founder Joe Lubin. The firm argues that institutions won't move stablecoins, tokenized assets, and settlement onto a public ledger until they can hide trade details, positions, and client identities. The founders, Mo Jalil, Oskar Thorén, and Aaryamann Challani, built and led the Foundation's Institutional Privacy Task Force, a year-long effort that held hundreds of conversations with central banks, regulators, tier-one banks, and asset managers.