Safe, formerly known as Gnosis Safe, has launched a new subsidiary, Safe Labs, focused on developing enterprise-grade self-custody solutions using their smart contract wallet infrastructure. Safe Labs aims to provide institutional products that enhance users' digital sovereignty. Rahul Rumalla, the new unit's leader, mentioned that their target clients include businesses needing to manage on-chain assets. Safe currently secures around $60 billion in assets and is involved in 4% of all Ethereum transactions. The need for greater security has led to an emphasis on self-custody, especially with multisignature setups that require multiple approvals for transactions. However, such systems may still rely on blind signing, where users approve transactions without full visibility, which has caused significant security incidents in the past. Safe's upcoming product will utilize Safe Smart Accounts, addressing these concerns and aiming to improve collaboration with hardware wallet manufacturers for better security in transactions.

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