S&P Global acquires OpenZeppelin to build on-chain financial infrastructure
S&P Global’s acquisition of OpenZeppelin signals a coordinated push to supply the data, risk assessment and technical expertise institutions need as financial markets migrate to blockchains operating 24/7. The deal follows S&P’s investment in crypto-data provider Kaiko and reflects a strategic bet that traditional financial infrastructure providers can dominate the emerging on-chain ecosystem.
- S&P Global agreed to acquire smart contract security firm OpenZeppelin on September 17, with CEO Demian Brener remaining in charge as a separate business unit.
- Kaiko received $110 million in Series B funding led by S&P Global three days before the OpenZeppelin deal, with participation from major financial firms including Nasdaq and Royal Bank of Canada.
- OpenZeppelin’s open-source contracts have supported over $37 trillion in transferred value and completed more than 900 security engagements identifying over 10,000 vulnerabilities.
- $37T Total transferred value supported by OpenZeppelin contracts to date
- 900+ Security engagements completed by OpenZeppelin firm
- $110M Series B funding raised by Kaiko, led by S&P Global
- 250+ Financial institutions and regulators using Kaiko market data and infrastructure
S&P Global agreed to acquire OpenZeppelin, the smart contract security firm, according to a company announcement on September 17. The transaction gives the financial data and ratings company direct exposure to the software layer underpinning tokenized finance, stablecoins and decentralized applications. Financial terms were not disclosed, and the deal remains subject to closing conditions. The story was first reported by CryptoSlate.
OpenZeppelin Expands S&P’s On-Chain Technology Risk Capabilities
As institutions move financial products onto blockchains, they face a new category of risk: vulnerabilities in the smart contracts that issue, transfer and manage those assets. S&P said OpenZeppelin will expand its capabilities in what the company described as the “on-chain technology-risk layer,” including security assessments and benchmarks for digital assets. This adds a technical dimension to S&P’s existing financial-risk business, which already covers issuers, collateral and liquidity for tokenized products.
OpenZeppelin’s Contracts library is widely used across blockchain applications, while its security teams review code before deployment. The company has completed more than 900 security engagements and identified over 10,000 vulnerabilities. Chief Executive Demian Brener will remain in charge and report to S&P Global Ratings President Yann Le Pallec, with OpenZeppelin continuing to operate as a separate business unit.
Our digital assets strategy centers on bringing trusted data, benchmarks and transparent risk assessment to markets as they move onchain.
Yann Le Pallec, S&P Global Ratings President
S&P said the acquisition is not expected to materially affect near-term financial results, positioning it as an expansion of capabilities rather than a major revenue driver.
Kaiko Investment Precedes OpenZeppelin Acquisition by Three Days
On September 14, S&P Global led a strategic investment in crypto-data provider Kaiko, extending the company’s Series B funding to $110 million. DRW, Susquehanna, Royal Bank of Canada, Nasdaq, BNP Paribas and other financial firms participated in the round. Kaiko provides market data and infrastructure to more than 250 financial institutions, regulators and asset managers, connecting to over 150 exchanges to support trading and risk management across markets that operate around the clock.
The two investments position S&P to address the infrastructure requirements of 24/7 blockchain markets. S&P and Kaiko have already extended traditional financial benchmarks onto blockchain rails, bringing the iBoxx US Treasuries Index on-chain in March and combining their digital-asset benchmark businesses into the S&P Kaiko Digital Asset Indices earlier this month. Kaiko supplies crypto-native pricing data, S&P provides benchmarks and financial analysis, and OpenZeppelin now brings smart contract expertise, creating a vertically integrated offering for institutional users.
S&P’s Broader Buildout Addresses Always-On Market Infrastructure
The OpenZeppelin and Kaiko moves follow a series of product launches positioning S&P to serve markets that do not close. S&P Dow Jones Indices developed the S&P Digital Markets 50 Index combining 35 US-listed crypto-ecosystem companies with 15 cryptocurrencies, while Dinari worked with Chainlink to create a tokenized version on blockchain. S&P has also issued stablecoin stability assessments, provided a credit rating for DeFi protocol Sky and licensed the S&P 500 for tokenized products.
Always-on markets require continuous pricing, collateral valuations, benchmarks and risk controls to operate overnight and through weekends, while tokenized assets introduce software and smart contract risks alongside conventional financial ones.
As trading expands outside traditional exchange hours and more securities migrate onto blockchains, institutions may increasingly require a single provider capable of assessing both the asset itself and the technology that determines how it moves. S&P’s acquisition of OpenZeppelin and investment in Kaiko position the company to supply that comprehensive risk infrastructure to banks, asset managers and issuers expanding their blockchain operations.
The BlockWest read. S&P is not entering digital assets as a new venture capital play but rather extending its existing institutional franchise into markets that never close. The company’s leverage comes from relationships with banks and asset managers already paying for S&P’s data, indices and ratings. As long as regulatory frameworks allow tokenized products to flourish, S&P’s position as a trusted third-party risk assessor gives it durable competitive advantage over crypto-native competitors lacking institutional credibility.
S&P has said the OpenZeppelin acquisition remains subject to closing conditions, but no timeline or conditions have been publicly disclosed. Watch for filings and announcements revealing the acquisition’s completion, along with S&P’s concrete plans for integrating OpenZeppelin’s audit and engineering teams with its existing digital assets division.
