%3Cp%3ESafe%2C%20a%20crypto%20self-custody%20company%20previously%20known%20as%20Gnosis%20Safe%2C%20has%20launched%20a%20subsidiary%2C%20Safe%20Labs%2C%20to%20build%20enterprise-grade%20self-custody%20solutions.%3C%2Fp%3E%3Cp%3EAccording%20to%20a%20June%205%20announcement%20shared%20with%20Cointelegraph%2C%20Safe%20Labs%20is%20a%20commercial%20subsidiary%20wholly%20owned%20by%20Safe.%20It%20will%20focus%20on%20building%20institutional%20products%20using%20Safe%20Smart%20Accounts%2C%20a%20modular%20smart%20contract-based%20wallet%20system.%3C%2Fp%3E%3Cp%3E%26ldquo%3BThe%20future%20of%20Web3%20depends%20on%20giving%20users%20absolute%20confidence%20in%20their%20digital%20sovereignty%2C%26rdquo%3B%20said%20Lukas%20Schor%2C%20co-founder%20of%20Safe%20and%20president%20of%20the%20Safe%20Ecosystem%20Foundation.%20%26ldquo%3BWith%20Safe%20Labs%2C%20we%26rsquo%3Bre%20building%20the%20infrastructure%20to%20make%20that%20possible%20%26mdash%3B%20enterprise-grade%2C%20secure%20and%20intuitive%20by%20design.%26rdquo%3B%3C%2Fp%3E%3Cp%3ESafe%20Labs%20will%20be%20led%20by%20Rahul%20Rumalla%2C%20formerly%20the%20company%26rsquo%3Bs%20chief%20product%20officer.%20Rumalla%20has%20more%20than%2015%20years%20of%20experience%20in%20engineering%20and%20product%20leadership%2C%20having%20founded%20Web3%20startups%20Paperchain%20and%20Otterspace%2C%20and%20previously%20served%20as%20director%20of%20engineering%20at%20SoundCloud.%20%20%3C%2Fp%3E%3Cp%3ERumalla%20told%20Cointelegraph%20that%20the%20firm%26rsquo%3Bs%20target%20is%20%26ldquo%3Bany%20business%20that%20needs%20to%20hold%20or%20expose%20customers%20to%20onchain%20value.%26rdquo%3B%20He%20also%20said%20that%20%26ldquo%3Bplenty%20of%20enterprises%20and%20institutions%20are%20already%20using%20us%20and%20have%20been%20doing%20so%20for%20years%20now.%26rdquo%3B%3C%2Fp%3E%3Cp%3EHe%20added%20that%20the%20new%20unit%20would%20allow%20the%20company%20to%20%26ldquo%3Bbuild%20a%20more%20opinionated%20product%26rdquo%3B%20for%20clients.%3C%2Fp%3E%3Cp%3EAccording%20to%20Rumalla%2C%20Safe%20currently%20secures%20%2460%20billion%20in%20assets%2C%20powers%204%25%20of%20all%20Ethereum%20transactions%2C%20and%20anchors%20about%2010%25%20of%20the%20Ethereum%20Virtual%20Machine%20smart-account%20market.%3C%2Fp%3E%3Ch2%3EThe%20importance%20of%20self-custody%3C%2Fh2%3E%3Cp%3ESelf-custody%20refers%20to%20users%20maintaining%20control%20of%20their%20private%20keys%2C%20a%20critical%20component%20for%20safeguarding%20crypto%20assets%20without%20relying%20on%20third-party%20custodians.%20%20%3C%2Fp%3E%3Cp%3ETo%20enhance%20their%20safety%2C%20institutional%20investors%20often%20also%20rely%20on%20multisignature%20setups.%20They%20require%20multiple%20private%20keys%20to%20authorize%20a%20transaction%2C%20rather%20than%20just%20one.%3C%2Fp%3E%3Cp%3EStill%2C%20many%20multisignature%20setups%20require%20so-called%20blind%20signing%20with%20hardware%20wallets.%20Blind%20signing%20refers%20to%20approving%20a%20transaction%20on%20a%20hardware%20wallet%20without%20being%20able%20to%20fully%20verify%20its%20details%20on%20the%20device%26rsquo%3Bs%20screen.%3C%2Fp%3E%3Cp%3EThis%20is%20because%20such%20transactions%20often%20leverage%20complex%20smart%20contract%20logic%20or%20custom%20data%20formats%20that%20the%20hardware%20wallet%20doesn%26rsquo%3Bt%20natively%20support.