S&P Global has entered into an agreement to acquire OpenZeppelin, a developer of security solutions for onchain finance. The proposed acquisition is expected to expand S&P Global’s digital asset risk-assessment capabilities and support the development of security assessment tools, benchmarks and analytics for financial markets moving to blockchain infrastructure.

The parties did not disclose the financial terms. Completion remains subject to customary closing conditions, and S&P Global does not expect the transaction to have a material effect on its financial results.

OpenZeppelin to remain a standalone unit

Founded in 2015, OpenZeppelin provides onchain security audits and secure development services. It also maintains OpenZeppelin Contracts, one of the most widely used open-source smart contract libraries.

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

The company has conducted more than 900 audits and security reviews, identifying over 10,000 vulnerabilities before the affected products entered 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, president of S&P Global Ratings.

Le Pallec said OpenZeppelin’s technologies would complement S&P Global’s capabilities for assessing risks associated with smart contracts and onchain technology.

OpenZeppelin CEO Demian Brener said the transaction would allow the company to reach a broader range of organizations entering the digital asset market, as well as blockchain networks and decentralized finance protocols.

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

OpenZeppelin co-founder Manuel Araoz previously called the entire decentralized finance sector “dangerous.”

Source: Incrypted