Loon, a stablecoin company headquartered in Calgary, secured $3 million CAD in pre-seed funding led by Version One Ventures. The company is working to create a stablecoin backed by the Canadian dollar that will operate under Canadian regulations.
Alongside its funding round, Loon announced its acquisition of the CADC stablecoin. The digital currency has seen $200 million in transaction volume since its launch in 2021, and Loon will become its new issuer. CADC lets users and businesses instantly settle transactions in Canadian dollars on-chain at any time.
Loon will onboard virtual-currency exchanges, fintech applications and liquidity providers to help distribute its newly acquired stablecoin in the coming weeks. The new capital enables Loon to fuel product development, expand its team across its engineering and compliance functions and further its national regulatory engagement strategy.
