Lyon, France (AFP) – The first wave of the Loon blockchain was launched in the autumn of 2016, and has since become a symbol of the Paris-based company’s ambitious mission to revolutionise the financial sector.
Lyon has become a lightning rod for regulators and the financial industry, and its value soared by more than 20 percent after its launch, reaching an all-time high of $2.8 billion ($2.9 billion in 2018 dollars).
The company has since raised more than $2 billion in venture capital funding, with the latest round from Goldman Sachs (GS), followed by others including UBS, the Bank of England and Bank of America.
Loners blockchain, which has been in the works since last autumn, will enable Loon to be “a peer-to-peer settlement platform that uses blockchain technology and distributed ledgers to enable a digital money supply for a world of interconnected, global financial services,” according to its website.
Loon’s project has attracted some of the biggest names in the world, including the likes of Goldman Sachs, JP Morgan Chase and BNY Mellon, among others.
In a statement, Lyon said its Loon platform was “an ambitious and ambitious project to bring financial services to everyone.”
“We believe that the Lounoon platform will be the backbone of a global, blockchain-based payment system for a new era in the financial world,” it said.
Lons technology has been developed by French startup startup Loon, which claims to have raised $2bn in venture funding, including from the likes as well as banks such as BNY, JPMorgan Chase and Bank Of America.
Its main focus, however, is on its digital money system, which will make payments instant and irreversible, using the blockchain.
The Loon network will allow payments to be made without banks, where the money would be held for banks, for instance.
Loon has been developing a digital payment system that is expected to be used in some countries in the coming years.
In May, Lyon announced a partnership with the US-based Ripple, which was established to “transform the global financial system,” as well the payment systems that it had already created, including Loon.LON has also partnered with a number of other large international banks to create a blockchain-backed digital payment platform that is currently available in more than 50 countries.
In June, Loon partnered with Japanese online marketplace Rakuten to provide its users with a payment solution for buying and selling items.