Bitmine Shares Rise on Backing of EthSystems' Institutional Ethereum Privacy Launch

By Doc LouallenShares of Bitmine Immersion Technologies rose after the company said it is an anchor backer of EthSystems, a newly launched engineering and research firm building privacy and compliance technology that lets banks and asset managers transact on Ethereum without exposing trade details or client identities.Shares were recently up 10% at $16.14. The stock is down 25% over the past three months.EthSystems, founded by the team behind the Ethereum Foundation's Institutional Privacy Task Force, said it is working directly with central banks, regulators and large financial institutions. Backers include Bitmine, Sharplink and Ethereum co-founder Joe Lubin.The company said its technology aims to let each party to a transaction see only what it has a right to see while preserving Ethereum's decentralization and security.Write to Doc Louallen at [email protected]