To decrease the entrance barrier into the decentralized world, Google Cloud has partnered with Web3 company Orderly Network to provide user-centric developer tools for decentralized finance (DeFi).
The partnership will strive to create off-chain DeFi infrastructure components aimed at resolving issues with self-custody and transparency. DeFi infrastructure will be provided by Orderly, which will be accessible through Google Cloud Marketplace.
According to Google Cloud, the relationship was forged in response to growing client interest in testing out blockchain workloads on the platform.
The increase in demand, according to Rishi Ramchandani, Google’s head of Web3 for the Asia-Pacific region, has highlighted the need for a specialized Web3 product suite.
He emphasized that, “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.”
The financial industry is researching decentralized technologies, with blockchain technology at the forefront of the fintech revolution, he continued, noting that JPMorgan has been actively testing a variety of blockchain-based solutions, including DeFi ones.
One report from 2021 suggests that 55% of the top 100 banks have some exposure to blockchain technology, which indicates that the traditional financial systems began exhibiting interest in it pretty early.
To balance speed and adequate decentralization, Orderly aims to split the DeFi load into on-chain and off-chain components.
The company asserted that doing so would streamline operations without sacrificing the benefits of a decentralized system. The off-chain components will make sure that critical interactions take place on-chain and that interactions that can also be processed more effectively off-chain.
The entry hurdle and security difficulties that have dogged the ecosystem for a while are one of DeFi’s biggest challenges. The collaboration between Google Cloud and Orderly aims to create a safe environment and tools to aid in resolving these problems.
About Kumo
Kumo, registered as Kumo Technologies Inc in Delaware, U.S. is a fiat and crypto social payment app which allows users to exchange fiat (NGN) to crypto, save and earn interest in dollar with as low as $5, utility payment such as DSTV subscription, airtime, data among others.
Kumo wallet is your all-in-one social payment app for seamless payment solutions.
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