Safe Unveils Safenet: Crypto’s Answer to Instant Crosschain Payments

Safe, a digital asset platform known for its multisignature wallet technology, has announced plans to launch Safenet, a decentralized blockchain transaction processor network. Scheduled to debut in 2025, Safenet aims to revolutionize crosschain payments by offering instant transactions with security and compliance protocols inspired by Visa’s global payment network, VisaNet.

Inspired by Visa, Designed for Crypto

“Transactions in crypto often lag, particularly in crosschain scenarios. Safenet addresses this challenge by creating a seamless and instantaneous experience,” said Safe co-founder Lukas Schor during the December 3 announcement.

Unlike traditional blockchains, Safenet will function as a connecting layer between existing networks, allowing users to interact with various blockchains through a single account. It utilizes processors to facilitate transactions, implementing advanced features like fraud and compliance checks while reserving user assets through smart account resource locks.

Expanding Functionality

Safenet will debut with one processor handling crosschain accounts and liquidity but is designed to accommodate additional processors offering diverse services such as automation, subscriptions, and offchain balance connectivity. The system will also feature incentives for validators, who can stake SAFE tokens to earn transaction fees as rewards.

Schor noted potential applications of Safenet’s capabilities, including under-collateralized loans. “A trusted processor could front users money, similar to a traditional bank offering a mortgage,” he explained. For instance, a user might leverage Safenet to secure financing for high-value assets like CryptoPunks, providing partial upfront payment while using the asset itself as collateral.

The platform’s flexibility extends beyond payments, paving the way for processors to create innovative services within Safenet’s ecosystem. This could include offering liquidity to support users’ financial needs or developing compliance-driven solutions tailored to regulatory environments.

Roadmap to Full Deployment

Safenet’s rollout will occur in phases throughout 2025. An alpha version is expected in the first quarter, followed by the launch of its validator network in Q2. The protocol’s full version, featuring an open co-processor liquidity network, is slated for release in late 2025.

By combining Visa-level efficiency with blockchain technology’s decentralized ethos, Safe’s Safenet aspires to set a new standard for crosschain interactions. “We’re building the infrastructure for a crypto experience that rivals traditional payment systems in speed and reliability,” Schor affirmed.