Safe Labs: Empowering Institutions with Smart Contract Wallets
Safe, formerly known as Gnosis Safe, has unveiled Safe Labs, a new subsidiary dedicated to advancing enterprise-grade self-custody solutions. This initiative focuses on developing modular smart contract wallets using Safe’s Smart Accounts system, aiming to provide institutions with secure and scalable tools to manage on-chain assets. The move addresses the growing demand for robust digital asset management solutions in the institutional sector.
Rahul Rumalla, formerly Safe’s Chief Product Officer, will lead Safe Labs. With over 15 years of experience in engineering and product leadership, Rumalla has previously founded Web3 startups Paperchain and Otterspace and served as Director of Engineering at SoundCloud. Under his leadership, Safe Labs aims to build infrastructure that ensures users’ absolute confidence in their digital assets, combining security with intuitive design.
Safe’s Smart Accounts system is a modular, smart contract-based wallet infrastructure that enables multisignature management and enhanced asset protection. The system has been adopted by numerous institutions for years, and Safe Labs will continue to develop tailored solutions to meet the specific needs of these clients.
Addressing Blind Signing Risks in Multisignature Setups
A significant challenge in institutional crypto custody is the reliance on blind signing in multisignature setups. Blind signing refers to approving a transaction on a hardware wallet without being able to fully verify its details on the device’s screen. This practice exposes companies to critical risks when handling complex transactions. Safe Labs aims to reduce reliance on blind signing by developing solutions that enhance transaction visibility and control, thereby mitigating associated risks.
The importance of addressing blind signing has been highlighted by industry leaders. Pascal Gauthier, CEO of Ledger, compared blind signing to signing blank checks online, emphasizing the need for improved security measures in crypto custody solutions. Safe Labs is committed to advancing security standards and providing institutions with the tools necessary to manage digital assets securely and efficiently.
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