Software giant Oracle has admitted Hydrogen, a developer of ethereum-based enterprise blockchains, into its Cloud Marketplace.
The listing, announced Wednesday, means New York-based Hydrogen's APIs are now available to nearly half a million Oracle customers to develop applications for banking, investing, savings, insurance and wellness.
Oracle Cloud Marketplace is a leading provider of platform as a service (PaaS) and infrastructure as a service (IaaS) technology. Vendors must pass vetting by Oracle to be allowed entry.
Hydrogen's director of growth, Scott Raspa, told CoinDesk that his startup, coming up on its second birthday in November, distinguishes its product from others with scalability. Subscribers can build multiple systems from the firm’s APIs, including its Hydrogen Molecule product, currently in beta testing, which can be used for customer identification, cross-border money transfers, and tokenizing securities. Molecule is built on top of Hyrdo, which in turn is built on top of ethereum.
Further, Hydrogen says its technology can simplify the creation of lending and financial services that run on blockchains, known as decentralized finance or 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 told CoinDesk.
Founded by twins Michael and Matthew Kane, Hydrogen grew out of their former project, Hedgeable, an investment app geared toward financial laymen. Raspa said the Kane brothers often received requests for an API service with blockchain technology.
Raspa told CoinDesk numerous firms use Hydrogen’s product, including Canada’s TD Bank, which saved months and millions on developing an investment budgeting app through Hydrodgen’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 on the Tearsheet podcast.
Matthews said TD vetted 20 fintech startups before choosing Hydrogen.
Oracle image via Shutterstock
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.