PANews reported on June 5 that according to Cointelegraph, smart contract wallet developer Safe (formerly Gnosis Safe) announced the establishment of a wholly-owned subsidiary, Safe Labs, which focuses on developing enterprise-level self-custody solutions based on the Safe Smart Accounts modular system. The company currently protects $60 billion in assets, processes 4% of Ethereum transactions, and occupies 10% of the EVM smart account market.

The new subsidiary is led by former Chief Product Officer Rahul Rumalla, who has 15 years of engineering management experience in the Web3 field. The solution will support multi-signature management, but still needs to work with hardware wallet manufacturers such as Ledger to solve the security risks of "blind signature". Lukas Schor, co-founder of Safe, said that enterprise-level solutions need to balance security and ease of use while ensuring user digital sovereignty.