March 27, 2024
Google Cloud and Orderly Network Join Forces to Simplify DeFi for Developers
Latest Cryptocurrency News

Google Cloud and Orderly Network Join Forces to Simplify DeFi for Developers

To decrease the entrance barrier into the decentralized world, Google Cloud has partnered with a Web3 firm to create user-centric developer tools for decentralized finance (DeFi).

To address the issues of self-custody and transparency, Google Cloud and Orderly Network, a provider of DeFi infrastructure, have collaborated to develop off-chain DeFi infrastructure components. DeFi infrastructure will be provided by Orderly, which will be accessible through the Google Cloud Marketplace.

According to Google Cloud, the cooperation was forged in response to growing client interest in testing out blockchain workloads on Google Cloud.

The rise in demand, according to Rishi Ramchandani, Head of APAC Web3 GTM, Google Cloud Asia Pacific, underscores the need for a customized Web3 product suite.

“Working with Orderly Network to build robust infrastructure will help address the gaps in DeFi adoption and growth, and ensure scalability in the continuously evolving space through the development of secure and user-centric enterprise developer tools.”

Rishi Ramchandani, Head of APAC Web3 GTM

Many in the financial sector are investigating decentralized technologies, as blockchain technology is at the center of the fintech revolution. JP Morgan is one such company that continues to be proactive in evaluating various blockchain-based solutions, including DeFi ones. Early on, the traditional banking systems began expressing interest in blockchain technology; according to a report from 2021, 55% of the top 100 banks are thought to be involved in some way with the decentralized technology.

To achieve a balance between speed and adequate decentralization, Orderly plans to split the DeFi burden into on-chain and off-chain components. The company asserted that this arrangement would simplify processes without sacrificing the benefits of a decentralized system. These off-chain components will make sure that critical interactions take place on-chain and that interactions that can be processed more effectively off-chain do so.

According to Arjun Arora, COO at Orderly Network, for blockchain technology to be widely used, it must perform better than existing alternatives. Orderly is developing a trading platform for effortless dApp integration across blockchains, with an emphasis on combining the best features of decentralized exchanges (DEXs) and centralized exchanges (CEXs).

“Our collaboration with Google ensures our matching engine competes with centralized systems seen in traditional finance, but the rest of our infrastructure and liquidity network retains all the benefits of self-custody and transparency seen in decentralized finance.”

Arjun Arora, COO at Orderly Network

The entry barrier and security challenges that have dogged the ecosystem for a while provide DeFi with its greatest obstacle. The alliance intends to create a safe environment and solutions to address these concerns as companies like Google Cloud enter the DeFi infrastructure market with Orderly as its major partner.

Image: Wallpapers.com

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