OpenZeppelin to integrate its Defender and Contract Solutions with Hedera, enabling ANZ Bank and others to accelerate deployment of secure smart contracts on Hedera’s fast, scalable and secure public ledger
Dallas, TX — August 24 2022, 9 AM ET — OpenZeppelin, a recognized leader in Web3 security and auditing, today announced it will integrate its OpenZeppelin Defender and OpenZeppelin Contracts services with the Hedera network. The integrated solution will first be used by ANZ Bank — Australia’s second-largest bank by market capitalization - to deploy A$DC, an Australian dollar-backed stablecoin. The initiative is an opportunity for ANZ to further test its A$DC on a fast, highly scalable, and low energy consumptive network.
Rob Allen, SVP Ecosystem Acceleration at the HBAR Foundation, said, “We’re delighted to support the integration of OpenZeppelin’s Defender and Contracts services with the Hedera network services. By giving organizations the ability to use OpenZeppelin’s industry-leading security and auditing capabilities, with which they are already familiar, on the Hedera network, we’ll accelerate the development, deployment, and technical operations of Solidity smart contracts on Hedera. Customers like ANZ Bank and others will benefit from the high security, scalability, sustainability, and speed of the Hedera network, with the further confidence provided by OpenZeppelin’s smart contract security solutions.”
ANZ Bank first issued A$DC in early 2022, which saw $30 million in value sent to a digital asset fund manager, Zerocap, in just 10 minutes — a process that usually takes days to complete via legacy banking infrastructure. The transaction made ANZ Bank the first financial institution in Australia to issue a stablecoin on the Ethereum network. Looking ahead, ANZ Bank will expand its deployment of A$DC, including on the Hedera network. Through its collaboration with OpenZeppelin and Hedera, ANZ will evaluate using the OpenZeppelin contracts library for secure token and access control templates for future use cases.
Nigel Dobson, Banking Services Lead at ANZ Bank said: “Following the successful issue of A$DC earlier this year, ANZ is in a good position to explore further use cases. We engaged OpenZeppelin to audit the A$DC stablecoin smart contract earlier this year and may consider using OpenZeppelin for future security solutions.”
OpenZeppelin’s platform is an industry standard for creating and securing Web3 applications. It’s Defender offering automates smart contract operations and ensures high-quality Web3 products with lower risk. Used by the likes of Coinbase, Optimism, StarkWare, and Aave, the Defender monitors and responds to smart contract exploits in real-time, mitigating attack vectors. Its integration with Hedera will strengthen Hedera’s position as a trusted network of choice for DeFi applications, and encourage more enterprises to build Solidity-based smart contracts on the network.
Jonathan Alexander, CTO at OpenZeppelin, said, “The HBAR Foundation’s support will allow us to accelerate our goal of creating and securing leading projects such as ANZ's A$DC on Hedera’s fast, sustainable, secure, and highly scalable distributed ledger. OpenZeppelin's expertise and platform will ensure the stablecoin is set up and managed securely, with best practices that meet ANZ's high standards as a trusted financial institution.”
About the HBAR Foundation
Founded in 2021, the HBAR Foundation fuels the development of the Hedera ecosystem by providing grants and other resources to developers, startups, and organizations that seek to launch decentralized applications in Defi, NFTs, CBDCs, sustainability, gaming, and other sectors. In addition to providing funding through a streamlined grant process, the HBAR Foundation acts as an integrated force multiplier through expert support across technical, marketing, business development, and other operational functions that are required to scale.
OpenZeppelin is the premier crypto cybersecurity technology and services company, trusted by the most used DeFi and NFT projects. Founded in 2015 with the mission to protect the open economy, OpenZeppelin safeguards tens of billions of dollars in funds for leading crypto organizations including Coinbase, Ethereum Foundation, Compound, Aave, TheGraph, and many others.
About ANZ Bank
Australia and New Zealand Banking Group Limited (ANZ) provides banking and financial products and services to over 8.5 million retail and business customers, and operates across 32 markets. ANZ executed the first ever Australian-bank issued Australian dollar stablecoin (A$DC) payment through a public permissionless blockchain transaction in March 2022.