With FastConnect, you can choose to use private peering, public peering, or both.
Private peering: To extend your existing infrastructure into a virtual cloud network (VCN) in Oracle Cloud Infrastructure (for example, to implement a hybrid cloud, or a lift and shift scenario). Communication across the connection is with IPv4 private addresses (typically RFC 1918).
Public peering: To access public services in Oracle Cloud Infrastructure without using the internet. For example, Object Storage, the Oracle Cloud Infrastructure Console and APIs, or public load balancers in your VCN. Communication across the connection is with IPv4 public IP addresses. Without FastConnect, the traffic destined for public IP addresses would be routed over the internet.