Safe, popular multipraty Crypto Wallet was earlier called Ganosis Safe, a new development unit, Safe Labs, aimed at strengthening its operations and is aimed at intensifying its product roadmap after being targeted in February $ 1.4 billion in bibit hacks – the biggest crypto heste.
The new unit would serve as the main development branch of Safe, which had outsourced technical work for a separate development firm by now, a structure that is commonly used in the Crypto industry, said on Wednesday, Chief Executive Officer of Safe Labs, Rahul Rumla. Safe Labs will work directly under the umbrella of a non -profit organization, Safe Foundation.
In an interview with Coindesk, Rumalla stated that a comprehensive strategy towards the manufacture of transition products reflects changes that can meet both the conceptual standards of cypherpank culture and practical demands of enterprise customers.
“This structure that we are forced to operate – it really forces you to compromise on each other: if you want more security, you have to compromise on the convenience, and if you want more convenience, you compromise on safety,” Rumla said.
“We in Safe Labs, we retreat and we reject this structure. We do not want to work in this model, where we have to compromise with one to another.”
Subsequent axis
According to Rumla, Bibit hack was a “catalyst” for the manufacture of safe laboratories.
While Safe’s core smart contracts remained unrelated, its user-supported web application was infiltrated by the North Korea’s Lazarus Group with malicious codes. The attack enabled hackers to trick the CEO of Bibit, which helped signing a transaction, which transformed the fund into their control.
“What we saw with such an attack is that our basic values were used against us,” said Rumla. “Anonymity, privacy, self-cosmetics, transparency, open source-they were used against us.”
Despite the violation, Rumla said that the user’s confidence in the safe platform was strong. The application continued to be the later “practically no churning” and continued to process 10% of all transactions in the Atherium Virtual Machine (EVM) -Campatible Network.
“We are not defending against cyber attack,” said Rumla. “We are defending cyber war, and it requires a mentality – not only at the project level, not only at the company level, but also as the atherium or even Crypto.”
From ideals to infrastructure
The move to formalize internal development echoes similar changes by other major protocols, including morpho and polygon, who recently have taken steps to strengthen decision making and improve accountability with more traditional organizational structures.
In parallel, safe labs are also refocus on product design. The team is currently working on the “V2” version of its wallet, which Rumla has described as more “opinion” – which means boulder product direction, especially for institutional users.
“We are going to launch and test in the future and the test is a membership plan, essentially, it is called Safe Pro – or safe for enterprises, safe for institutions – too much around that realm,” he said. “We are basically going to package this opinion product which is more for the user segments that have high security requirements and more adaptation hunger.”
“We need to work on a startup speed,” said Rumla. “This is the basis of ourselves why we need to work as a separate, independent unit. We need to align where we need to align, which is on the mission, but we need to be a little more independent in terms of how we are executed.”
According to Rumla, with more than $ 60 billion in the total value and more than $ 1 trillion in the amount of historical transactions, safe is one of the most war-tested self-custod platforms of Crypto. The team, now about 40 strong and located in Berlin, is betting on its next chapter-one who embraces the opinion product design without renouncing its open-source ethos-will help define how a trillion-dollar on-chain economy shows wallets in a world towards the economy.
“Our mission is simple: to make suicide easy and safe,” said Rumla. “This is a win for everyone.”
