Safe presented a new unit to create enterprise-grade crypto wallets
Safe, formerly Gnosis Safe, has launched a subsidiary called Safe Labs to develop enterprise-grade self-custody solutions based on its smart contract wallet infrastructure.
Safe, a self-custody cryptocurrency company previously known as Gnosis Safe, has launched a subsidiary, Safe Labs, to develop enterprise-grade self-custody solutions.
According to an announcement on June 5 shared with Cointelegraph, Safe Labs is a commercial subsidiary wholly owned by Safe. It will focus on developing institutional products using Safe Smart Accounts, a modular wallet system based on smart contracts.
"The future of Web3 depends on users having absolute confidence in their digital sovereignty," said Lukas Schor, co-founder of Safe and president of the Safe Ecosystem Foundation. "With Safe Labs, we are creating the necessary infrastructure to make that possible: enterprise-grade, secure, and intuitively designed."
Safe Labs will be led by Rahul Rumalla, former product director of the company. Rumalla has over 15 years of experience in engineering and product leadership, has founded the Web3 startups Paperchain and Otterspace, and previously served as engineering director at SoundCloud.
Rumalla told Cointelegraph that the company's goal is "any business that needs to hold or expose customers to onchain value." He also stated that "many companies and institutions are already using us and have been for years."
He added that the new unit would allow the company to "create a more customized product" for clients.
According to Rumalla, Safe currently safeguards $60 billion in assets, manages 4% of all Ethereum transactions, and represents about 10% of the Ethereum Virtual Machine smart account market.
