S&P Global has agreed to acquire smart contract security firm OpenZeppelin, whose open-source code underpins more than $37 trillion in transferred value. OpenZeppelin will operate as a standalone unit under its own name and current CEO, reporting into S&P Global Ratings.
S&P Global (SPGI) will acquire OpenZeppelin, the smart contract security firm whose open-source code library sits behind more than $37 trillion in transferred value. The firm will run as a standalone business unit under its own name.
Founded in 2015, OpenZeppelin pairs security assessments and secure development services for DeFi protocols and traditional financial institutions with OpenZeppelin Contracts, a free library of standard token and smart contract implementations that most of the largest stablecoins and tokenized funds are built on. The company has run more than 900 security engagements. A late-2021 review flagged a bug putting $15 billion in Convex Finance deposits at risk before it was patched.
OpenZeppelin Keeps Its Name and CEO
OpenZeppelin will continue operating as its own unit inside S&P Global, with CEO Demian Brener staying in charge and reporting to Yann Le Pallec, President of S&P Global Ratings. S&P Global did not disclose financial terms and said the deal is not expected to have a material impact on its financial results.
According to S&P Global: "trusted data, benchmarks and transparent risk assessment to markets as they move onchain" defines its digital assets strategy, Le Pallec said. He added that OpenZeppelin will complement the company's smart contract and onchain technology risk assessment capabilities.
Jefferies is serving as financial advisor to S&P Global, with Clifford Chance as legal counsel. FT Partners advises OpenZeppelin on the financial and strategic side, and Cooley on legal.
Deal Lands Amid Tokenization Push
S&P Global's index arm has published crypto benchmarks since 2021, when S&P Dow Jones Indices launched a broad market index tracking more than 240 coins alongside its dedicated Bitcoin and Ethereum gauges, with pricing data supplied by Lukka.
Source: CryptoPotato
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