Safe, previously Gnosis Safe, has launched a new division, Safe Labs, to focus on enterprise self-custody wallet solutions. Led by Rahul Rumalla, Safe Labs will enhance modular smart contract technologies for institutional standards.

As Safe Labs embarks on this initiative, the crypto market anticipates enhanced security in enterprise digital asset management, addressing vulnerabilities critical for institutional adoption.

Safe introduces Safe Labs to enhance enterprise-grade self-custody solutions through modular wallet technology. Rahul Rumalla, former Safe Chief Product Officer, leads the new entity, leveraging over 15 years in Web3 infrastructure leadership. Latest news and updates from CoinFomania

The market impact involves $60 billion in assets secured and approximately 4% of all Ethereum transactions managed by Safe. The focus underscores Safe’s ambition to expand its share among institutional asset managers, enhancing its market position.

The Blind signing vulnerability has been identified as a critical issue amid recent industry exploitations. Safe’s commitment to addressing such vulnerabilities highlights its drive towards securing institutional multisig setups and improving custodial services.

“Blind signing is something that everybody does in the industry, but it’s crazy because it’s like signing blank checks online.” — Pascal Gauthier, CEO, Ledger

Safe Labs’ aim to secure ETH and other ERC-20 assets emphasizes its role in the 10% EVM smart-account market. The spotlight on mitigating operational risks marks a pivotal move towards broader institutional trust and adoption.

Market analysts predict Safe Labs could strengthen its competitive edge through pioneering smart contract modularity. Emphasis on blind signing solutions could redefine industry standards, impacting regulatory, technological, and financial landscapes.