Neobank EQIFi has joined forces with Wyoming-based firm MatterFi to tackle crypto security concerns by blending traditional web2 security methods with advanced web3 techniques.
A report by ImmuneFi revealed that hackers stole over $200 million worth of digital assets in the first quarter of 2024. EQIFi and MatterFi emphasize that traditional security measures such as alphanumeric passwords and two-factor authentication are no longer sufficient in today’s digital landscape.
To bolster crypto security and address issues like theft, fraud, and money laundering of digital assets, EQIFi has enlisted MatterFi’s patent-pending technology. The partnership will provide private “send-to-name” blockchain addresses through a peer-to-peer platform.
EQIFi’s automated on-chain computing model enables users to send any crypto token, such as Ethereum (ETH) ERC-20 assets, to a recipient using a name, while the recipient can use cryptographic proof to verify their identity. This approach aims to move away from outdated password systems and facilitate wallet interaction with centralized finance platforms similar to decentralized applications (dapps).
That this protocol and custody solution maintain decentralized data sharing and storage, upholding the principles of blockchain transactions. MatterFi’s CTO, Billy Mullins, stated that the collaboration aims to provide next-generation KYC/AML facilities for retail and institutional clients amid increasing demand for crypto security.
“Our teams believe that this collaboration will drive positive change and create a brighter future for everyone in the crypto space,” added EQIFi co-founder and CEO Brad Yasar.
Summary Review: The partnership between EQIFi and MatterFi represents a significant step forward in enhancing crypto security. By leveraging innovative technologies and protocols, they aim to address the evolving challenges of theft, fraud, and money laundering in the digital asset space. This collaboration underscores the importance of continuous innovation and collaboration to ensure the safety and integrity of crypto transactions. As the crypto industry matures, initiatives like these play a crucial role in building trust and confidence among retail and institutional users alike.
Disclaimer: Remember that nothing in this article and everything under the responsibility of Web30 News should be interpreted as financial advice. The information provided is for entertainment and educational purposes only. Investing in cryptocurrency involves inherent risks and potential investors should be aware that capital is at risk and returns are never guaranteed. It is imperative that you conduct thorough research and consult with a qualified financial advisor before making any investment decision.
