Google Cloud Partners with a Web3 Startup to Promote Decentralized Finance

Google Cloud has announced a collaboration with a Web3 startup to create user-friendly developer tools for decentralized finance (DeFi), aiming to make it easier for people to enter the decentralized ecosystem.

The DeFi solutions provider, Orderly Network, has formed an alliance with Google Cloud to create off-chain elements of DeFi systems. These elements aim to address challenges related to user-controlled custody and transparency. Orderly’s services will also be accessible via the Google Cloud Marketplace.

Google Cloud communicated that this alliance was established in response to the growing curiosity from their client base in blockchain-related tasks on Google’s cloud platform.

Google Cloud Aims to Fill the Existing Gaps

Rishi Ramchandani, the head of Web3 Go-to-Market for Google Cloud in the Asia-Pacific region, told that the increasing demand underscores the need for specialized Web3 products. He further stated:

“Collaborating with Orderly Network to construct a robust infrastructure will fill the existing gaps in DeFi development and expansion. It will also guarantee scalable solutions in this constantly evolving domain by creating secure and user-focused enterprise development tools.”

Rishi Ramchandani, Google Cloud

As blockchain technology becomes increasingly central to financial innovations, numerous financial entities are exploring decentralized solutions. This includes JP Morgan, which has been proactively experimenting with various blockchain-based initiatives, including DeFi. A 2021 report indicated that 55% of the world’s top 100 banks have engaged with decentralized technology to some extent.

Orderly Network plans to divide DeFi tasks between on-chain and off-chain elements to balance efficiency and adequate decentralization. The company claims that this division will streamline processes without sacrificing the core benefits of a decentralized system. These off-chain elements will handle non-critical interactions, while critical activities will take place on the primary blockchain.

The Target is Making DeFi to Gain Mainstream Traction

In an interview, Arjun Arora, COO of Orderly Network, explained how their partnership with Google would contribute to mainstreaming DeFi. According to Arora, for blockchain technology to gain mainstream traction, it must offer better alternatives to existing solutions. Orderly aims to create a trading platform that seamlessly integrates decentralized and centralized exchanges.

“Our partnership with Google will enable our matching engine to rival the centralized financial systems, while the rest of our infrastructure will maintain all the advantages of user-controlled custody and transparency commonly seen in decentralized finance.”

Arjun Arora, Orderly Network

The primary obstacles to DeFi adoption are the complexities of entry and ongoing security concerns. The partnership between Google Cloud and Orderly Network aims to address these challenges by creating a secure and user-friendly environment and tools.

Source: Cointelegraph

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