EQIFi to refine on-chain safety with MatterFi

Neobank EQIFi has partnered with Wyoming-based firm MatterFi to combat crypto security concerns by combining web2 security methods with advanced web3 techniques.

An ImmuneFi report highlighted that hackers stole more than $200 million in digital assets in the first quarter of 2024. According to EQIFi and MatterFi, the research underscores that traditional security options such as alphanumeric passwords and two-factor authentication are outdated in today’s digital environment.

To improve crypto security and solve the problems of theft, fraud and money laundering of digital assets, Neobank leveraged MatterFi’s patent-pending technology. The collaboration will offer private “send to name” blockchain addresses through a peer-to-peer platform.

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

The companies told crypto.news that this protocol and storage solution preserves the ethics of blockchain transactions by preserving decentralized data sharing and storage. MatterFi CTO Billy Mullins stated that the collaboration aims to deliver next-generation KYC/AML capabilities for retail and institutional customers amid growing demand for crypto security.

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