PANews, June 5 - According to Cointelegraph, smart contract wallet developer Safe (formerly Gnosis Safe) has announced the establishment of a wholly-owned subsidiary, Safe Labs, focusing on developing enterprise-level self-custody solutions based on the Safe Smart Accounts modular system. The company currently protects $60 billion in assets, processes 4% of Ethereum transactions, and holds a 10% share of the EVM smart account market.
The new subsidiary is led by former Chief Product Officer Rahul Rumalla, who has 15 years of engineering management experience in the Web3 space. The solution will support multi-signature management but still needs to collaborate with hardware wallet manufacturers like Ledger to address the "blind signature" security risks. Safe co-founder Lukas Schor stated that enterprise-level solutions need to balance security and usability while ensuring users' digital sovereignty.
