EQIFi has joined forces with Wyoming-based MatterFi. This partnership marks a pivotal shift towards integrating Web2 security protocols with advanced Web3 technologies. Recent data from ImmuneFi revealed that hackers stole digital assets worth over $200 million in the first quarter of 2024 alone. This alarming figure underscores the pressing need for improved security measures in the crypto industry.
Moving Beyond Traditional Security Methods
EQIFi and MatterFi are addressing this challenge by phasing out traditional security measures like alphanumeric passwords and two-factor authentication. They argue these methods no longer meet the security demands of today’s digital landscape. Instead, the collaboration focuses on leveraging MatterFi’s innovative, patent-pending technology to boost crypto security.
The partnership introduces a revolutionary feature—private “send-to-name” blockchain addresses. This peer-to-peer platform enhancement allows users to transfer any crypto token, such as Ethereum ERC-20 assets, simply by using a recipient’s name. Additionally, the system facilitates the use of cryptographic proof by recipients to verify their identities, moving beyond outdated password systems.
Enhancing Interactions and Security
This new method not only enhances user security but also aligns closely with the decentralized nature of blockchain transactions. It supports seamless wallet interactions with centralized finance platforms, mirroring the functionality of decentralized applications (dapps). According to MatterFi’s CTO Billy Mullins, this collaboration is set to revolutionize KYC/AML processes for both retail and institutional clients amidst growing demands for robust crypto security solutions.
EQIFi’s CEO, Brad Yasar, expressed optimism about the partnership’s potential impact on the crypto sector. He emphasized their commitment to fostering a safer and more secure environment for all crypto users. This initiative is expected to pave the way for a more secure future in the rapidly evolving crypto space, ensuring that transactions remain safe from theft, fraud, and other security breaches.