Ethereum Foundation Spinoff Targets Banks With Blockchain Privacy

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A group of former Ethereum Foundation researchers have launched a new for-profit company that aims to enhance blockchain privacy at commercial banks.

The new company, called EthSystems, plans to build infrastructure for financial institutions erected on the Ethereum (CRYPTO: $ETH) network.

The startup company claims to have spent the past year developing privacy technologies for enterprise use cases while engaging with regulators, commercial banks and asset managers.

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The spinout comes amid a wave of departures at the Ethereum Foundation due to disputes over leadership, strategy, and the foundation's role in supporting Ethereum's user base.

EthSystems said it plans to commercialize the work it began inside the Ethereum Foundation, including confidential stablecoin transfers, private bond issues, and cross-chain settlements.

There is growing institutional interest in using blockchains for financial infrastructure and security, not just cryptocurrency investing, says EthSystems.

While firms have increasingly embraced tokenized assets and stablecoins, many remain reluctant to transact on transparent public ledgers, creating demand for privacy.

EthSystems argues that a lack of confidentiality is preventing commercial banks and asset managers from moving real-world assets onchain.

The company said it will focus on privacy systems that allow participants to disclose transactions while maintaining Ethereum's security guarantees.

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