Neobank EQIFi is partnering with Wyoming-based MatterFi to counter cryptocurrency security concerns by blending web2 security methods with advanced web3 methods.
ImmuneFi’s report highlights that hackers stole more than $200 million worth of digital assets in the first quarter of 2024. According to EQIFi and MatterFi, the research highlights that traditional security methods such as alphanumeric passwords and two-factor authentication are obsolete in today’s digital landscape.
To improve crypto-security and address theft, fraud and money laundering from digital assets, Neobank has turned to MatterFi’s proprietary technology. The collaboration will offer private addresses on the send-to-name blockchain through a peer-to-peer platform.
EQIFi’s automatic computing model on the EQIFi blockchain allows users to send any crypto-token, such as Ethereum (ETH) ERC-20 assets, to a recipient by name, and the counterparty can use cryptographic proof to prove their identity. This system is designed to move away from legacy password systems and support wallet interoperability with centralized financial platforms like decentralized applications (dapps).
The company said that this protocol and storage solution supports decentralized data exchange and storage, preserving the ethics of blockchain-based transactions. MatterFi CTO Billy Mullins said the collaboration aims to provide next-generation KYC/AML for retail and institutional customers in the face of increased demand for cryptocurrency security.
“Our teams expect this collaboration to create positive change and ensure a brighter future for everyone in the cryptocurrency space,” added EQIFi co-founder and CEO Brad Yasar.
