Safe establishes subsidiary Safe Labs to develop enterprise-grade Ethereum self-custodial wallet solutions​

Mars Finance News, according to Cointelegraph, digital asset self-custody service provider Safe (formerly Gnosis Safe) announced the establishment of a wholly-owned subsidiary, Safe Labs, focusing on developing enterprise-level self-custody solutions based on Safe Smart Accounts. The subsidiary is led by former Chief Product Officer Rahul Rumalla, who has over 15 years of engineering and product management experience and founded Web3 startups Paperchain and Otterspace. Disclosed information shows that Safe currently manages assets worth $60 billion, supporting 4% of Ethereum on-chain transactions and occupying approximately 10% of the Ethereum Virtual Machine smart account market share. The new product adopts a modular smart contract wallet architecture, supporting multi-signature management and other institutional needs, though most on-chain interactions still rely on hardware wallet "blind signing" operations. Safe co-founder Lukas Schor emphasized the need to ensure absolute user control over digital sovereignty in Web3 development. This announcement comes at a time when Bybit was exposed to a $1.4 billion hacker attack in February due to a blind signing vulnerability, with Ledger CEO Pascal Gauthier pointing out that "blind signing is equivalent to signing a blank check online".