S&P Global Buys Openzeppelin to Bolster Onchain Risk Assessment Capabilities
S&P Global has announced its acquisition of Openzeppelin, a digital security firm focused on onchain finance. The deal aims to enhance S&P Global's risk assessment and ecosystem development capabilities in the digital asset market space.
Openzeppelin, founded in 2015, boasts that its contracts have handled over $37 trillion in value transferred, alongside conducting more than 900 security engagements.
The acquisition is seen as a strategic move by S&P Global to expand its onchain reach and complement its existing risk assessment capabilities. This comes after the company entered the cryptocurrency and blockchain space in May 2021 with the launch of its first digital asset benchmarks.
S&P Global's President of Ratings, Yann Le Pallec, stated that the acquisition will bring trusted data, benchmarks, and transparent risk assessment to markets as they move onchain. He added that Openzeppelin's technology and expertise will give traditional financial institutions and DeFi-native companies alike the confidence to build and transact in this new environment.