In response to growing concerns over crypto security, neobank EQIFi is teaming up with Wyoming-based firm MatterFi to pioneer a new era of on-chain safety. By combining traditional web2 security methods with advanced web3 techniques, the partnership aims to tackle issues such as theft, fraud, and money laundering in the digital asset space.

A recent ImmuneFi report highlighted the alarming trend of hackers siphoning over $200 million worth of digital assets in the first quarter of 2024. EQIFi and MatterFi argue that conventional security measures like alphanumeric passwords and two-factor authentication are insufficient in today's rapidly evolving digital landscape.

To address these challenges head-on, EQIFi has turned to MatterFi's patent-pending technology. The collaboration will introduce private "send-to-name" blockchain addresses through a peer-to-peer platform. This innovative approach allows users to send crypto tokens, including Ethereum (ETH) ERC-20 assets, to recipients via a name, bypassing the need for complex alphanumeric addresses.

EQIFi's automatic on-chain compute model further enhances security by enabling cryptographic proof verification of recipients' identities. This system represents a departure from outdated password-based systems and fosters seamless wallet interaction with centralized finance platforms, mirroring the user experience of decentralized applications (dapps).

According to EQIFi and MatterFi, this protocol and custody solution uphold the principles of decentralized data sharing and storage, aligning with the ethos of blockchain transactions. MatterFi's Chief Technology Officer, Billy Mullins, emphasized that the collaboration aims to introduce next-generation KYC/AML facilities tailored to both retail and institutional clients amidst heightened demand for crypto security.

EQIFi's co-founder and CEO, Brad Yasar, expressed optimism about the partnership's potential to drive positive change in the crypto space. He believes that the collaboration will pave the way for a brighter future for all stakeholders involved in the crypto ecosystem.