Quantstamp, a blockchain security-infrastructure company, announced it has been inducted as a member of Shinhan Square Bridge: Incheon (located in Incheon Startup Park) backed by Shinhan Financial Group, a leader in the Korean financial services sector.
“Shinhan Square Bridge: Incheon connects industry leaders to facilitate the global success of Korean startups, and an essential part of facilitating this success is connecting startups to experts in cutting edge fields like blockchain technology,” says Ms. Lee Managing Director at Shinhan Square Bridge: Incheon. “Quantstamp’s extensive experience in blockchain security and insurance makes them the ideal partner to guide fellow members through this emerging technology.”
In Q3 2020, Shinhan Financial Group received 3.06 trillion KRW in revenue and currently has a market cap of 15.24 billion USD. Shinhan Financial Group subsidiaries offer a range of financial products including: checking and savings accounts, insurance, investment management, and security brokerage and credit reporting services. Since the 2008 global financial crisis, Shinhan Financial Group has led profitability in the Korean financial industry.
“The financial infrastructure of tomorrow will be powered by blockchain technology,” says Quantstamp CEO Richard Ma. “Quantstamp seeks to collaborate with leading Korean financial institutions and regulators so that their users and citizens can safely benefit from this innovation.”
Quantstamp has secured over $45 billion USD worth of digital assets over the course of over 170 security engagements with startups, foundations, and enterprises including Toyota, World Economic Forum, MOBI, GMO Internet Inc., and Media Do. Quantstamp is collaborating with the World Economic Forum and other contributors to develop a framework to guide central banks in their understanding of key technology decisions for CBDCs. Quantstamp additionally collaborated with the World Economic Forum in their effort to study blockchain’s ability to reduce corruption in Colombia.
Currently, over 35 billion USD worth of digital assets is actively managed by financial applications running on the Ethereum blockchain. The financial products running on Ethereum include savings, lending, derivative, and insurance products. Although there is much promise in this sector, traditional finance is cautious to incorporate blockchain technology because over 2 billion USD worth of digital assets have been lost or stolen due to blockchain-related security incidents.