Google Cloud teams up with Web3 startup to make DeFi mainstream

cointelegraph.com:

Google Cloud has joined forces with a Web3 startup to develop user-centric developer tools for decentralized finance (DeFi) to lower the barrier of entry into the decentralized world.

The DeFi infrastructure provider Orderly Network has teamed up with Google Cloud to develop off-chain components of DeFi infrastructure focused on tackling self-custody and transparency challenges. Orderly will be a DeFi infrastructure provider, available on Google Cloud Marketplace.

Google Cloud told Cointelegraph that the partnership was struck in light of increasing interest from clients exploring blockchain workloads on Google Cloud.

Rishi Ramchandani, Head of APAC Web3 GTM, Google Cloud Asia Pacific told Cointelegraph that the surge in demand highlights the necessity for a tailored Web3 product suite. He added:

With blockchain technology being at the centre of the fintech revolution, many in the financial industry are exploring decentralized technologies, including JP Morgan which has been actively testing various blockchain-based solutions including DeFi ones. The traditional banking systems started showing interest in blockchain tech quite early with one report from 2021 suggesting that 55% of the top-100 banks have some exposure to the decentralized tech.

Orderly hopes to distribute the DeFi load into on-chain and off-chain components to ensure a balance between speed with sufficient decentralization. The firm claimed this distribution would streamline operations without compromising the inherent advantages of a decentralized system. These off-chain components will ensure that crucial interactions are carried out on-chain while interactions that can be efficiently handled off-chain are processed away from the main blockchain.

Cointelegr