Safe (formerly Gnosis Safe), a company focused on cryptocurrency self-custody, has announced the establishment of a subsidiary, Safe Labs, dedicated to building enterprise-grade self-custody solutions.
According to an announcement shared with Cointelegraph on June 5, 2025, Safe Labs is a wholly-owned commercial subsidiary of Safe that will focus on developing institutional-grade products utilizing Safe Smart Accounts—a modular smart contract wallet system.
“The future of Web3 depends on giving users absolute confidence in their digital sovereignty,” said Lukas Schor, co-founder of Safe and chairman of the Safe Ecosystem Foundation. “Through Safe Labs, we are building the infrastructure to achieve this goal—enterprise-grade, secure, and intuitively designed.”
Safe Labs will be led by former Chief Product Officer Rahul Rumalla. Rahul has over 15 years of experience in engineering and product leadership, having founded Web3 startups Paperchain and Otterspace, and served as the engineering director at SoundCloud.
In an interview with Cointelegraph, Rahul stated that the company's target is “any business that needs to hold or allow customers to access on-chain value.” He also mentioned, “Many businesses and institutions have been using our services, and they have been doing so for years.”
He added that the establishment of the new department will enable the company to “create more targeted products” for customers.
According to Rahul, Safe currently secures $60 billion in assets, drives 4% of Ethereum's transaction volume, and holds about 10% of the market share in the Ethereum Virtual Machine (EVM) smart account market.
Self-custody refers to users controlling their private keys, which is a key component in protecting crypto assets without relying on third-party custodians.
To enhance security, institutional investors often rely on multi-signature setups. This setup requires multiple private keys to authorize a transaction, rather than just one.
However, many multi-signature setups require what is known as “blind signatures” when using hardware wallets. Blind signatures refer to the inability to fully verify transaction details on the device screen when approving a transaction on a hardware wallet.
This is because such transactions often involve complex smart contract logic or custom data formats not natively supported by hardware wallets. This means users need to trust the transaction information displayed by their internet-connected and vulnerable devices (usually computers) when approving transactions.
In the past, this has led to disastrous consequences. A recent example is the $1.4 billion hack suffered by Bybit in February 2025, which was reportedly related to blind signatures in the Safe suite.
The custody provider also released a post-mortem analysis update explaining the root cause of the recent Bybit hack—a compromised developer device.
Binance co-founder Changpeng Zhao (CZ) criticized this update, claiming the company overlooked certain issues and failed to address key questions raised by the hack.
Safe's upcoming products are based on its “Safe Smart Accounts,” a modular smart contract wallet built on the company's infrastructure that supports multi-signature management, but many on-chain interactions still require blind signatures.
Addressing this issue may require multi-signature solution developers like Safe to collaborate with hardware wallet manufacturers such as Ledger and Trezor. Ledger CEO Pascal Gauthier has previously acknowledged this problem.
“Blind signatures are a common practice in the industry, but it's crazy because it's like signing a blank check online,” he said.
Related: Trump Crypto Wallet Controversy: The True and False “Official” Dispute Causes Market Turmoil
Original article: “Safe Launches New Unit to Build Enterprise Cryptocurrency Wallets”
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