Building Blocks For a More Secure Web3 with OpenZeppelin

Problem

Before integrating Request Finance, OpenZeppelin's process for managing financial operations in crypto was considerably labor-intensive and prone to error. 

Each time they needed to make crypto payments, they manually uploaded .csv files into their multisig wallets to execute batch payments. 

They would painstakingly gather the ERC-20 wallet addresses of all beneficiaries, double, and triple-checking each line item to ensure the amounts specified in the .csv files were correct. 

The entire process was time-consuming and demanded an extraordinary level of attention to detail.

Solution

OpenZeppelin’s accounting and finance analysts primarily use Request Finance to process their team’s crypto payroll. They also occasionally use it to settle crypto invoices from third parties.

Thanks to its user-friendly and intuitive interface, Request Finance has also significantly improved their ability to monitor their crypto payroll history.

One of the paramount benefits of Request Finance is the mitigation of human error risks, like paying to incorrect wallet addresses.

The team at OpenZeppelin is particularly impressed by the platform's efficiency and simplicity, especially in processing the monthly payroll for employees who opt for crypto as their payment method. 

Additionally, they greatly appreciate the robust approval controls in place, which not only add an extra layer of security but also reinforce best practices within their financial operations.

Easy to comprehend and navigate

Several factors contributed to the team’s decision to choose Request Finance. Prominent among these were recommendations from various Web3 accountants and finance expert groups.

During their evaluation, the team sought an application that featured a user-friendly interface that was easy to comprehend and navigate. This aspect was essential, not just for our finance team, but also for other team members responsible for submitting crypto invoices.

The excellence of the Request Finance team also played a crucial role in their decision. The engagement during their research phase demonstrated a thorough understanding of the challenges they faced and a coherent long-term product roadmap.

Half a day saved each month

Request Finance significantly streamlined the company's operations. They've been able to accelerate their crypto payroll process, resulting in a time saving of about half a day each month. 

While other alternatives we considered were more costly, they deemed the pricing of Request Finance justified, especially when they accounted for the risk associated with manual input errors. 

“Ever since integrating Request Finance into our operations, we have realized a significant reduction in time spent on crypto payroll and contractor payment processing – about one full day per month. The app has essentially eradicated risks associated with human error, such as payments sent to incorrect wallet addresses. Furthermore, it has enhanced our capability to monitor our crypto payroll history, providing improved transparency and oversight.”‍

Jaime Barriga Amin, VP of Finance at OpenZeppelin

About OpenZeppelin 

Web3 has a growing problem with hacks, exploits, and bugs. Just look at the news: every month, we hear about millions lost to these security issues. The 2022 Web3 Security Report backs this up. 

In that year, bad actors drained $3.7 billion from Web3 protocols. That's a massive 189% jump from the $1.3 billion loss in 2021. Already in 2023, as of May, crypto thefts have hit $430 million.

In the 1990s, following the dotcom boom, the global industry of antivirus software took off. Today, the growth of Web3 has catalyzed the rise of a new generation of security companies specifically tailored to address its unique cybersecurity challenges.

OpenZeppelin, established in 2015, is a major player in the field of blockchain security. The company offers comprehensive security solutions to a wide array of customers operating within Web3. 

Its objective is to ensure that every phase of a client's development lifecycle, from build to code to release, is executed with industry-leading best practices. The aim is to elevate the overall security standard within Web3 by addressing vulnerabilities proactively and systematically.

The firm's service portfolio extends beyond code auditing and includes integral tools for the Web3 development process. OpenZeppelin's open-source smart contract libraries and standards, for instance, are used extensively across almost all major Web3 projects, including Layer 1 and Layer 2 blockchains, Metaverse, NFT, DeFi, and dApps.

In addition, OpenZeppelin has created Defender, a secure platform for smart contract automation and monitoring specifically tailored for developers. Defender supports organizations in accelerating the development of Web3 technology in a secure manner. It encompasses all aspects of smart contract administration such as controls, upgrades, and pauses, thereby ensuring a streamlined and efficient development process.

 

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With this unique approach of providing both security solutions, and tools to help developers build more secure smart contract platforms, Open Zeppelin has won an impressive list of well known clients including Brave, Coinbase, Ethereum Foundation, Optimism, Aave and Compound.

OpenZeppelin, which operates with a remote-first and globally distributed team, has grown to about 100 employees, and currently serves around 60 active customers.

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