Google Cloud has teamed up with a Web3 startup to develop user-centric developer tools for decentralized finance (DeFi) in order to make it easier for people to enter the decentralized world.
The partnership involves DeFi infrastructure provider Orderly Network and Google Cloud collaborating on off-chain components of DeFi infrastructure, with a focus on addressing challenges related to self-custody and transparency. Orderly will serve as a DeFi infrastructure provider that can be accessed through the Google Cloud Marketplace.
According to Google Cloud, the partnership was formed as a result of increasing interest from clients who are exploring blockchain workloads on the platform.
Rishi Ramchandani, Head of APAC Web3 GTM at Google Cloud Asia Pacific, stated that the surge in demand underscores the need for a specialized Web3 product suite. He added:
“Working with Orderly Network to build robust infrastructure will help address the barriers to DeFi adoption and growth, while ensuring scalability in this rapidly evolving space through the development of secure and user-centric enterprise developer tools.”
In light of the fintech revolution centered around blockchain technology, many entities in the financial industry, including JP Morgan, have been exploring decentralized technologies and testing various blockchain-based solutions, including DeFi.
Orderly Network aims to distribute the DeFi load across on-chain and off-chain components in order to achieve a balance between speed and decentralization. The company believes that this distribution will streamline operations without compromising the inherent advantages of a decentralized system. Off-chain components will handle interactions efficiently away from the main blockchain, while crucial interactions will be carried out on-chain.
In an interview with Cointelegraph, Arjun Arora, COO at Orderly Network, explained how their collaboration with Google will contribute to mainstream adoption of DeFi. Arora stated that for blockchain technology to be widely adopted, it must outperform current solutions. Orderly is developing a trading Lego that enables seamless integration of decentralized applications (dApps) across blockchains, merging the strengths of decentralized exchanges (DEXs) and centralized exchanges (CEXs).
“Our collaboration with Google ensures that our matching engine can compete with the centralized systems used in traditional finance, while the rest of our infrastructure and liquidity network retains the benefits of self-custody and transparency seen in decentralized finance.”
The major challenges faced by DeFi revolve around the entry barrier and security issues within the ecosystem. With Google Cloud entering the DeFi infrastructure market in partnership with Orderly, the collaboration aims to build a secure environment and tools to address these issues.
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