Members create a self-custody digital assets wallet during Linen App registration.

"Add Funds" Flow

  1. Members transfer U.S. dollars and exchange them 1:1 for digital dollars (stablecoin USDC) with our payments partner Wyre. Learn more about why you need digital dollars.
  2. Wyre sends USDC to your Linen App self-custody wallet on your mobile device. This usually happens within 10 minutes or so.
  3. Members supply USDC to the Compound Liquidity Pool to earn yield.
  4. Members receive a record of the supplied balance in the form of a cUSDC digital asset from the Compound Liquidity Pool. A record is stored in your Linen App wallet and is your right to claim digital dollars (stablecoin USDC) back from the Compound Liquidity Pool. cUSDC accumulates interest through their exchange rate. Over time, each cUSDC becomes convertible into an increasing amount of USDC, even though the number of cUSDC in your wallet stays the same.

"Withdraw" Flow

  1. Members send their record of the supplied USDC (digital asset cUSDC) held in the Linen App self-custody wallet back to the Compound Liquidity Pool. 
  2. Members receive digital dollars (stablecoin USDC) from Compound in their Linen App self-custody wallet.
  3. Members send USDC to Wyre to exchange it 1:1 for a U.S. dollar.
  4. Wyre sends U.S. dollars to your connected bank account. It takes about 3-5 business days for funds to hit your bank account. 

Related article: What is a Compound Liquidity Pool, and why I should care?

 

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