Key facts
- S&P Global is set to acquire blockchain security company OpenZeppelin.
- The deal aims to expand S&P Global's digital asset capabilities.
- OpenZeppelin's smart contracts have facilitated over $37 trillion in value transfers.
- OpenZeppelin has completed more than 900 security engagements.
- OpenZeppelin's contracts library will remain free and publicly maintained.
- Demian Brener will continue to lead OpenZeppelin as a separate S&P Global business unit.
S&P Global announced on Thursday its agreement to acquire OpenZeppelin, a company specializing in blockchain security and smart contract development. This move is intended to enhance S&P Global's offerings in the digital asset sector, particularly in risk assessment and ecosystem development.
Yann Le Pallec, president of S&P Global ratings, stated that the acquisition aligns with the company's strategy to provide trusted data, benchmarks, and transparent risk assessment for on-chain markets. OpenZeppelin's expertise in smart contracts and on-chain technology is expected to significantly bolster S&P Global's capabilities in these areas.
Founded in 2015, OpenZeppelin is known for its open-source smart contract software and security assessment services for blockchain projects and financial institutions. The company reports that its smart contracts have facilitated the transfer of over $37 trillion in value and that it has conducted more than 900 security engagements. OpenZeppelin has committed to keeping its contracts library and other open-source applications free and publicly maintained on GitHub. Following the acquisition, OpenZeppelin will operate as a distinct business unit within S&P Global, with its current CEO, Demian Brener, continuing to lead the company and reporting to Le Pallec.
This acquisition follows S&P Global's recent strategic investment in Kaiko, a crypto market data provider, which extended Kaiko's Series B funding to $110 million. This investment also aims to expand S&P Global's data infrastructure for tokenized financial markets.