Safe Labs Launches Enterprise Wallet Solutions for Ethereum

TLDR

• Safe has secured $60 billion in assets.
• Safe accounts facilitated over 30 million transactions.
• Safe represents 4% of all Ethereum transactions.

Launch of Safe Labs for Enterprise Wallet Solutions

Safe, a leading infrastructure provider for smart contract-based wallet technology, has announced a new commercial unit. The new entity, known as Safe Labs, will focus on delivering enterprise-grade self-custody wallet solutions. These solutions will be built on Safe’s modular smart contract wallet system, Safe Smart Accounts.

Rahul Rumalla, previously Safe’s Chief Product Officer, leads the initiative as the CEO of Safe Labs. His experience encompasses over 15 years in engineering and product leadership, with notable roles at Web3 startups and SoundCloud.

Notable Figures and Supporting Data for the Safe Ecosystem

Safe has already secured $60 billion in assets and its smart accounts have facilitated over 30 million transactions. The launch of Safe Labs occurs after the Safe Ecosystem Foundation secured $100 million from strategic partners. As such, Safe now represents 4% of all Ethereum transactions and anchors 10% of the Ethereum Virtual Machine (EVM) smart-account market.

The new subsidiary is a wholly owned commercial unit of Safe. Official sources have not disclosed specific new funding or institutional grants related to this Safe Labs venture.

Project Leadership and Official Statements

President of the Safe Ecosystem Foundation, Lukas Schor, remains a significant figure in the organization. In an official statement, Schor emphasized the importance of Safe Labs’ mission. “The future of Web3 depends on giving users absolute confidence in their digital sovereignty,” he stated.

“With Safe Labs, we’re building the infrastructure to make that possible — enterprise-grade, secure and intuitive by design.”

Lukas Schor

Implications and Future Directions

The primary impact of this development focuses on Ethereum (ETH) and ERC-20 tokens held within Safe wallets. The SafeDAO governance token and broader decentralized finance (DeFi) protocols may experience indirect impacts due to improved infrastructure.

Safe has a history of innovation, having spun out from GnosisDAO after a majority governance vote. The endeavor aligns with increasing institutional demand for self-custody solutions. Safe’s ecosystem secured a notable endorsement when Ethereum founder Vitalik Buterin moved over $1.3 billion in assets to a personal Safe wallet.