Neobank EQIFi has partnered with Wyoming-based agency MatterFi to fight crypto safety issues by combining web2 safety strategies with improved web3 strategies.
An ImmuneFi report highlighted that hackers stole over $200 million price of digital property through the first quarter of 2024. In line with EQIFi and MatterFi, the analysis underscores that conventional safety choices like alphanumeric passwords and two-factor authentication are outdated in at this time’s digital panorama.
To reinforce crypto safety and tackle problems with theft, fraud, and digital asset cash laundering, the Neobank has tapped MatterFi’s patent-pending expertise. The collaboration will provide personal “send-to-name” blockchain addresses by means of a peer-to-peer platform.
EQIFi’s automated on-chain compute mannequin permits customers to ship any crypto token like Ethereum (ETH) ERC-20 property to a recipient through a reputation, and the counterparty might leverage cryptographic proof to confirm their id. This method goals to maneuver away from legacy password methods and help pockets interplay with centralized finance platforms akin to decentralized functions (dapps).
The businesses advised crypto.information that this protocol and custody resolution maintains decentralized information sharing and storage, preserving the ethos of blockchain transactions. MatterFi CTO Billy Mullins famous that the collaboration goals to ship next-generation KYC/AML amenities for retail and institutional purchasers throughout heightened crypto safety demand.
“Our groups anticipate that this collaboration will create constructive change and supply a brighter future for everybody within the crypto house” added EQIFi co-founder and CEO Brad Yasar.