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BlockFi vs. the Competition: What Sets Us Apart in the Crypto Market?

Published, 9 November, 2020

At BlockFi, we do things a little differently than other companies in the crypto industry, but people often wonder what makes us unique. From our compliance-ready approach to our industry-leading talent and impeccable investor backing, we’re paving a new path forward for finance. Let’s take a closer look at the many things that distinguish BlockFi.

BlockFi is US-Based and Regulated

BlockFi remains one of the few retail-focused interest-earning platforms that is also domiciled in the United States, regulated under US law, and that’s also institutionally backed and doesn’t have a utility token. That’s important–we play by the rules, to the benefit of our company and our clients.

If you want to learn more about where and how we’re licensed, just check our Licenses & Disclosures.

We’re Backed by the Biggest Names in the Industry

With more than $100 million in equity funding, including a recent Series C funding round led by Morgan Creek that raised $50 million, and more than $2 billion in assets under management, BlockFi has a rock-solid foundation.

We’ve secured support from some of the leading companies in the industry: Valar Ventures, Morgan Creek Capital, CMT Digital, Castle Island Ventures, Winklevoss Capital, SCB 10X, Avon Ventures, Purple Arch Ventures, Kenetic Capital, and HashKey to name just a few. They believe in the BlockFi mission, and that says a lot.

Be sure to check out our full list of institutional investors.

We’ve Got an Amazing Talent Pool

BlockFi has a deep bench of skilled and experienced talent that’s been pulled from across traditional finance, technology, and startup culture. Since our founding in 2017, we’ve grown to more than 300 employees around the world, and continue to add to our global roster of highly accomplished staff.

If you want to learn more about who works at BlockFi and what we bring to the table, check out the bios for our Leadership Team and our LinkedIn page for a full view of our talent pool.

BlockFi Has Top-Tier Risk Management Processes

We believe in building a scalable company with true staying power. That’s why we’ve never held an ICO, nor do we require tokens to maintain a certain interest rate.

When you send crypto to BlockFi, you’re sending it to one of our regulated custodians, like Gemini. From there, we may lend your crypto to one of our vetted institutional counterparties. These clients use the bitcoin they’re borrowing to execute trading strategies and hedge their positions. Rather than lending to just one institution, we lend to multiple counterparties to minimize our risks. BlockFi keeps a sizable amount of collateral to the side so that clients are able to easily withdraw funds.

Want to hear more about our approach to risk management? Watch this interview with our Chief Risk Officer Rene van Kesteren.

We’ve Got a Robust Security Strategy

Security has and always will be our top priority. We’re continuing to evolve our controls and harden our security posture to meet the realities associated with sophisticated threat actors. To that end, our security program is expanding across multiple layers, with a focus on transparency about any security updates, proactive risk management, enlisting our entire workforce in the security process, and increasing our industry involvement to serve as a leader across the crypto space.

BlockFi’s Chief Security Officer Adam Healy has outlined the future of security at our company, and the major security initiatives we’re using to keep our company and our clients safe.

Clients, partners, and vendors should feel encouraged to contact us with any security questions or concerns at security@blockfi.com.

Last updated on February 28th, 2022

As of February 14, 2022, the BlockFi Interest Account (BIA) is no longer available to new clients who are US persons or persons located in the US and existing US clients with BIA accounts are unable to transfer new assets to their BIAs. Learn More.

BlockFi Lending LLC NMLS ID#1737520 | NMLS Consumer Access

BlockFi Trading LLC NMLS ID#1873137 | NMLS Consumer Access

Digital currency is not legal tender, is not backed by the government, and crypto accounts held with BlockFi are not subject to FDIC or SIPC protections. Digital currency values are not static and fluctuate due to market changes. Not all products and services are available in all geographic areas and are subject to applicable terms and conditions. Eligibility for particular products and services is subject to final determination by BlockFi. Rates for BlockFi products are subject to change.

BlockFi Rewards Credit Card: For more information, please see BlockFi’s Terms of Service. BlockFi is not a Bank. Cards are issued by Evolve Bank & Trust, Member FDIC, pursuant to a license from Visa® USA Inc. Rewards are not offered by Evolve Bank & Trust and are instead offered and managed by BlockFi.

BlockFi International Ltd. holds a Class F digital assets business license under the Digital Assets Business Act, 2018 (as amended) and is licensed by the Bermuda Monetary Authority to conduct the following digital assets business activities: (i) issuing, selling or redeeming virtual coins, tokens or any other form of digital assets (ii) operating as a digital asset exchange (iii) providing custodial wallet services (iv) operating as a digital asset derivative exchange provider and (v) operating as a digital assets services vendor.

See blockfi.com/terms for more information.

BlockFi Lending LLC NMLS ID#1737520 | NMLS Consumer Access

BlockFi Trading LLC NMLS ID#1873137 | NMLS Consumer Access

See blockfi.com/terms for more information.

BlockFi vs. the Competition: What Sets Us Apart in the Crypto Market?

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