🌎 EQIFi and MatterFi Partner to Revolutionize Crypto Security

Neobank EQIFi has teamed up with Wyoming-based firm MatterFi to address crypto security concerns by integrating traditional web2 security methods with advanced web3 techniques.

An ImmuneFi report highlighted that hackers stole over $200 million worth of digital assets during the first quarter of 2024. According to EQIFi and MatterFi, this research emphasizes that traditional security options like alphanumeric passwords and two-factor authentication are becoming outdated in today’s digital landscape.

To enhance crypto security and tackle issues such as theft, fraud, and digital asset money laundering, the Neobank has adopted MatterFi’s patent-pending technology. This collaboration will offer private “send-to-name” blockchain addresses through a peer-to-peer platform.

EQIFi’s automatic on-chain compute model enables users to send any crypto token, such as Ethereum (ETH) ERC-20 assets, to a recipient via a name. The counterparty can then use cryptographic proof to verify their identity. This system aims to move away from legacy password systems and support wallet interaction with centralized finance platforms, similar to decentralized applications (dapps).

The companies stated that this protocol and custody solution maintains decentralized data sharing and storage, preserving the core principles of blockchain transactions. MatterFi CTO Billy Mullins highlighted that the collaboration aims to deliver next-generation KYC/AML facilities for both retail and institutional clients during a period of increased crypto security demand.