Safe, a crypto self-custody company formerly known as Gnosis Safe, has launched a subsidiary, safe labs, to come up with self-grade solutions.
According to a June 5 announcement shared with Cointelegraph, safe labs are a commercial subsidiary full of safe. It will focus on the development of institution products using safe smart accounts, a modular intelligent contract -based system.
“The future of the Web3 depends on giving users full confidence in their digital sovereignty,” said Luke Schor, co-founder of the safe and president of the Safe Ecosystem Foundation. “In safe labs, we build the infrastructure to do that-grade-enterprise, secure and easy to understand by design.”
The safe labs will be led by Rahul Rumalla, a former company chief officer of the company. Rumalla has more than 15 years of engineering and product leadership experience, which has established the web3 startups paperchain and otterspace, and previously served as the engineering director of SoundCloud.
Rumalla told Cointelegraph that the company’s target is “any business that needs to be handled or exposed customers to the cost of onchain.” He also said that “many businesses and institutions have been using us and doing so many years now.”
He added that the new unit will allow the company to “develop a more opinionated product” for clients.
According to Rumalla, the safe currently gains $ 60 billion in property, power 4% of all Ethereum transactions, and anchors about 10% of the Ethereum Virtual Machine Smart-Account market.
Related: ‘If you don’t believe in yourself, then why is crypto?’ – Ledger CEO
The importance of self-custody
Self-cust refers to users who maintain control of their private keys, a critical ingredient for keeping crypto assets without relying on third-party custodians.
To enhance their safety, institutional investors often rely on Multisignature Setups. They require many private keys to allow for a transaction, rather than just one.
However, many multisignature setups require the so-called blind sign to Hardware wallets. Blind -signs refers to approved a transaction to a hardware wallet without fully verifying its details on the device screen.
This is because such transactions often use complex smart logic logic or custom data formats that are not supported by the hardware wallet. This means that the user will have to trust the transaction information shown by their device that is connected and vulnerable to the Internet-usually a computer-when a transaction approves.
This has led to harmful consequences in the past. A recent example is the massive February $ 1.4 billion bybit hackwhich is linked to the blind signing to the safe suite.
The provider of care too Released an update to the post-mortem Explains the root cause of the recent Bybit hack – a compromised developer machine.
Co-founder Changpeng “CZ” Zhao criticized the update. He admitted that the company brush next to some issues involved and did not answer important questions raised by the hack.
https://www.youtube.com/watch?v=ndv0rFehetq
Related: How to store crypto assets in a self-customial wallet
Blind -signing is still involved
The upcoming safe product is based on the “safe smart account,” a modular smart-contract wallet built on the company’s infrastructure. It allows for multisignature management, but yet needs Blind signing for many onchain contacts.
To address this issue, it will likely require multisignature solution developers, such as safe, to cooperate with hardware wallet producers such as Ledger and Trezor. LEDGER CEO PASCAL GAURTHIER previously identified the issue.
“Blind sign is something that everyone in the industry does, but it’s crazy because it’s like signing blank online checks,” he said.
Magazine: Lazarus Group’s favorite exploitation is revealed – Crypto hacks review
