EQIFi collaborates with MatterFi to enhance on-chain security

Neobank
EQIFi
has
partnered
with
Wyoming-based
firm
MatterFi
to
combat
crypto
security
concerns
by
combining
web2
security
methods
with
improved
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,
the
research
underscores
that
traditional
security
options
like
alphanumeric
passwords
and
two-factor
authentication
are
outdated
in
today’s
digital
landscape. 

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

EQIFi’s
automatic
on-chain
compute
model
allows
users
to
send
any
crypto
token
like
Ethereum
(ETH)
ERC-20
assets
to
a
recipient
via
a
name,
and
the
counterparty
may
leverage
cryptographic
proof
to
verify
their
identity. This
system
aims
to
move
away
from
legacy
password
systems
and
support

wallet
interaction
with
centralized
finance
platforms
akin
to
decentralized
applications
(dapps).

The
companies
told
crypto.news
that
this
protocol
and
custody
solution
maintains
decentralized
data
sharing
and
storage,
preserving
the
ethos
of

blockchain
transactions. MatterFi
CTO
Billy
Mullins
noted
that
the
collaboration
aims
to
deliver
next-generation
KYC/AML
facilities
for
retail
and
institutional
clients
during
heightened
crypto
security
demand.

“Our
teams
anticipate
that
this
collaboration
will
create
positive
change
and
provide
a
brighter
future
for
everyone
in
the
crypto
space”
added
EQIFi
co-founder
and
CEO
Brad
Yasar.