Crypto security: EQIFi to refine on-chain safety with MatterFi

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As an analyst with extensive experience in the digital asset and blockchain industry, I strongly believe that the partnership between Neobank EQIFi and MatterFi is a significant step forward in addressing the critical issue of crypto security. With hackers stealing over $200 million worth of digital assets during the first quarter of 2024 alone, it’s clear that traditional security methods are no longer sufficient to protect users in today’s digital landscape.

As a crypto investor, I’m always on the lookout for ways to enhance the security of my digital assets. That’s why I’m excited about the recent partnership between Neobank EQIFi and MatterFi. Together, they’re addressing the unique challenges of securing cryptocurrencies by combining the robustness of traditional web2 security methods with the innovative capabilities of web3 technologies. In simpler terms, this means leveraging proven security practices from the world of traditional finance with advanced techniques specifically designed for the crypto sphere. By doing so, they aim to provide a more comprehensive and effective solution for safeguarding my investments in this rapidly evolving digital economy.

A recent ImmuneFi report revealed that cybercriminals successfully stole approximately $200 million in digital assets during the opening quarter of 2024, according to EQIFi and MatterFi’s findings. This research emphasizes that conventional security measures such as alphanumeric passwords and two-factor authentication are no longer sufficient in today’s advanced digital environment.

To strengthen crypto security and mitigate risks of theft, fraud, and digital asset money laundering, the Neobank has partnered with MatterFi, utilizing their patent-pending technology. This alliance will provide users with personal “send-to-name” blockchain addresses on a peer-to-peer platform for enhanced transaction privacy and security.

Using simple and clear language,

Companies have shared with crypto.news that this protocol and custody solution ensure decentralized data transfer and preservation, aligning with the fundamental principles of blockchain transactions. MatterFi CTO Billy Mullins mentioned that the partnership intends to provide advanced KYC/AML solutions for both retail and institutional clients during increased demand for enhanced crypto security.

“According to our teams, this partnership is expected to bring about constructive developments and offer a promising outlook for all participants in the cryptocurrency industry,” stated Brad Yasar, the co-founder and CEO of EQIFi.

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2024-05-20 16:16