S&P Global Agreed to Acquire Blockchain Security Developer OpenZeppelin

• S&P Global is acquiring one of the leaders in blockchain security — OpenZeppelin.
• Its smart contracts secure $37 trillion in transfers.
• The company has identified more than 10,000 vulnerabilities.

S&P Global has entered into an agreement to acquire OpenZeppelin — a developer of security solutions for onchain finance. The deal is expected to expand S&P Global’s capabilities in digital asset risk assessment and help the company build new security assessment tools, benchmarks, and analytics for a financial market that is moving to blockchain infrastructure.

OpenZeppelin Will Continue Operating as a Standalone Unit

OpenZeppelin was founded in 2015. The company combines onchain security audits, secure development services, and one of the most widely used open-source smart contract libraries, OpenZeppelin Contracts.

According to the company, its technologies underpin asset transfers worth more than $37 trillion, including most of the largest stablecoins and tokenized funds. 

In addition, OpenZeppelin has conducted more than 900 audits and security reviews, during which more than 10,000 vulnerabilities were identified before the relevant products went into production.

“Our digital assets strategy centers on bringing trusted data, benchmarks and transparent risk assessment to markets as they move onchain,” said Yann Le Pallec, S&P Global Ratings President.

According to him, OpenZeppelin’s technologies will complement S&P Global’s capabilities in assessing smart contract and onchain technology risks.

OpenZeppelin CEO Demian Brener noted that after the deal, the company will be able to reach a broader range of organizations entering the digital asset market, as well as blockchain networks and DeFi protocols.

OpenZeppelin will continue to operate as a standalone unit under its own brand, and Brener will remain CEO and report to Le Pallec. 

The parties did not disclose the financial terms of the deal. Its completion is subject to customary closing conditions, and S&P Global does not expect the transaction to have a material impact on its financial results.

As a reminder, earlier OpenZeppelin co-founder Manuel Araoz called the entire DeFi sector “dangerous.”

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