Orderly Network, a provider of infrastructure services in the Decentralized Finance (DeFi) sector, has entered into a partnership agreement with Google Cloud to improve off-chain data storage and transparency issues in the DeFi space. Under the agreement, Orderly will serve as a DeFi infrastructure provider on the Google Cloud Marketplace. The collaboration aims to address security concerns in the DeFi space, establish a secure environment, and facilitate the integration of Web3 technology with traditional financial institutions.
A Fast and Reliable Environment
According to a statement by Google Cloud, the agreement was reached due to the increasing interest of customers working in the blockchain field on Google Cloud. Rishi Ramchandani, APAC Web3 GTM Lead at Google Cloud, emphasized the need for a specialized Web3 product package to meet the growing demand:
“The agreement with Orderly Network to build a robust infrastructure will help address the gaps in the adoption and growth of DeFi and enable scalability in the evolving space through the development of user-centric enterprise developer tools.”
Many individuals in the financial sector are exploring blockchain technology-based solutions to test them alongside fintech advancements. Particularly, traditional banking institutions like JP Morgan have shown significant interest in blockchain technology. A report published in 2021 revealed that 55 out of the top 100 banks had started utilizing blockchain technology.
Solving Issues in the DeFi Space
Through this partnership, Orderly aims to distribute the obtained data to on-chain and off-chain components to strike a balance between speed and storage issues in the DeFi space. The company claims that this method will provide convenience in its services without compromising the advantages of a decentralized system. Off-chain components ensure the completion of significant transactions on-chain, while data that can be efficiently handled off-chain will be processed independently from the main blockchain.
Orderly Network’s COO, Arjun Arora, also highlighted the need for better-performing existing solutions in the blockchain space to support mainstream finance and Web2 organizations’ adoption of Web3 technology. He stated that Orderly has built a trade data system focused on compatibility between decentralized exchanges (DEXs) and centralized exchanges (CEXs) for seamless dApp integration across blockchain ecosystems:
“Our collaboration with Google allows our matching engine to compete with centralized systems seen in traditional finance, while maintaining all the advantages of asset custody and transparency seen in the DEX space.”
According to Arora, the biggest challenge in the DeFi space is security issues that have long been unsettling and eroding users’ trust. Through its collaboration with Google Cloud, Orderly aims to address these problems in the DeFi space and create a secure environment.
