Linen App (formerly known as Bloqboard) aims to give seamless access to the traditional banking system and Open Finance/Decentralized Finance for the first time to U.S. consumers using just one app. Powered by Compound.
App for everyone
Moreover, the app is also for those who have no idea what crypto wallets are, Ethereum, or any crypto-related stuff. Consumers who have crypto knowledge or without can benefit from the high-interest rates on U.S. dollars available in DeFi. The team aims to launch the app in Q4 2019, but users can now register and get early access.
Safety of funds
They use the Compound protocol, which liquidates loans if collateral values decrease stated on Linen App’s FAQs . Furthermore, the funds will only be accessible from the user’s mobile device. Linen do not have access to your funds, as per the FAQ and they simply provide software service to access Compound lending pools.
The Linen App claims that they do not have any associated fees for transaction or foreign exchange fees. The Linen Card will have no annual fees for its users or minimum balances to maintain when it is already available.
At the moment, they have capped the maximum amount to $2,500 U.S. that users can hold on the Linen App.
The Linen App team is said that they are currently building the technology that connects to a banking API partner. They said that they will let their users know once they have more information.