Safe Labs, a wholly-owned subsidiary of the Safe Foundation, has announced a significant restructuring of the widely used Safe Wallet platform, with the goal of enhancing its reliability and governance. Safe Wallet, a decentralized multi-signature wallet boasting over 4.5 million monthly active users, will now operate under the direct management of Safe Labs, marking a pivotal change in its operational framework.
This transition was shared by Safe co-founder Lukas Schor on October 10 via a post on X, formerly Twitter. Schor highlighted that bringing the Safe Wallet platform directly within the Foundation’s control will allow the project to explore new monetization models that are closely aligned with the growth of the broader Safe ecosystem. These monetization efforts are expected to create stronger ties with the SAFE governance token and funnel resources back into product improvement and community growth.
Previously, the operation of Safe Wallet instances was distributed among several independent teams, including Core Contributors GmbH, Protofire, and Den. While this approach supported ecosystem diversity, it also led to challenges such as governance gaps and misaligned incentives. Schor noted that the limited operational involvement from the Foundation contributed to disparities in strategic priorities, which posed risks to the platform’s long-term sustainability.
Under the new structure, Safe Labs will oversee Safe Wallet’s development and maintenance, directly linking the wallet’s operations with the Foundation and the SafeDAO governance body. Users will need to accept updated Terms & Conditions to migrate their accounts to the newly governed interface.
Rahul Rumalla, who recently took the helm as CEO of Safe Labs, is spearheading this transition. Rumalla joined the Safe ecosystem in July 2024 as Vice President of Product & Engineering, bringing experience and leadership to guide the platform’s evolution. Safe Wallet currently secures around $100 billion in assets and has processed a total volume exceeding $228 billion, according to official project figures.
This reorganization arrives amid a wider market downturn that impacted the SAFE token, which fell approximately 23% to trade around $0.27 on the day of the announcement. The SAFE token serves as the governance mechanism for the Safe ecosystem, which has its roots as an internal Gnosis project before spinning off into an independent entity.
With integrations now more closely tied to the Foundation’s governance and funding, Safe Labs aims to increase investment in Safe Wallet’s infrastructure to meet growing user expectations and sustain the wallet’s role as a critical component in decentralized asset management.
