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6 Responses

  1. Buck B says:

    Great article! I too live in Texas and it is such a bummer that we can’t send stablecoins to Celsius to earn higher interests. Any idea why that is and do you have any other suggestions on legal work arounds? Thanks for all the great information.

    • Larry says:

      Hi Buck. My assumption is that different companies attack the state licensing agreements and credentialing in a particular order. That’s why Texas residents like is can buy through Coinbase but not through BlockFi. There’s also limitations on trading stablecoins for those same reasons. We’re not alone – here’s a list of all the states in the same boat.

      For legal workarounds, I still just buy through Coinbase and transfer to BlockFi – both in a personal account and one that we’ve set up for our business. The funds are sometimes held at Coinbase for a few days (ostensibly to fight money laundering) and there are some small fees (ETH gas, I assume) for the transfer – but usually just pennies.

      Best of luck!
      Larry

  2. Jimmy A says:

    Great article Larry! Thank you.
    A lot of articles talk about the level of “risk” you need to open to to do investing like this, and thats one thing I’m looking for clarity on to try and sell to my wife why we should be putting our savings in a blockfi or voyager high interest account rather than the nonsense low interest rates the banks charge.

    Would you be able to either answer or point me to some further reading so I can try to understand how “safe” these accounts actually are, and try to get her to see sense… :-) ? Many of the negative points talk about how the not insured but the FDIC like a bank is, but how likely really is it that you would lose everything? Do you still keep some cash in the bank?

    thank you!

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