> For the complete documentation index, see [llms.txt](https://support.lisk.com/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://support.lisk.com/faq/lisk-app.md).

# Lisk App

### What do I need to start using Lisk?

Lisk is a workspace-based platform for teams and businesses to manage funds, make payments, and manage approvals together. To get started you need a few things:

* **A business or organization.** Lisk is for businesses, not individuals - setting up requires verifying a company through **KYB (Know Your Business)**. A single-person or single-entity business is fine; you just can't sign up as an individual.
* **An authenticator app.** During sign-up you set up two-factor authentication (2FA) using a TOTP authenticator app (for example, one that generates a rotating 6-digit code).
* **The Lisk mobile app.** You approve and sign transactions on your phone. The web app is for viewing data and starting transactions; signing always happens on mobile, using your device's security (Face ID, fingerprint, or passcode). Your device needs to support passkeys.

#### What is KYB, and when do I need it? <a href="#what-is-kyb-and-when-do-i-need-it" id="what-is-kyb-and-when-do-i-need-it"></a>

KYB (Know Your Business) is the check that confirms your organization's identity. You complete it as a multi-step form covering your business details, activity, beneficial owners and directors, and company documents (such as articles of incorporation and proof of address). Any deposits and withdrawals stay locked until your KYB is approved. Some documents, such as financial statements and proof of address, must be dated within the last 90 days.

### How long does it take to get set up on Lisk?

Setting up your Lisk user account itself is quick - usually a few minutes. Sign-up walks you through a short sequence: verify your email, enter your name, create your workspace, invite your team, and set up two-factor authentication. You'll also pair the mobile app and create your signing passkey so you can approve payments.

Any deposits and transactions require **business verification (KYB)**. This is the part that can take longer, especially if extra documents are requested during review. You can keep exploring and setting up your workspace while KYB is under review.

### Is Lisk free to use?

Setting up and running your Lisk workspace doesn't cost anything on its own. Creating a workspace, adding accounts, inviting your team, and completing verification are all part of getting started at no charge.

When a fee applies to an outgoing payment - for example when a payout is converted to a local currency and sent to a bank account - Lisk shows you the fee before you confirm, so there are no surprises.

For the full picture of when fees apply and what they cover, see [#what-fees-does-lisk-charge](#what-fees-does-lisk-charge "mention")

### What fees does Lisk charge?

During early access, Lisk does not charge a platform fee for using the Lisk app and its services (including on/off ramping).

Certain outgoing transactions may still involve third-party costs, such as blockchain network fees, payment-rail fees or currency-conversion costs. Where applicable, the relevant fee or exchange rate will be displayed before you confirm the transaction.

Lisk may introduce or update our pricing in the future. Any applicable fees will be clearly disclosed before they take effect.

### How is Lisk different from a traditional bank?

Lisk is not a bank. It's a workspace-based financial platform that lets a team hold funds, send payments, and manage approvals together, using crypto infrastructure behind the scenes. It connects to your existing bank accounts for moving money in and out, but the funds themselves are held as a stablecoin rather than as a traditional bank balance.

Here are the main differences a new user notices:

* **Funds are held as a stablecoin, not a bank deposit.** Money in your Lisk accounts is held as USDL, a stablecoin, on the Base network. You can move it out to a bank account or a crypto wallet whenever you need to.
* **You and your team control the accounts.** Lisk accounts are multi-signature: you set how many approvers must sign off before a payment goes through. No single person can move funds on their own unless you configure it that way.
* **Roles instead of account signatories.** A workspace has an Owner, Admins, and Members, each with clearly defined permissions over accounts and transactions.
* **It works alongside your bank.** You fund accounts by bank transfer (ACH/wire or SEPA) or by crypto, and you pay out to bank accounts or crypto wallets. Lisk sits between traditional banking and crypto rails.
* **Approvals are built in.** Every payment follows an approval flow. All assigned approvers sign from the mobile app.

#### Is my money insured the way a bank deposit is? <a href="#is-my-money-insured-the-way-a-bank-deposit-is" id="is-my-money-insured-the-way-a-bank-deposit-is"></a>

No. Balances held through the platform are not traditional bank deposits and are not covered by deposit-insurance schemes such as the FDIC.

The platform uses stablecoin and payment infrastructure provided by regulated financial-services partners. Stablecoins and digital assets involve different protections and risks than funds held in a traditional bank account. Please review the applicable terms and risk disclosures for further information.

Note that all accounts on Lisk are non-custodial, so no one except the signers you assigned to an account can move the funds in them.