Safe Unveils New Unit to Build Enterprise Ethereum Wallets
Safe, a crypto self-custody company, has launched Safe Labs, a subsidiary focused on enterprise-grade self-custody solutions. Safe Labs will develop institutional products using Safe Smart Accounts, a modular smart contract wallet system. The initiative aims to enhance user confidence in digital sovereignty. Rahul Rumalla, leading Safe Labs, has extensive experience in engineering and product leadership. Safe currently secures $60 billion in assets and facilitates 4% of Ethereum transactions. Self-custody allows users to control private keys, essential for asset security. Institutional investors often use multisignature setups for added safety, though many still rely on blind signing, which poses risks. Recent incidents, like the $1.4 billion Bybit hack, highlighted vulnerabilities associated with blind signing. Safe's upcoming product will utilize Safe Smart Accounts but will still require blind signing for some interactions, necessitating collaboration with hardware wallet producers to enhance security.
