Mobile FAQ

Frequent questions

Mobile FAQ
We provide access to the Compound lending pool on the Ethereum blockchain. Lending pool generates returns from borrowers who are paying interest on loans. Loans issued by the Compound lending pool 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 App never has access to your funds. We simply provide software and service to access Compound lending pools and connect your bank account. 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.

Supplying funds to the Compound lending liquidity pool using Linen App involves risk and you may lose money by accessing these pools through the Linen mobile app. Historical interest rates on supplying digital assets (digital dollar, stablecoin, USDC) to the Compound protocol is not an indicator that these rates will be available in the future.

We secure the app with Apple Passcode, Face ID or Touch ID, so only you have access to it.
We can offer access to higher returns because we are connected to the programmable digital currency lending market, which no traditional financial companies 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, financial organizations have many built-in costs, such legacy technology. They are also limited in what they can accept as collateral. For example, traditional financial institutions do not accept digital currency as collateral.
Wyre Payments, Inc. is our payment processor and they handle money coming in and out of your bank account.
While it is not strictly necessary to understand technical details of 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. Assets are supplied to and borrowed from Compound protocol. These assets have algorithmically derived interest rates, which are based on supply and demand. Yields are generated by borrowers who collateralize loans with cryptocurrency. Collateral is monitored by Compound protocol in real-time to ensure timely liquidation of collateral if its value decreases. For more detailed information, please see Compound’s white paper
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.
Theoretically, there is no limit to the amount of funds that can be held in your Linen App, but while in invite-only mode, we currently cap the limit at $2,500.
Connect your U.S. bank account to transfer funds between your bank and Linen App. We use payments provider Wyre Payments to transfer your money to and from your bank account via automated clearing house (ACH).

Soon, Linen will be offering Linen Card and a checking account. Checking accounts will be held in a U.S. bank and balances in checking accounts 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 account to Linen App.
It usually takes 3-5 business days to see money in your bank account. We use ACH transfers.
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.
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. This should be done automatically once you install Linen App on you new Apple mobile device. Linen App support will not be able to recover your funds if your iCloud Keychain was not enabled or disabled at some point.
We are backed by leading venture capital and strategic investors Polychain Capital, Coinbase, Hashkey Capital, and Wyre. 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 digital dollars out of your account whenever you want. We will publish a contingency plan in the future. And yes, we will be around in a year! If you visit San Francisco, stop by our office in SoMa.

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.
To transact on the Ethereum blockchain, U.S. dollars have to be converted to digital dollars. We integrated a licensed service provider Wyre Payments that exchanges dollars for digital dollars called USDC. The conversion from U.S. dollars to USDC (digital dollar, stablecoin) is free of charge for users of Linen App. 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.

Institutions and tech-savvy individuals have access to earning high yield on their cash/stablecoins by supplying to blockchain-based lending liquidity pools. We think everyone deserves that opportunity.
We are currently building technology that connects to a banking API provider. 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 and start inviting to use Linen App. 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.
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 investment 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.