OpenDeFi partners with Shyft Network, Prioritising Security in DeFi

OpenDeFi by OroPocket is proud to announce that we have joined hands with Shyft Network in a common quest to bring paradigm-changing security to the DeFi landscape.

Shyft Network is a public blockchain protocol that facilitates the bridging of data across existing data ecosystems. They do not engage in the transaction or custody of data itself, but allow contributors to share encrypted attestations against externally-stored data to network participants of their choice. All sensitive data remains stored on external databases; only encrypted metadata is stored on-chain.

At OpenDeFi our aim is to provide the utmost security to every investor across a diverse range of use cases. This belief imprints our work entirely—from the storage of our assets in military grade vaults that are audited daily, to the 100% insurance policy for every single asset class that we provide.

Our partnership with Shyft takes this deliberate attention towards investor security further, as we will now be able to validate on-chain KYC.

Institutional investors have been kept from entering the DeFi space so far because of such compliance and regulatory hurdles, and we are bridging this gap with on-chain KYC and attestation.

This is where our partnership with Shyft Network comes in. In essence, Shyft allows us the most robust Data Attestation, which is incredibly important for our work at OpenDeFi in removing these barriers and enlarging the DeFi space as a whole.

OpenDefi COO Tarusha Mittal spoke on the partnership: “Working along with Shyft, we will be able to offer stellar data attestation and on chain KYC to build on the vision to expand the DeFi space itself by attracting institutional investors to the network.”

The Shyft Network team also had insightful things to say about what’s to come: “We are incredibly excited about this partnership and what it will mean for the ecosystem as a whole with respect to improvements in things like composability, smart-contract security, and bringing more users in to the future of finance.”