Solana DeFi Firms Orca and Loopscale Merge Under New Formation Brand
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Solana decentralized exchange Orca and lending protocol Loopscale are merging into a single company called Formation, the two teams announced Wednesday.
Key facts
- Orca launched in February 2021 and raised an $18 million Series A that September
- The new firm is headquartered in New York and led by Loopscale co-founder Luke Truitt as CEO, with fellow co-founder Mary Gooneratne as chief operating officer and Orca's Christopher Montagano
- Over the next 12 months, Formation plans to introduce tools for issuers and new capital allocation strategies alongside its existing trading, lending and vault products
- Formation’s business is exploring the possibilities opened by the SEC's Sept
Summary
Orca and Loopscale merged under the Formation brand, headquartered in New York, with Loopscale co-founder Luke Truitt as CEO; financial terms were not disclosed. Formation targets financing for AI, energy, robotics and defense assets, backed by Orca's $550 billion-plus in trading volume and Loopscale's $150 million in deposits and $2 billion in loans facilitated. Formation plans to operate a tokenized securities venue under the SEC's five-year Innovation Exemption and to introduce issuer tools within 12 months. The new firm is headquartered in New York and led by Loopscale co-founder Luke Truitt as CEO, with fellow co-founder Mary Gooneratne as chief operating officer and Orca's Christopher Montagano as chief strategy and legal officer.