Loon, a Calgary-based stablecoin company, has raised $3 million CAD in pre-seed funding to develop a Canadian-dollar-backed stablecoin operating under domestic regulatory oversight. The round was led by Version One Ventures, with participation from Garage Capital and a syndicate of Canadian angel investors.
As part of its expansion, Loon has acquired the CADC stablecoin—originally launched by Paytrie in 2021—which has processed more than $200 million in transactions. Loon will now serve as its new issuer, integrating CADC into its broader mission of creating a trusted, transparent, and regulated Canadian digital payment infrastructure.
The funding will support product development, strengthen engineering and compliance teams, and advance Loon’s regulatory engagement strategy with Canadian authorities. The company has already pre-filed a prospectus with the Alberta Securities Commission (ASC)—a key step toward achieving full regulatory approval.
Loon’s CEO Kevin Zhang emphasized the importance of financial sovereignty, stating that Canada must “build its own sovereign rails for the digital era” rather than relying on foreign financial infrastructure. The CADC stablecoin enables real-time, 24/7 settlements in Canadian dollars on-chain—helping businesses, freelancers, and importers transact instantly and securely.
Version One Ventures’ founder Boris Wertz and Garage Capital’s general partner Michael McCauley both underscored Loon’s pivotal role in shaping the future of Canada’s digital financial ecosystem.
