Toku and Quantstamp, two major web3 firms, are pleased to announce a strategic agreement.
This alliance will combine security audits and compensation tax audits as part of a bundled service to give blockchain enterprises seamless support to run their businesses.
The Quantstamp & Toku Partnership will Bring More Security to the Ecosystem
As the web3 sector expands, regulatory tax scrutiny and ever-present security dangers become more prevalent. Toku and Quantstamp are collaborating to help relieve the specific pain points that many web3 organizations are experiencing today. Through this collaboration, these two industry leaders will provide blockchain-connected firms with a streamlined solution that provides both better security protection and the wall-to-wall compliance capabilities required as the sector grows.
At the commencement of initial engagements, clients will go through a two-step procedure that involves a full code check and a tax review. By combining these two vital services, Toku and Quantstamp are putting themselves at the forefront of an endeavor to provide enterprises with the tools they need to protect critical information, conform to all necessary regulatory standards, and ultimately adapt to how the future of work will unfold.
What Quantstamp has to Offer?
Quantstamp is a blockchain security pioneer, having safeguarded more than $200 billion in digital assets for over 250 clients, including key industry companies such as Ethereum 2.0, Compound, Lido, and Polygon, as well as big brands such as Visa and Toyota. This company analyses the codebase of blockchain projects to detect any potential vulnerabilities in their code as part of its core business product, smart contract audits. Quantstamp also provides additional services, such as its recently introduced Economic Exploit Analysis service, which detects flash loan attacks before they occur. Quantstamp aspires to develop solutions and services that will make the web3 space safer for everyone.
Auditing Engineer Zeeshan Meghji (@MeghjiZeeshan) explains the root cause of the Cypher hack 😈
— Quantstamp (@Quantstamp) September 27, 2023
Richard Ma, Founder and CEO of Quantstamp said: “We’re thrilled to establish this partnership with Toku to provide web3 companies with a streamlined solution to navigate security and compliance challenges. Building in a nascent industry comes with unique challenges, and companies need dependable solutions, especially around security, laws, and regulations. This bundled service offering is only the beginning and we look forward to seeing what will come from this partnership with Toku.”
What is Toku?
Toku is the world’s first all-in-one solution for token remuneration, token grants, and token tax compliance. In over 100 countries throughout the world, their systems enable 100% tax compliance on all token-based payments.
Toku provides unparalleled legal and tax support for the global team’s tokens. Toku handles this throughout the lifetime, from simple token grant award templates to tracking vesting and managing tax withholdings. This company is familiar with all grant structures, including Token Purchase Agreements, Restricted Token Awards, Restricted Token Units, Token Options, Token Appreciation Rights, and Phantom Tokens.
Toku’s customers include Protocol Labs, dYdX Foundation, Mina Foundation, Hedera, Gnosis, Safe, and many more.
We are excited to officially unveil @usetoku and announce our $20m in funding from a consortium led by @blockchaincap with @protocollabs, @gmjplol, @OrangeDAOxyz, @Orrick, @hi_Reverie, @Quantstamp, and @NextWebCapital
— Toku (@usetoku) March 8, 2023
More About The Quantstamp & Toku Partnership
Ken O’Friel, Toku’s Co-Founder and CEO said: “We couldn’t be more excited to embark on this partnership with Quantstamp and expand our ability to ensure all organizations, from DAOs to traditional companies, adhere to the complex laws and regulations around token compensation. Both security concerns and compliance concerns are key challenges that companies operating today need to address and, through this partnership, we will be able to provide a streamlined solution that makes these complex issues easy and straightforward for them to manage.”
Toku and Quantstamp intend to equip web3 enterprises with tools and services that will help them flourish at every step of their development through this collaboration.
Quantstamp is a worldwide blockchain security leader on a mission to safeguard the future of web3. Since its inception in 2017, the team has developed its expertise through hundreds of audits and worked on some of the industry’s most prominent projects, including Maker, Compound, Polygon, Arbitrum, Sandbox, and many others.
Quantstamp has done over 600 audits and secured over $200 billion in digital asset risk from hackers so far. Quantstamp fosters the growth and longevity of the web3 sector through strategic investments and acting as a trusted advisor to assist project expansion, in addition to providing a variety of security services.
To learn more, follow them on Twitter.
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