S&P Global just locked in the buyout of OpenZeppelin, that sharp smart contract security crew whose open-source library has already moved more than 37 trillion in value across chains. 🖤 They’ll keep running the auditor as its very own standalone unit under the original name.
OpenZeppelin Stays Independent With Its Own Boss 🔮
Founded back in 2015, these babes blend security checks and safe dev work for DeFi protocols plus TradFi players, all while dropping OpenZeppelin Contracts as a free toolkit that powers most big stablecoins and tokenized funds. The 37 trillion figure tracks cumulative value pushed through those contracts, per the official word. They’ve crushed over 900 security reviews, including one back in late 2021 that flagged a sneaky bug risking 15 billion in Convex Finance deposits before it got fixed. 💸
“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 added that OpenZeppelin will level up their onchain risk tools, giving both TradFi giants and DeFi natives the confidence to build and trade in this wild new space. 📊
Tokenization Wave Hits Just As The Deal Drops 🦇
OpenZeppelin keeps rolling as its separate unit inside S&P Global, with CEO Demian Brener still calling the shots and reporting straight to Le Pallec. No financial details dropped yet, and S&P says this buy won’t shake their results much. “OpenZeppelin’s standards, technology, and expertise already power the infrastructure behind the world’s leading stablecoins, tokenized funds, DeFi protocols, and onchain markets,” said Demian Brener, CEO of OpenZeppelin. “With S&P Global, that foundation reaches a broader set of organizations entering this market, as well as the blockchain networks and DeFi protocols gaining institutional adoption.” ✨ Jefferies is handling the money side for S&P Global while Clifford Chance sorts legal, and FT Partners plus Cooley are on OpenZeppelin’s team.
S&P Global’s index crew has been dropping crypto benchmarks since 2021. On the exact same day the deal was announced the US Securities and Exchange Commission opened the door to secondary trading of tokenized US stocks via a temp innovation exemption that demands the involved smart contracts stay publicly auditable and run on public, permissionless chains. 🌙
Just another echo from the void by iconofsin.eth 💖
