Blockfi is a company that offers several products and services for cryptocurrency investors, including the BlockFi Interest Account (BIA) and a cryptocurrency credit card. Gemini Trust Company, LLC—one of its key partners—is an established financial service provider specializing in virtual currency trading technology
There are several measures that you should take to ensure the safety of your assets if you decide to use Blockfi.
Blockfi is a financial services company
Blockfi is a financial services company that offers several products and services to crypto investors, including the BlockFi Interest Account (BIA)—a savings account with next-generation interest rates—and cryptocurrency credit cards.
Potential investors may wonder whether Blockfi is a legitimate and trustworthy firm.However, Blockfi has a good reputation in the crypto space; its comprehensive FAQ page addresses customers’ questions about services offered by the company.
Blockfi has extensive security controls
When you store your cryptocurrency with Blockfi, you can rest assured that it’s in good hands. That’s because Blockfi have extensive security controls in place to prevent unauthorized access, limit authorized access, and safeguard against local and remote attacks.
These controls are based on internationally recognized standards such as CIS, ISO, and NIST, and are regularly tested and updated to ensure that they remain effective. In addition, Blockfi has implemented a number of additional hardening measures to further protect its systems and client assets.
Blockfi is transparent about its financial position
Blockfi is transparent about the fact that it is no longer offering the BIA to new clients who are US persons or located in the US. This information is prominently displayed on the company’s website, and it is clear that Blockfi is being upfront about this change in its business.
In addition to being transparent about changes to its products and services, Blockfi also provides detailed information about its financial position on its website. For example, the company includes information about its assets under management (AUM) and the number of clients it serves, as well as details about the types of assets it holds and the countries in which it operates.
This information is important for potential investors to understand, as it provides insight into the scale and scope of Blockfi’s business and its financial stability.
Blockfi benefits from its partnership with Gemini Trust Company
Blockfi benefits from its partnership with Gemini Trust Company, a regulated cryptocurrency exchange and custodian known for its strong security measures.
As stated on the Gemini website, the company is a New York State limited liability trust company that is regulated by the New York State Department of Financial Services (NYDFS). In addition to being subject to NYDFS regulation, Gemini is also a member of the Virtual Commodity Association (VCA), a self-regulatory organization (SRO) that promotes best practices and responsible conduct in the virtual commodity industry.
In addition to its regulatory oversight, Gemini also takes a number of steps to protect its clients and their assets. For example, the company uses state-of-the-art security measures such as multi-factor authentication, hardware security modules (HSMs), and cold storage to secure its systems and client assets.
It also undergoes regular audits and compliance reviews to ensure that it meets the highest security and reliability standards.
Blockfi is a safe and trustworthy company to work with
Blockfi is a safe and trustworthy company to work with. The company has extensive security controls in place to protect its systems and client assets, and its partnership with the Gemini Trust provides an additional layer of protection and oversight.
Additionally, Blockfi is transparent about its financial position. The company is upfront about changes to its products and services, and it provides detailed information about its assets and operations on its website. This level of transparency is important for building trust with clients and investors, and it is a key factor that contributes to Blockfi’s reputation as a safe and trustworthy financial services provider.