Google Cloud has joined forces with Web3 startup Orderly Network to create developer tools aimed at lowering the entry barriers to the world of decentralized finance (DeFi). Their collaboration focuses on developing off-chain components for DeFi infrastructure to address self-custody and transparency challenges . Orderly Network will function as a DeFi infrastructure provider accessible via the Google Cloud Marketplace.
This partnership arises from increasing customer interest in blockchain workloads on Google Cloud, underlining the need for a tailored Web3 product suite. Rishi Ramchandani, head of Web3 at Google Asia Pacific, emphasized the importance of building robust infrastructure with Orderly Network to fill gaps in DeFi adoption, foster growth, and ensure scalability in this rapidly expanding space. He explained that secure and user-centric enterprise development tools would be essential in this context.
As blockchain technology gains prominence in the fintech industry, traditional financial institutions, like JPMorgan Chase, have been actively testing various blockchain-based solutions, including DeFi. In fact, 55% of the top 100 banks already have some exposure to blockchain technology, according to a 2021 report. Orderly Network's approach aims to distribute the DeFi load across both on-chain and off-chain components to balance speed with full decentralization. Critical interactions will occur on-chain, while more efficiently handled interactions will take place off-chain .
Orderly Network COO Arjun Arora highlighted the necessity for blockchain technology to outperform existing solutions for mainstream adoption. The company is constructing a "trading LEGO" designed for seamless integration of decentralized applications across different blockchains. The focus is on blending the most advantageous aspects of decentralized and centralized exchanges while ensuring a competitive matching engine in comparison to traditional finance systems. The partnership with Google Cloud aims to address access and security issues that have historically hampered DeFi's progress by creating a secure environment and tools to resolve these challenges.
