Wall Street gains direct oversight of Web3 security as S&P Global buys OpenZeppelin

1. S&P Global agreed to acquire OpenZeppelin, pending closing conditions; financial terms were not disclosed.
2. OpenZeppelin would retain its name, leadership and open-source code while gaining S&P’s institutional reach.
3. The deal does not guarantee that every paid product’s pricing, features or usage limits will remain unchanged.

S&P Global has agreed to acquire smart contract security company OpenZeppelin in a transaction that would put the <a href="https://xpertsstudio.com/as-crypto-law-falters-sec-opens-tokenized-stock-floodgates/” title=”As crypto law falters, SEC opens tokenized stock floodgates”>crypto company inside the group that includes S&P Global Ratings.

The transaction remains subject to closing conditions, S&P Global’s announcement said. Financial terms were not disclosed, and S&P said it does not expect the deal to materially affect its financial results.

Future Contracts versions will also stay openn-

OpenZeppelin says more than $37 trillion in value has been transferred through its Contracts software since 2015.

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The current OpenZeppelin Contracts repository uses the MIT License, which grants broad rights to use, copy, modify, and distribute the software. Separately, OpenZeppelin said released versions will remain open

S&P says OpenZeppelin would keep its name and operate as its own business unit after closing. Demian Brener would continue leading the company and report to Yann Le Pallec, president of S&P Global Ratings.

OpenZeppelin also said its security audits, engineering work and ecosystem programs will continue with the same team. The announced change is access to S&P’s research capacity, market data, institutional reach and additional re

That would add smart contract security expertise to S&P’s institutional risk and data operations without changing the public availability of OpenZeppelin’s code.

OpenZeppelin’s current terms of service permit certain changes to paid or hosted plans, including pricing, features, quotas and usage limits, with protections and notice depending on the type of change.

For customers, the announcement makes specific continuity promises about audits, engineering work, ecosystem programs and open-roduct feature or usage limit

Until closing, OpenZeppelin remains the subject of a pending acquisition agreement, not an S&P business unit. If the deal closes as announced, the main change for users would be corporate ownership and access to S&P’s data, research, and institutional distribution, while OpenZeppelin says its public code and core client work will continue.

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Source: cryptoslate.com