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Google Cloud has partnered with Web3 startup Orderly Network to develop user-centric developer tools for decentralized finance (DeFi), aiming to lower the barrier to entry for the decentralized ecosystem.
The collaboration focuses on creating off-chain components of DeFi infrastructure to address challenges related to self-custody and transparency. Orderly Network will serve as a DeFi infrastructure provider, with its services available on the Google Cloud Marketplace.
Google Cloud stated that the partnership was initiated in response to growing interest from clients exploring blockchain workloads on its platform.
Rishi Ramchandani, head of Web3 for the Asia-Pacific region at Google, told Cointelegraph that the surge in demand underscores the need for a tailored Web3 product suite. He added:
“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.”
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As blockchain technology remains central to the fintech revolution, many financial institutions are exploring decentralized technologies. JPMorgan, for instance, has been actively testing various blockchain-based solutions, including DeFi applications. Traditional banking systems showed early interest in blockchain technology; a 2021 report indicated that 55% of the top 100 banks had some exposure to the technology.
Orderly Network aims to distribute DeFi workloads between on-chain and off-chain components to balance speed with sufficient decentralization. The company claims this approach streamlines operations without compromising the inherent advantages of a decentralized system. Crucial interactions will be executed on-chain, while those that can be processed more efficiently will be handled off-chain.
Cointelegraph contacted Arjun Arora, chief operating officer of Orderly Network, to discuss how the collaboration with Google could help bring DeFi into the mainstream. Arora noted that blockchain technology must outperform current solutions to achieve widespread adoption. Orderly is building a “trading Lego” to enable seamless decentralized application integration across blockchains, focusing on merging the best features of decentralized and centralized exchanges.
“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.”
One of DeFi’s primary challenges has been the high entry barrier and security issues that have plagued the ecosystem. Google Cloud’s collaboration with Orderly Network aims to create a secure environment and tools to help resolve these issues.
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