Oracle Integrates Blockchain Tech Firm Hydrogen In Its Cloud Marketplace
Oracle, the software giant, has enlisted an Ethereum-based enterprise blockchain developer from New York, Hydrogen, into its Cloud Marketplace.
Announced on Wednesday, the listing suggests that Hydrogen’s APIs will now to accessible to almost half a million Oracle customers to implement in sectors like savings, banking, insurance, investing, and wellness.
The Cloud Marketplace by Oracle is a major provider of infrastructure as a service (IaaS) and platform as a service (PaaS) technology. To be allowed entry, vendors are supposed to pass vetting by Oracle.
Scott Raspa, Hydrogen’s director of growth. Said that his start-up, which is soon completing its second year, is unique from others because of its scalability. Through Hydrogen’s APIs, subscribers will be enabled to build multiple systems, even the Hydrogen Molecule product.
The Hydrogen Molecule product is currently in its beta testing phase. It can be applied for cross-border money transfers, customer identification, and tokenizing securities. It is developed on top of Hydro, which is further built on top of the Ethereum network.
Hydrogen also claims its technology to have the ability to simplify financial services and the creation of lending, that run on blockchain networks, known as decentralized finance (DeFi).
“Hydrogen Molecule is like Stripe for DeFi. It is a developer-centric set of APIs and libraries that will be the standard in decentralized finance. DeFi can now be added to any application globally,” the company stated.
Hydrogen was founded by the twins Matthew and Michael Kane. They grew out of their initial project, Hedgeable, which is an investment app developed for financial laymen. Raspa noted that the Kane brothers regularly got requests for an API service with the blockchain technology.
A number of companies use Hydrogen’s product, including TD Bank based in Canada, which saved millions and months on creating an investment budgeting app, because of Hydrogen’s API service.
“Our goal in building this tool was to take the complexity out of the front end and build an easy-to-follow tool for our customers. All the modeling and all the guts of what a planning tool is would sit in the background,” TD Bank’s Jacob Matthews recently said in a podcast.
Matthews said TD previously reached out to nearly 20 fin-tech start-ups before opting for Hydrogen.
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