SAFE, a popular multi-party Crypto wallet previously known as Gnosis Safe, has launched Safe Labs, a new development unit aimed at consolidating its operations and reducing its product roadmap after targeting its $1.4 billion bi-bit hacks in February.
The new entity will serve as the core development department of SAFE. This previously outsourced technical work to another development company, a structure commonly used throughout the crypto industry. Safe Labs operates directly under the umbrella of the non-profit Safe Foundation.
In an interview with Coindesk, Rumalla said the transition reflects a broader strategy shift towards building products that can meet both the ideological standards of Cypherpunk culture and the practical requirements of enterprise clients.
“This framework we are forced to operate – in reality, if you need more security, you need to compromise on convenience.
“We take a step back and reject this framework with Safe Labs. We don’t want to work with this model, which requires us to compromise on each other.”
Pivoting after hack
According to Rumalla, Bybit Hack was the “catalyst” for creating safe labs.
Safe’s core smart contracts still existed without compromise, but web applications aimed at its users were pervasive with malicious code from North Korea’s Lazarus Group. The attack allowed hackers to trick Bybit CEOs into signing a transaction that reroutes funds to control.
“What we saw in these attacks was that our core values were being used against us,” Rumala said. “Anonymity, privacy, independence, transparency, open source – these were used against us.”
Despite the violations, Rumalla said that users’ trust in the secure platform remains strong. This application is seen in the aftermath with “virtually no cancellation” and continues to process 10% of all transaction volumes across Ethereum Virtual Machine (EVM) compatible networks.
“We’re not defending against cyberattacks,” Rumala said. “We’re defending cyberwarfare. It requires a change in mindset, not just at the project level, but at the company level, but at Ethereum and crypto as a whole.”
From ideals to infrastructure
The movement to formalize internal development reflects a similar shift with other major protocols, including Morpho and Polygon. These have recently moved to streamline decision-making and improve accountability in more traditional organizational structures.
In parallel, SAFE Labs is also refocusing product design. The team is currently working on the “V2” version of the wallet. This explains that Ramala has more “expressed his opinion.” This implies a bold product direction, particularly for institutional users.
“What we’re starting up and testing in the future is basically a subscription plan called Safe Pro. It’s safe for businesses and safe for agencies. “We’re basically packaging this opinionated product for the user segment with a high security needs and a high appetite for customization.”
“We need to operate at startup speed,” Rumala added. “That itself is the premise of why it needs to operate as a separate, independent entity. It needs to be tailored to where it needs to be lined up for the mission, but it needs to be a little more independent in terms of how it is carried out.”
According to Rumalla, one of Crypto’s most combat-tested, independent platforms, the total total of over $60 billion is locked, with a historic trading volume of over $1 trillion. Currently, around 40 powerful, Berlin-based teams bet that the next chapter – a chapter that embraces opinionated product design without sacrificing the spirit of open source – will help define what wallets look like in a world heading towards a trillion dollar on-chain economy.
“Our mission is simple. Making self-control easy and safe,” Rumala said. “It’s a victory for everyone.”
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