Google Cloud Teams up with Web3 Startup to Develop User-Centric Tools for DeFi

Partnership Overview

Google Cloud has joined forces with Web3 startup, Orderly Network, to develop user-centric developer tools for decentralized finance (DeFi). The collaboration aims to lower the barrier of entry into the decentralized world by addressing self-custody and transparency challenges in DeFi infrastructure.

Increasing Interest in Blockchain Workloads

With increasing interest from clients exploring blockchain workloads on Google Cloud, the partnership with Orderly Network comes at a crucial time. Rishi Ramchandani, Head of APAC Web3 GTM, Google Cloud Asia Pacific, emphasized the necessity for a tailored Web3 product suite to support DeFi adoption and growth.

DeFi and the Financial Industry

The financial industry has been actively exploring decentralized technologies, including DeFi. JP Morgan, for example, has been testing various blockchain-based solutions. A report from 2021 revealed that 55% of the top-100 banks have some exposure to decentralized tech.

Off-Chain Components for Streamlined Operations

Orderly Network plans to distribute the DeFi load into on-chain and off-chain components to ensure a balance between speed and decentralization. This strategy aims to streamline operations without compromising the benefits of a decentralized system. Off-chain components will handle interactions efficiently, while crucial interactions will be carried out on-chain.

Paving the Way for Mainstream Adoption

To achieve mainstream adoption, blockchain technology must outperform current solutions. Orderly Network, with the support of Google, aims to build a trading Lego for seamless dApp integration across blockchains, merging the best of both decentralized exchanges (DEXs) and centralized exchanges (CEXs).

Addressing Entry Barriers and Security Concerns

The collaboration between Google Cloud and Orderly Network aims to tackle the entry barrier and security issues in DeFi. By building a secure environment and tools, the partnership seeks to resolve these challenges and make DeFi more accessible and secure.