Gnosis Safe, a leading multi-signature (multisig) wallet provider and digital asset management platform, collaborated with market-leading Ethereum blockchain technology company Consensys, to bring self-custodial digital asset solutions to enterprises - providing a solution to single point of failure for ‘private keys’ and lowering the barrier of entry to web3 and digital asset adoption for businesses.
Multisig wallets were first introduced in 2012 and since then, the technology has been widely adopted by the Web3 ecosystem to keep digital funds and investment safe. With the strategic partnership between Consensys and Gnosis Safe, enterprises will be offered customized applications built on top of Gnosis Safe.
John Ennis, Gnosis Safe Ecosystem Lead, says, “We see many organisations navigating the Web3 ecosystem, ranging from financial institutions, companies and NGOs. They all require specific processes and controls to directly facilitate their organisation’s unique access control and operational security requirements. This partnership with our long-term colleagues and friends, Consensys, is an important step to help these organisations gain the security and confidence they need to embrace digital assets in the age of Web3 .”
The gateway to Web3 starts with enterprise-grade applications and access control permissions on top of the Gnosis Safe platform. The new development will make multi-signature smart contract wallets accessible for corporations looking to adopt digital assets with industry-leading security and with customised features such as predefined allowance limits for different teams, safelist access to specific DeFi protocols, social recovery and emergency conditions etc.
“Our partnership with Gnosis Safe will help crypto funds safely and compliantly engage in DeFi—whether through MetaMask Institutional or through the development of customized features on top of Gnosis Safe,” says Julien Vincent, Global Head of Professional Services at Consensys.
Figure 1: Safe Modularity Figure
Gnosis Safe’s smart contract wallets enable businesses to manage funds through predefined access-control schemes with multiple private keys (multisig) and other access modules (Figure 1). This allows organizations to specify permission for multiple stakeholders, addressing one of the critical issues of digital asset management - a single point of failure of one private key.