Team behind LoanScan and Bloqboard launches banking service app with a DeFi back-end

Quick Take

  • The team behind Bloqboard and LoanScan is launching Linen, a banking services app with decentralized finance integrations
  • Linen hopes to make it easier for non-crypto native people to get exposure to cryptocurrency
  • The company also recently closed a funding round, adding Wyre and Hashkey to a list of investors that includes Polychain and Coinbase

The team behind Bloqboard, a cryptocurrency lending bulletin board, and LoanScan, a cryptocurrency data provider, is launching a new app called Linen to draw in non-crypto native users. Linen is aimed at lowering the barriers for crypto exposure by cutting out the need for multiple dApps in the lending process.

Vitaly Bahachuk launched Bloqboard early on in the Ethereum space. As a whole, however, people weren’t entirely sure what to do with its initial product, leading his team to focus on a particular subset of the product, a bulletin board which gives users direct access to the services provided by lending protocol built on Ethereum, such as MakerDAO and Compound. Now, Bahachuk and his team are widening that subset with Linen, abstracting some of the trickier parts of decentralized finance (DeFi) and presenting customers with a more user-friendly interface.

Linen will focus on functionality. It’s a fintech app that enables traditional banking procedures like direct deposit, savings, debit card capabilities, and money transfer, with the added benefit of earning variable interest through Ethereum-based lending protocols like Compound, which, at the time of this writing, offers a 5.68% APR to USDC lenders. In this way, Linen purports to marry traditional finance with DeFi capabilities for non-crypto native users, marketing towards those who have perhaps utilized high-yield savings accounts in the traditional finance world.

“To our members, the experience will be no any different than…

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