MatterFi is a decentralized digital asset wallet solution focused on security and efficiency, seeking to raise the bar in terms of custody integration, faster transactions, and broader cryptocurrency adoption.
In a recent press release, the company announced the appointment of Billy Mullins as its new Chief Technology Officer (CTO) bringing a wealth of experience in traditional finance and blockchain technology to enhance the company's solutions.
In an exclusive interview with Cryptonews, Mullins gave an overview of the evolution of decentralized finance (DeFi) especially with regard to the protection of user assets in the wake of the high industrial fraud and hacks recorded in recent months.
Mullins aims to go beyond bridging the gap between centralized finance (CeFi) and decentralized finance and introduce new use cases for the broader community.
DeFi has been praised for providing financial services to people disadvantaged by traditional finance, with Mullins highlighting goals including protecting the current model from bad actors.
According to him, DeFi needs to evolve into platforms where trust and auditing ensure complete transparency to avoid incidents like the Mt Gox and FTX saga that shook the industry.
The collapse of FTX in 2022 wiped billions off the market leading to widespread criticism of the management of digital asset platforms and increased regulatory scrutiny of the market.
Mullins believes that crypto governance failure is caused by over-centralization which could lead to mismanagement leading to collapse. Instead, MatterFi seeks to create true decentralization along with security and user privacy.
“Centralized systems tend to mask mismanagement, creating an environment ripe for theft and governance collapse. Our approach is firmly rooted in achieving true decentralization without sacrificing security, privacy, and regulatory compliance.”“.
Aside from the company's internal solutions, Mullins' projects quite similar to the slogan “Not your keys, not your coins”, and the phrase “Privacy is priceless” can gain equal popularity among all stakeholders in an attempt to promote activities from bad actors.
Finally, the company emphasizes a compliance-first approach to markets and wants practical regulation to coexist with web3 innovations to protect investors and drive adoption.
Billy Mullins joins MatterFi
According to the press release, Mullins joins the company with more than two decades of experience in investment banking, big data, mobile payments and blockchain technology.
As a former vice president of Goldman Sachs in New York and in senior technology roles, the company can leverage this combination to catalyze the next wave of web3 adoption based on key solutions.
“Billy's decision to join MatterFi was driven by a desire to dive back into the heart of engineering, actively participate in the development process, and leverage his skills in a role directly related to technological innovation. His combination of technical knowledge and background in commerce, banking, and finance uniquely positions him to contribute meaningfully to MatterFi's mission.
In line with the company's goals, Mullins said his appointment will help drive adoption and reshape how cryptocurrency transactions are handled in a blockchain space that is more user-friendly and secure.
the “Send to name” One feature of the platform has been noted and is expected to be a game changer by providing the user the required convenience in cryptocurrency transactions.
