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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.&nbsp;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research underscores that traditional security options like alphanumeric passwords and two-factor authentication are outdated in today’s digital landscape.&nbsp; 
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.&nbsp; 
 You might also like: <a href="https://crypto.news/doj-charges-two-chinese-nationals-in-73m-crypto-scam/" rel=""> DOJ charges two Chinese nationals in $73m crypto scam </a> 
<a href="http://www.EQIFi.com" target="_blank" rel="">EQIFi’s</a> automatic on-chain compute model allows users to send any crypto token like Ethereum (<a href="https://crypto.news/price/ethereum/" rel="">ETH</a>) ERC-20 assets to a recipient via a name, and the counterparty may leverage cryptographic proof to verify their identity.&nbsp;This system aims to move away from legacy password systems and support <a href="https://crypto.news/slowmist-founder-mr-cos-expert-insight-wallet-security/" target="_blank" rel="">wallet interaction</a> 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 <a href="https://crypto.news/?s=blockchain" rel="">blockchain</a> transactions.&nbsp;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.&nbsp; 
 Read more: <a href="https://crypto.news/slowmist-founder-mr-cos-expert-insight-wallet-security/" rel=""> SlowMist founder ‘Mr. Cos’ shares expert insights on wallet signature security </a>

EQIFi collaborates with MatterFi to enhance on-chain security

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