Mobile FAQ

Frequent questions

Mobile FAQ
Linen App provides access to high yield cash management service. Yield is generated by interest paid on loans secured by cryptocurrency collateral. This service traditionally has been available only to the tech and finance savvy. We think our members, alongside large institutions, should reap those benefits in real-time. Based on history, yields have ranged 3.5-6% APY.
We provide access to the Compound protocol that generates yields from borrowers. Loans issued by the Compound protocol are overcollateralized (115-150% of the loan value) and are monitored for liquidations in real-time.

Funds are held on and accessible only from your mobile device. Linen never has access to your funds. We simply provide software and service to access Compound lending pools. We are neither a lender nor a borrower.

Linen Cash is a software and service developed by Linen Mobile, Inc. Linen Mobile, Inc. is not a bank and the cash or digital cash (USDC) you deposit using Linen mobile app will not be stored at a bank. Your funds are not insured by the Federal Deposit Insurance Corporation (FDIC) or any other federal, state or local agency.

We secure the app with Apple Passcode, Face ID or TouchID.
We can offer access to higher returns because we are tapping into the digital currency market, which no banks or traditional financial markets are able to. We provide the technology that makes it possible for our members to interact with lending pools like Compound on the Ethereum blockchain.

In addition, banks and financial organizations have many built-in costs, such as expensive branches, personnel, and infrastructure. They are also limited in what they can accept as collateral. For example, traditional financial institutions do not accept digital currency as collateral.
The Linen App has no associated fees. Yes, you read that correctly! No transaction or foreign exchange fees. And when available, the Linen Card will have no annual fees for users or minimum balances to maintain.
Yields accessed through Linen App are variable and set algorithmically, based on supply and demand. Linen App does not set or control interest rates. While rates in the past have ranged from 3.5-6% APY, there are no guarantees that those numbers will continue.
Theoretically, there is no limit to the amount of funds that can be held in your Linen App, but we currently cap the limit at $2,500.
Connect your U.S. bank account to transfer funds between your bank account and the Linen App. We use an automated clearing house (ACH) to transfer your money to and from your U.S. bank account.

Soon, we will have a Linen debit card that you can use to make instore and online purchases. The Linen Card will be issued by a U.S. bank and card balances will be insured up to $250,000 by the FDIC.
We currently provide near-real time (usually less than 10 minutes) funding from your U.S. bank to the Linen App. However, you would need to wait 4-5 business days before you can withdraw your money. This happens because your funds need to clear through the banking system via ACH.
It usually takes 3-5 business days to see money in your bank account. We use ACH transfers.
Wyre Payments, Inc. is our payment processor and they handle money coming in and out of your bank account.
Version 1 will support Apple devices only. An Android version will be added in the future.
A simple mobile device change, even from carrier to carrier, will be handled automatically once you restore your iCloud Keychain on your new mobile device. If you change your phone number, however, please contact support@linen.app.
While it is not strictly necessary to understand the Compound Protocol, we want to provide our members with transparency on how potential returns are produced.

Compound is a decentralized Ethereum-based protocol that establishes money markets. These assets have algorithmically derived interest rates, which are based on supply and demand. As a member, you benefit by receiving access to high interest rates. For more detailed information, please see Compound’s white paper.
If your phone is lost or stolen, reinstall the Linen App on your new Apple device and import your access key (private key) from the Apple Keychain stored in iCloud. Linen App support will not be able to recover your funds if your iCloud Keychain was not enabled or disabled.
We are backed by leading venture capital and strategic investors Polychain Capital, Coinbase, Wyre Capital, and Hashkey Capital. However, your money is always stored in the form of digital dollars (USDC) on your mobile device. We never have access to your funds. You can move money in and out of your account whenever you want. And yes, we will be around in a year! If you visit San Francisco, stop by our office in SoMa.
Large institutions and tech-savvy individuals have access to earning high yield on their cash by lending to investors against cryptocurrency. We think everyone deserves that opportunity.

To transact on a blockchain, dollars have to be converted to digital dollars. We integrated a licensed service provider that exchanges dollars for digital dollars called USDC. Each USDC is 100% backed by U.S. dollars held in bank accounts of the issuer. Issuers of USDC regularly report their U.S. dollar reserves. Coinbase and Circle are the two leading licensed financial institutions in the U.S. that issue USDCs. For every USDC, there is $1 dollar backing it with the issuer. Monthly audit reports by a major auditing firm are publically available. USDC is always $1.
While it is not strictly necessary to understand the Compound Protocol, we want to provide our members with transparency on how potential returns are produced.

Compound is a decentralized Ethereum-based protocol that establishes money markets. These assets have algorithmically derived interest rates, which are based on supply and demand. As a member, you benefit by receiving access to earn high yield. Yields are generated by borrowers to collateralize loans with cryptocurrency. Collateral is monitored by Compound protocol in real-time to ensure timely liquidation of collateral if its value goes down. For more detailed information, please see Compound’s white paper.
We are currently building technology that connects to a banking API partner. As soon as we have more information, we will let our members know.
Please sign up for our waitlist! Starting in Fall 2019, we will open our waitlist. We want to ensure that our processes and procedures are sound and secure, so we will roll this out slowly. You can move up the list by inviting friends to join our waitlist.
Our initial rollout will cover U.S. residents aged 18 and above in all states except Connecticut, Hawaii, Minnesota, New Hampshire, New York, North Carolina, Vermont, and Virginia. International expansion will happen at a later date.
Our initial rollout will cover U.S. residents aged 18 and above in all states except Connecticut, Hawaii, Minnesota, New Hampshire, New York, North Carolina, Vermont, and Virginia. International expansion will happen at a later date.
Linen App Ambassadors are early adopters who spread the word about the Linen App. Our mission is to enable the other 99% of U.S. consumers, those without high savings balances, access to services traditionally available only to the finance and tech-savvy. We cannot succeed without your help!

We are still formalizing our ambassador program, but the first group of Ambassadors is open to U.S. residents 18 years and above from every state except Connecticut, Hawaii, Minnesota, New Hampshire, New York, North Carolina, Vermont, and Virginia.

Ambassadors will have:

— Free access to premium features

— Advance access to new features

— Linen App swag

— Recognition with limited edition Linen Cards

To be considered, please fill out this form.