ChainCatcher news, according to Cointelegraph, digital asset self-custody service provider Safe (formerly Gnosis Safe) has announced the establishment of a wholly-owned subsidiary, Safe Labs, focused on the development of enterprise-grade self-custody solutions based on Safe Smart Accounts and smart contract wallet technology. The subsidiary is led by former Chief Product Officer Rahul Rumalla, who has over 15 years of engineering and product management experience and previously founded Web3 startups Paperchain and Otterspace.It has been disclosed that Safe currently has a managed asset scale of $60 billion, supporting 4% of Ethereum on-chain transactions and holding about 10% of the Ethereum Virtual Machine smart account market share. The new product adopts a modular smart contract wallet architecture, supporting institutional needs such as multi-signature management, but most on-chain interactions still rely on the "blind signing" operations of hardware wallets.Safe co-founder Lukas Schor emphasized that the development of Web3 must ensure users have absolute control over their digital sovereignty. At the time of this initiative's announcement, Bybit was exposed to industry risks due to a $1.4 billion hack incident caused by a blind signing vulnerability in February, and Ledger CEO Pascal Gauthier pointed out that "blind signing is equivalent to signing a blank check online."