BlockBeats News, July 14th, according to GlobeNewswire, EthSystems announced its official establishment. The company was founded by the original team of the Ethereum Foundation's "Institutional Privacy Working Group" and received support from Bitmine, Sharplink, Joe Lubin, and others.

EthSystems is mainly developing Ethereum-based privacy and compliance technology for banks, asset management institutions, and other regulated entities. It aims to support institutions in conducting on-chain financial activities without disclosing transaction details and sensitive customer information. The company stated that it has completed one year of open-source development work in advance and has established partnerships with central banks, regulatory bodies, and top financial institutions.