Ethereum Treasury · BMNR
Confidential Systems for Institutional Ethereum
EthSystems helps institutions move on-chain with privacy that's performant, secure, usable, and accessible, disclosing only what the rules require.
The team institutions already know
Institutions want to move real financial activity onto Ethereum. A public ledger exposes positions, counterparties, and flows they are not allowed to reveal.
EthSystems, the team behind the Ethereum Foundation’s Institutional Privacy Task Force, builds the confidential, compliant systems that make that possible, from proof-of-concept through to production, backed by a year of open-source work already shipped.
Find the right privacy solution
Approaches
Read worked architectures directly. Each names trade-offs in plain language, evaluates under CROPS, and references a working prototype where one exists.
10 approaches →Problem areas
Begin from the institutional question that mirrors your situation. Each use case pairs with one or more approaches that demonstrate how others have built solutions.
23 use cases →Reusable solutions
Build your own approach using the cryptographic primitives applied in our case studies. Each building block includes its risk profile, architectural layer, and trade-offs.
69 building blocks →Who is this for
For business stakeholders
Decide what to integrate.
For technical teams
Decide how to build.
- 01 Building blocks Reusable technical building blocks with standardized evaluations. →
- 02 Approaches Detailed implementation guidance from worked approaches. →
- 03 Vendors Tooling and infrastructure options mapped to patterns. →
- 04 Domains Domain-specific considerations across payments, custody, identity, and more. →
For legal and compliance
Map regulatory requirements.
- 01 Jurisdictions Regulatory frameworks applied as overlay on the architectures. →
- 02 Use cases Compliance constraints surfaced in context, written from interview. →
- 03 Approaches Architectures evaluated for regulated deployment. →
- 04 Disclosure mechanisms Selective disclosure with keys and proofs for audit and reporting. →
Recent writeups from the team
Introducing EthSystems
EthSystems builds confidential systems for institutional Ethereum, carrying forward the IPTF work as an independent company focused on privacy, protocol design, and commercial execution.
Exploring Hardened Shielded Pools
Extending a working shielded pool with epoch nullifiers and PIR, and why private selection is the harder problem left for private payments at scale.
Resilient Civic Participation
Petitions on Ethereum where the signer list never exists and the outcome stays verifiable from chain state alone.
How we assess solutions
CR
Censorship-resistance
Whether a counterparty, sequencer, or relayer can block your transaction.
OS
Open source
Whether the implementation is free to audit, fork, and self-host.
P
Privacy
How much of the transaction (amounts, parties, patterns) stays hidden.
S
Security
The trust assumptions and threat model the architecture relies on.
Institution to institution
Both counterparties are regulated institutions. Symmetric power dynamic; both parties have legal teams, vendor choice, and contractual recourse.
Institution to user
One counterparty is a regulated institution, the other an individual. Asymmetric power dynamic; privacy must protect the user from the institution.
Supported by
Ethereum Treasury · SBET
Joe Lubin
Co-Founder, Ethereum
Asia Ethereum Backer
What institutions ask us most
What is EthSystems?
An engineering and research company building confidential systems for institutional Ethereum: the privacy and compliance infrastructure institutions need to put real financial activity on the network.
Who is behind it?
The team behind the Ethereum Foundation's Institutional Privacy Task Force (IPTF).
What have you actually built?
A year of public, open-source work: private bonds (ZK, privacy L2s, FHE), compliance-first private stablecoin transfers, private cross-chain atomic swaps, a validium proof-of-concept, privacy-preserving identity, the Public Rails vs Private Ledgers decision framework, and the Ethereum Privacy Map.
Why does this matter?
Every institutional use of Ethereum (tokenization, stablecoins, settlement) eventually hits the same blocker: a public ledger exposes positions, counterparties, and flows that regulated institutions cannot reveal. Confidentiality with built-in compliance is what makes those deployments viable.
What do you offer institutions?
Hands-on engineering engagements: privacy architecture and advisory, workshops that turn interest into concrete requirements, proof-of-concepts that de-risk decisions, and the design and build of confidential systems integrated with existing vendors and infrastructure, through to live implementation. Engagements can start small and scoped.
What's your relationship with the Ethereum Foundation?
We created and ran the Institutional Privacy Task Force at the EF, and we continue that body of work in active collaboration with EF and EF-aligned teams: coordinating the transition together, keeping the artifacts public, and collaborating on public goods, specs, and privacy work. EthSystems is its own company because commercial delivery needs a commercial structure; the collaboration continues.
How do you relate to Ethlabs and Ethereum Institutional?
As complementary nodes in the same network, often with overlapping supporters, and as collaborators. Ethlabs builds and grows the core protocol and platform capabilities of Ethereum. Ethereum Institutional is a neutral, non-commercial front door helping institutions understand and navigate the ecosystem. EthSystems is the specialist builder: when an institution moves from evaluating Ethereum to building on it, we're the accountable commercial counterparty that designs and delivers the confidential systems involved.
Is your work open source?
Yes. Our proof-of-concepts, libraries, frameworks, and the Ethereum Privacy Map are public, and we'll keep publishing. Open, verifiable work is how we earn trust.
Where do you operate?
Globally.
Talk to EthSystems
If you are an institution with a privacy requirement, a builder shipping a solution, or a regulator who wants the picture, we are listening.