The reason for this is that the takeover by S&P Global of the blockchain security company called OpenZeppelin, which mainly focuses on auditing smart contracts, secure development, and library software, has been successful.Having been established in 2015, OpenZeppelin has conducted over 900 security engagements for blockchain protocols and financial institutions, uncovering more than 10,000 security flaws prior to production. OpenZeppelin Contracts, an open-source library that powers blockchain apps and which forms part of over $38 trillion of value transferred, has been used in transactions by top stablecoins and tokenized funds.In this way, S&P Global’s risk evaluation services in the digital assets market will be strengthened by integrating the technical expertise of OpenZeppelin regarding blockchain and smart contracts’ security with institutional relationships and global distribution network of S&P Global in developing new security evaluations and benchmarks for traditional financial institutions and decentralized finance companies in onchain capital markets.
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“Completing this acquisition is an important step for our digital assets strategy,” said Yann Le Pallec, President, S&P Global Ratings. “As more of the financial system moves onchain, market participants need a clear view of the technology risk that sits beneath the assets they hold. OpenZeppelin’s expertise, from blockchain and smart contract security assessments and secure development to its widely used open-source library, is already foundational to that infrastructure. Together, we can help traditional financial institutions and DeFi-native companies alike understand and manage those risks with greater confidence.”