Google Cloud has teamed up with a Web3 startup to develop user-centric decentralized finance (DeFi) developer tools to lower the barrier to entry into the decentralized world.
DeFi infrastructure provider Orderly Network is collaborating with Google Cloud to develop off-chain components of DeFi infrastructure, focusing on solving self-custody and transparency challenges. Orderly will become a DeFi infrastructure provider available on Google Cloud Marketplace.
Google Cloud told Cointelegraph that the partnership was formed in light of growing customer interest in exploring blockchain workloads on Google Cloud.
Rishi Ramchandani, head of Web3 GTM for Asia Pacific at Google Cloud, told Cointelegraph that the surge in demand highlighted the need for a customized Web3 product suite. He added:
“Partnering with Orderly Network to build a robust infrastructure will help address gaps in DeFi adoption and growth, and ensure scalability in the evolving space by developing secure and user-centric enterprise developer tools.
As blockchain technology becomes the center of the fintech revolution, many in the financial industry are exploring decentralized technology, including JPMorgan Chase, which has been actively testing various blockchain-based solutions, including DeFi solutions. The traditional banking system has long shown interest in blockchain technology, and a 2021 report showed that 55% of the top 100 banks have some exposure to decentralized technology.
Orderly hopes to distribute the DeFi load between on-chain and off-chain components to ensure a balance between speed and sufficient decentralization. The company claims that this distribution will simplify operations without compromising the inherent advantages of decentralized systems. These off-chain components will ensure that key interactions take place on-chain, while interactions that can be efficiently handled off-chain are processed away from the main blockchain.
Cointelegraph reached out to Arjun Arora, COO of Orderly Network, to find out how their partnership with Google will help DeFi go mainstream. Arora told Cointelgraph that in order to achieve mainstream adoption, blockchain technology must outperform current solutions, and Orderly is building a trading LEGO to enable seamless dApp integration across blockchains, focusing on merging the best of decentralized exchanges (DEX) and centralized exchanges (CEX).
“Our partnership with Google ensures that our matching engine is competitive with centralized systems in traditional finance, but the rest of our infrastructure and liquidity network retains all the benefits of self-custody and transparency in decentralized finance.
The biggest challenges facing DeFi come from barriers to entry and security issues that have long plagued the ecosystem. With companies such as Google Cloud entering the DeFi infrastructure market with Orderly as its main partner, this collaboration aims to build a secure environment and tools to address these issues.
Author: Deepchain DCNews
Compiled by: Sister Shen
Twitter: DeepChain
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