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BlockFi Becomes the First Crypto Company on the Symphony Platform

BlockFi Becomes the First Crypto Company on the Symphony Platform
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JERSEY CITY, N.J.— Sept. 2020—We’re excited to announce that BlockFi is now using the Symphony platform to streamline and improve our communication and collaboration with institutional clients. The preferred collaboration platform for the world’s leading financial firms, Symphony combines conventional chat, voice, video conferencing, and advanced compliance and security controls in one place. It’s a natural fit for BlockFi, since we’re building the bridge between traditional finance and digital assets.

Symphony is used by the top global financial institutions due to its security model and built-in compliance capabilities. 

“Being on Symphony is an important part of making BlockFi and our services easily available via a secure communication platform that traditional counterparties know and trust,” said Rene van Kesteren, Chief Risk Officer and Head of Global Digital Markets at BlockFi.

Symphony has more than 525,000 licensed users from over 340 companies, making it the biggest network for financial professionals in the world. More than 75,000,000 messages are delivered through Symphony every month. BlockFi has become the first cryptocurrency firm to join the platform.

Symphony’s president and chief commercial officer, Brad Levy, said the company “is delighted to partner with BlockFi and become their main platform to communicate internally and to do business securely with institutional clients. We are committed to supporting our clients’ business journeys by providing the most secure and compliant collaboration platform, where solutions can be built or integrated. We’re excited to have BlockFi be the first crypto company to join our network.” 

Given the sensitive nature of financial data, Symphony’s approach to enterprise-ready security is one of its most attractive features. Adam Healy, BlockFi’s Chief Security Officer, was a major advocate for Symphony’s implementation and eager to take full advantage of the platform’s end-to-end encryption, data loss prevention, chat monitoring, automatic content archiving, and e-discovery capabilities, in addition to the rigorous third-party audits conducted by independent, specialized firms. 

Messages sent within the platform are encrypted between the sender and recipient and cannot be manipulated or viewed by unauthorized third-parties, including Symphony itself. 

“Modern, flexible, and secure collaboration tools have become a staple in financial services and proven invaluable throughout 2020,” Healy explained. “Being able to provide the most secure and user-friendly tools that empower our workforce to better serve our clients is a key function of any security organization. As BlockFi continues its journey, I feel confident that Symphony will enable us to securely scale our institutional business and partner more closely with the broader financial services ecosystem.” 

Symphony is going to be very useful for BlockFi’s Institutional Services team as it increases both accessibility and collaboration between our team members and the institutional clients we serve. Our clients can expect faster responses and improved white-glove service. 

BlockFi Institutional Services provides lending and borrowing of cryptocurrencies, stablecoins, and US dollars. We’re powered by our retail cryptocurrency balance–-the largest and fastest-growing digital asset pool on the planet. We also customize our lending products for each client’s specific business strategy, and we’re ready to evolve our services to address any future needs that might arise. 

The addition of Symphony will add another important layer of service capabilities, which already include groundbreaking infrastructure that supports fast transaction execution, rapid onboarding, and enterprise-level reporting.

BlockFi services clients in more than 100 countries. We’re backed by leading institutional investors and operate with a focus on compliance with US laws and regulations.

BlockFi does not custody assets and uses Gemini as its primary custodian. Digital currency is not legal tender, is not backed by the government and interest accounts are not subject to FDIC or SIPC protections.

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