Linen App

Linen App provides a multi-signature, self-custodial crypto wallet designed to enhance security and simplify the user experience in the decentralized finance (DeFi) space. The company was founded in June 2018 by Vitaly Bahachuk, a former tech investment banker, and Alex Bazhanau, a distributed systems engineer with a background in advertising technology. Both founders became deeply involved in crypto networks and incentive mechanisms in 2015.

The core of Linen App's offering is its wallet, which utilizes account abstraction and is built on Gnosis Safe's smart contract technology, a standard that secures billions in crypto assets. Instead of relying on a single, vulnerable seed phrase, Linen's security model creates three private keys for each user account. To authorize a transaction, two of these three keys are required. One key is stored on the user's mobile device, another on their cloud drive, and a third recovery key is secured by Linen, significantly mitigating the risk of total loss from a single point of failure. The platform supports multiple blockchain networks, including Ethereum, Polygon, and Gnosis Chain.

Linen App targets users who are new to DeFi, aiming to provide an accessible entry point to crypto investing and wealth-building. It allows users to connect their bank accounts, purchase stablecoins like USDC, and deposit assets into liquidity pools to earn yield. The business model centers on a highly scalable, transaction-based revenue system with low operating overhead due to its self-custody design. The company has secured $1.4 million in funding over two rounds, with backing from prominent institutional investors such as Coinbase, Polychain Capital, and HashKey Capital. While initially focused on providing high-yield cash management services, the company has pivoted to emphasize the security and multi-key features of its wallet.

Keywords: multi-signature wallet, account abstraction, Gnosis Safe, self-custody wallet, DeFi, crypto security, Vitaly Bahachuk, Alex Bazhanau, Ethereum wallet, Polygon wallet, crypto asset management, stablecoin investing, yield earning, digital asset protection, Web3 wallet, blockchain security, smart contract wallet, decentralized finance, multi-chain wallet, user-owned finance