EthSystems
Engineering research firm for institutional Ethereum privacy and compliance
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EthSystems is an engineering and research company focused on institutional-grade privacy and compliance solutions for Ethereum. It serves regulated entities such as banks and financial institutions, addressing the problem of publicly exposed transaction data on public blockchains. Its core capabilities include designing and implementing privacy-preserving architectures (e.g., zero-knowledge proofs, FHE, privacy L2s), building selective disclosure mechanisms (e.g., viewing keys, compliance proofs), and developing cross-chain atomic swaps and compliant stablecoin transfers. The team delivers results through open-source code, protocol specifications, architecture reviews, and proof-of-concepts, and publishes research tools like the Ethereum Privacy Map to help institutions conduct real financial activity on Ethereum while meeting regulatory requirements such as KYC/AML and Travel Rule.
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About EthSystems
EthSystems is an engineering and research firm focused on privacy for institutional Ethereum use. Its core business is helping banks and asset managers transact on public blockchains without exposing sensitive data. The company offers privacy architecture advisory, proof-of-concept development, and protocol specification work, often building modular confidentiality systems that let participants control who sees what while keeping Ethereum's verifiability.
The market pain point is straightforward: public ledgers expose counterparties, positions, and flows, which regulated institutions cannot reveal. EthSystems addresses this by designing systems like shielded pools for private stablecoin transfers, confidential bond issuance, and cross-chain atomic swaps with privacy. Its approach emphasizes practical trade-offs—no single solution fits all, so it evaluates options like zero-knowledge proofs, privacy L2s, and trusted execution environments against specific use cases.
In the past six months (2026-02-28 to 2026-08-28), EthSystems has continued publishing open-source work, including hardened shielded pool specifications with epoch nullifiers and private information retrieval for note discovery, plus write-ups on resilience scenarios like issuer failures or adversarial jurisdictions. It has also expanded its map of institutional privacy requirements across the Ethereum ecosystem, pairing use cases with candidate technologies. No significant negative developments were reported in this period, though the company's reliance on niche technical expertise remains a general limitation.
Over the past six months, EthSystems spun out of the Ethereum Foundation's Institutional Privacy Task Force (IPIF) as an independent for-profit company, backed by Joseph Lubin, SNZ, and other investors. It published multiple open-source outcomes: the Ethereum Privacy Map; proof-of-concept for private bonds, compliance-first private stablecoin transfers, private cross-chain atomic swaps, and DIY Validium; and the Hardened Shielded Pools spec and code, which uses epoch nullifiers to bound on-chain state and PIR-backed private note discovery, while identifying "private selection" as the hardest problem remaining.
It has a clear commercial pathway: privacy workshops, proof-of-concepts, architecture reviews, and production systems for institutions, alongside continued open-source work. Its future focus is confidential systems for institutional Ethereum, modular privacy with selective disclosure, scaling shielded pools, and private-selection research — helping banks and asset managers move real financial flows onto public chains.
Co-founders and core executives:
Mo Jalil (Co-founder & CEO): Previously at Goldman Sachs in capital markets, built automated trading systems. Later founded startups in AI, DeFi, and SaaS. Led the Ethereum Foundation's Institutional Privacy Task Force (IPTF) as Head of Enterprise APAC. Based in Singapore.
Oskar Thorén (Co-founder): Nearly a decade in crypto privacy infrastructure. Built peer-to-peer messaging and Waku protocols (now part of Logos). Previously at Ethereum Foundation, co-led IPTF. Based in Taiwan.
Recently, EthSystems has seen a significant team change. Mo Jalil officially joined in July 2026 as Co-founder and CEO.
Previously, he served as Head of Institutional Privacy and Head of Enterprise APAC at the Ethereum Foundation, and worked at Goldman Sachs. EthSystems is an engineering and research company spun out of the Ethereum Foundation's Institutional Privacy Task Force, focusing on building confidential systems for institutional Ethereum. Mo Jalil's addition will drive the company's commercial development in privacy technology.