Ethereum Foundation researchers launch for-profit firm to build privacy tech for banks

Researchers from the Ethereum Foundation (EF) have launched EthSystems, a new for-profit company aimed at building confidentiality infrastructure for financial institutions on Ethereum. According to CoinDesk, the founders are institutional privacy researchers from the EF who are now commercializing technology developed within the foundation. They noted that confidentiality has been a major barrier preventing banks and asset managers from moving real-world financial transactions onto the Ethereum blockchain. The new firm plans to target the banking sector with its blockchain-based privacy solutions. EthSystems is one of several recent spin-offs from the EF following a reorganization, which also saw the creation of EthLabs and Ethereum Institutional.