EthSystems
Engineering research firm for institutional Ethereum privacy and compliance
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About EthSystems
EthSystems builds privacy and compliance engineering for regulated institutions using Ethereum — central banks, commercial banks, asset managers and market infrastructure. It targets a hard constraint: a fully public ledger exposes positions, counterparties and flows, which keeps tokenized bonds and stablecoin settlement from going onchain in production.
Rather than running a separate privacy chain, it adds selective disclosure on top of Ethereum: private transfers hide amounts and counterparties, private bonds let fixed income be issued confidentially, and privacy-preserving identity lets institutions meet KYC without broadcasting client data. It spun out of the Ethereum Foundation's Institutional Privacy Task Force as an independent company on July 14, 2026, with a year of open-source work already published. The design relies on trusted execution environments and zero-knowledge proofs, so both the trust assumptions and the engineering burden are non-trivial.
EthSystems launched publicly on July 14, 2026, with anchor backing from Bitmine (NYSE: BMNR), Sharplink (NASDAQ: SBET) and Ethereum co-founder Joseph Lubin. The team (CEO Mo Jalil, Oskar Thoren and Aaryamann Challani) had already published a year of open-source work at ethsystems.org and works directly with central banks, regulators, tier-one banks and asset managers.
Future strategy and roadmap: EthSystems' technology lets each party to a transaction see only what it is entitled to see without sacrificing decentralization or security. Core directions include confidential stablecoin transfers, private bond issuance, cross-chain settlement and privacy-preserving identity. As one of three organizations spun out of the Ethereum Foundation (alongside Ethlabs and Ethereum Institutional), its roadmap focuses on translating institutional requirements into production systems: continuously publishing open-source specifications and proofs of concept, extending confidential stablecoin, private bond, cross-chain settlement and privacy-identity modules, and deepening engagement with central banks and tier-one financial institutions.
Mo Jalil is co-founder and CEO of EthSystems. He began at Goldman Sachs in investment banking, working on trading and capital-markets mandates, then moved into the Ethereum ecosystem and helped run the Ethereum Foundation's Institutional Privacy Task Force, spending a year in conversation with central banks, regulators, tier-one banks and asset managers. Oskar Thorén, co-founder, has spent close to a decade on crypto privacy infrastructure: peer-to-peer messaging at Status, then the Waku protocols at Vac, now part of Logos, plus mobile proving work and zero-knowledge teaching. Aaryamann Challani, also a co-founder, came out of the Foundation's privacy engineering and owns protocol implementation. The three spun out on 14 July 2026 with a year of open-source work.
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.