%20This%20means%20that%20the%20user%20needs%20to%20trust%20the%20transaction%20information%20displayed%20by%20their%20internet-connected%20and%20vulnerable%20device%20%26mdash%3B%20usually%20a%20computer%20%26mdash%3B%20when%20approving%20a%20transaction.%3C%2Fp%3E%3Cp%3EThis%20has%20led%20to%20disastrous%20consequences%20in%20the%20past.%20One%20recent%20example%20is%20February%26rsquo%3Bs%20massive%20%241.4%20billion%20Bybit%20hack%2C%20which%20was%20attributed%20to%20blind%20signing%20in%20the%20Safe%20suite.%3C%2Fp%3E%3Cp%3EThe%20custody%20provider%20also%20released%20a%20post-mortem%20update%20explaining%20the%20root%20cause%20of%20the%20recent%20Bybit%20hack%20%26mdash%3B%20a%20compromised%20developer%20machine.%3C%2Fp%3E%3Cp%3EBinance%20co-founder%20Changpeng%20%26ldquo%3BCZ%26rdquo%3B%20Zhao%20criticized%20the%20update.%20He%20claimed%20that%20the%20company%20brushed%20aside%20some%20issues%20involved%20and%20did%20not%20answer%20important%20questions%20raised%20by%20the%20hack.%3C%2Fp%3E%3Cp%3E%3Ciframe%20width%3D%22100%25%22%20height%3D%22315%22%20src%3D%22https%3A%2F%2Fwww.youtube.com%2Fembed%2FNDv0RfehETQ%3Fstart%3D%22%20frameborder%3D%220%22%20allow%3D%22accelerometer%3B%20autoplay%3B%20encrypted-media%3B%20gyroscope%3B%20picture-in-picture%22%20allowfullscreen%20loading%3D%22lazy%22%3E%3C%2Fiframe%3E%3C%2Fp%3E%3Ch2%3EBlind%20signing%20is%20still%20involved%3C%2Fh2%3E%3Cp%3ESafe%26rsquo%3Bs%20upcoming%20product%20is%20based%20on%20its%20%26ldquo%3BSafe%20Smart%20Accounts%2C%26rdquo%3B%20a%20modular%20smart-contract%20wallet%20built%20on%20the%20firm%26rsquo%3Bs%20infrastructure.%20It%20allows%20for%20multisignature%20management%2C%20but%20still%20needs%20blind%20signing%20for%20many%20onchain%20interactions.%3C%2Fp%3E%3Cp%3ETo%20address%20this%20issue%2C%20it%20would%20likely%20require%20multisignature%20solution%20developers%2C%20such%20as%20Safe%2C%20to%20collaborate%20with%20hardware%20wallet%20producers%20like%20Ledger%20and%20Trezor.%20Ledger%20CEO%20Pascal%20Gauthier%20previously%20acknowledged%20the%20issue.%3C%2Fp%3E%3Cp%3E%26ldquo%3BBlind%20signing%20is%20something%20that%20everybody%20does%20in%20the%20industry%2C%20but%20it%26rsquo%3Bs%20crazy%20because%20it%26rsquo%3Bs%20like%20signing%20blank%20checks%20online%2C%26rdquo%3B%20he%20said.%20%3C%2Fp%3E
Related Posts
Reform UK to Accept Crypto Donations: A Political Game Changer?
- Bruno
- May 30, 2025
- 0
Nigel Farage’s Reform UK party is now accepting Bitcoin and other cryptocurrency donations, marking a significant shift in UK political fundraising. This move could signal a broader acceptance of crypto in the political sphere.
Crocodilus Malware Spreads Globally: Targeting Crypto Wallets and Banking Apps
- Bruno
- June 3, 2025
- 0
The Crocodilus Android banking trojan has expanded its reach, now targeting crypto users and banking customers across Europe, South America, and beyond with enhanced capabilities.
BlackRock’s IBIT ETF Sees Record Outflow: Is the Bitcoin ETF Hype Cooling Down?
- Bruno
- June 1, 2025
- 0
BlackRock’s Bitcoin ETF (IBIT) ended its impressive 31-day inflow streak with a record-breaking outflow. This raises questions about the sustainability of the ETF-driven Bitcoin rally and its potential impact on the market.