Shinhan Investment Corp. announced on July 16 that it has successfully completed core functionality testing of its blockchain-based infrastructure, as part of the Token Securities (STO) testbed platform project led by the Korea Securities Depository (KSD). The project, which had run for eight months since October last year, aimed to validate the reliability and performance of key market infrastructure ahead of STO institutionalization in Korea.
The test verified essential features, including recording and verifying transaction data on a distributed ledger and managing the total issuance and circulation volume through an electronic registration system. These core functions were rigorously tested in a controlled environment.
Shinhan Investment participated alongside SK Securities and LS Securities as node operators within the “PULSE” distributed ledger network. The joint operation ensured transparency and data integrity, with blockchain infrastructure provider Blockchain Global supporting stable system performance.
This marks the first domestic case of a distributed ledger system jointly operated by three or more securities firms, suggesting the potential emergence of a standard platform for Korea’s STO market. Shinhan Investment stated, “Project PULSE is the only model in Korea where three securities firms have jointly participated in a distributed ledger network,” and emphasized that the company has secured a strategic edge in platform and distribution leadership ahead of full regulatory rollout.
Referencing Japan’s STO market, where early infrastructure operators gained dominant positions in issuance and distribution, Shinhan expressed confidence that early infrastructure leadership will be a key factor in shaping Korea’s tokenized securities landscape.
