DeFi

Linen App: a Self-Custody Wallet for Earning Interest on USDC

Linen App Preview

There are many DeFi apps compatible with iPhone and Android and most of them allow users to earn interest on their dollars without losing value through the usual holding of crypto or having funds in a bank. Previously we talked about Voluto, a really simple app that offers fixed interest on every dollar held, using a collateral up to a total of 50k. Today we are going to talk about a comparable product launched in 2018, known as Linen.App!

The Linen App team is composed of people with an understanding of banking and DeFi, experts who have already been involved with both banks and decentralized finance. A couple of years ago, they decided to join forces to launch a DeFi product called LoanScan, mainly dedicated to analytics for loans made on the Ethereum blockchain. Then they decided to take a step forward, removing DeFi barriers for less experienced users, giving life to Linen App!

How does Linen.App work?

Linen App Logo

Users can begin by buying a stablecoin called USDC. This stablecoin, similar to the more famous USDT (Tether) and BUSD operates on Compound and is able to offer variable interest rates. For those unfamiliar with it, Compound is a huge DeFi protocol on the Ethereum blockchain which offers variable interest based on the current supply of digital dollars required for the various loans. At the moment Compound is consistently in the top 3 positions of DeFi projects with the highest number of locked funds in the DeFi world and hence is 100% reliable. Naturally, as with other DeFi Apps, those who apply for loans through Linen.App will have to provide more collateral in order to be sure to repay their debts.

More simply put: Linen.App is a kind of bridge between the US bank accounts and the Compound pool. Deposits are usually quick (3 to 5 days maximum but usually even sooner), as are withdrawals, since Linen.App does not employ the usual banking tricks to keep customer accounts blocked as long as possible. Hence, it is possible to withdraw whenever and however you want! This is one of the key points of all DeFi projects in my opinion!

Linen-APP is a non-custodial wallet, i.e. the creators of the wallet do not have and will never have access to your funds. A big difference from traditional systems like PayPal that hold your money in banks and can block it for as long as they want (the notorious 180-day PayPal blocks…).

Linen-App is software developed by Linen Mobile, INC. Clearly, it is not a bank and the money involved are digital dollars, which suggests that the funds are not insured by the FDIC (Federal Deposit Insurance Corporation) or other state or local authorities. This is true for most DeFi projects, although there is no reason to be alarmed when you are sufficiently prudent to back up the phrase of your wallet and hide it in a safe place. In other words, security is only in your hands!

As already mentioned, the Linen app can be downloaded via direct message on your smartphone or via these official Google and Apple store links. There are also major investors such as Coinbase, Youbi Capital, Wyre, Hashkey Capital and Polychain Capital.

About the team

Linen App Team

The “about the team” page is very comprehensive and includes the relevant names and faces, along with their biographies and previous jobs. The team is composed of Vitaly Bahachuk, Alex Bazhanau, Maksim Okala-Kulak, Max Machkasau (Advisor). By clicking on their names it is possible to access their LinkedIn profiles and learn more. If you want to know more about the project, simply become a follower of their Twitter account. For any other questions please use the FAQ page of the official website.

Ways to earn (Partecipate in Linen App Airdrop)

Download Linen App from the App Store or Goodle Play for free. Complete registration to earn Rewards via Sharedrop. Then, invite your friends and manage assets using the app to earn additional future equity. Find out More! (Only for U.S. Users)