Operating as Formation, the combined team brings together two leading crypto platforms spanning trading, credit and vault infrastructure to expand access to capital across AI, robotics and other frontier industries.
NEW YORK, Oct. 7, 2026 /PRNewswire/ — Orca and Loopscale today announced their merger, bringing together Orca’s trading and liquidity infrastructure with Loopscale’s credit and vault infrastructure. The combined team will operate as Formation, led by Loopscale co-founder Luke Truitt as CEO. Formation aims to give emerging assets a path from issuance to financing and liquidity, while expanding the range of assets and strategies available to capital allocators. Both the Orca and Loopscale protocols will remain the foundation of the ORCA and xORCA token network. Formation will build new, unified capabilities across origination, vault strategies, and distribution, building on the existing protocols.
Closing the gap between capital and innovation
AI, energy, robotics and defense companies are driving a new wave of capital demand. Apollo estimates that nearly $3 trillion will be needed for AI infrastructure alone through 2028.
Many of the companies behind that demand do not fit neatly into traditional capital market boxes, where fixed underwriting, legal, servicing and distribution costs favor larger, standardized deals.
Formation broadens access to capital by reducing the cost and complexity of structuring, distributing and financing assets.
“The frontier economy is creating new business models and financing needs more rapidly than traditional market infrastructure is evolving to serve them,” said Luke Truitt, CEO of Formation. “Every major technological revolution has been paired with a financial one. We’re at an inflection point that requires capital markets to keep pace with the industries reshaping the economy.”
Built on proven infrastructure
Orca has processed more than $550 billion in trading volume since 2021. Loopscale has more than $150 million in deposits and has facilitated more than $2 billion in loans. Together, they bring a battle-tested platform and decade of operating history across trading, credit and vault strategies.
“Orca has spent years building deep liquidity, and we’ve seen firsthand that liquidity alone isn’t enough to scale an asset,” said Christopher Montagano, Chief Strategy & Legal Officer of Orca. “The greater challenge is building the credit and distribution those assets need to grow, and Orca and Loopscale built complementary pieces of that infrastructure. Together, we can give issuers a complete path from launch to long-term market adoption.”
Powering the next capital formation cycle
Formation is building across origination, issuance, liquidity, credit and distribution, with a path into regulated U.S. capital markets. Over the next 12 months, the team plans to introduce new tools for issuers and capital allocation strategies alongside its existing trading, lending and vault offerings.
Formation is already working with Figure, Shinhan Asset Management, Superstate, R3 and Securitize to bring new assets to market and expand distribution.
“Having originated over $30 billion of credit onchain and scaled tokenized products to more than $650 million in DeFi, we know how much high-quality distribution partners matter for growth,” said Reid Simon, President of Digital Assets at Figure Technology Solutions, Inc. “We’ve worked closely with both the Orca and Loopscale teams over the past year, and are excited by what the unification of trading, credit and vault strategies will unlock for tokenized asset growth.”
Formation’s leadership includes Luke Truitt as Chief Executive Officer, Mary Gooneratne as Chief Operating Officer, and Christopher Montagano as Chief Strategy & Legal Officer.
About Orca
Orca is a decentralized exchange on Solana, providing trading infrastructure for digital assets. Since 2021, it has processed more than $500 billion in trading volume. Learn more at orca.so.
About Loopscale
Loopscale is a credit and vault infrastructure platform with more than $150 million in deposits and over $2 billion in loans facilitated across a broad range of markets. Learn more at loopscale.com.
About Formation
Formation is building capital markets for the frontier economy. Established through the merger of Orca and Loopscale, it brings together trading, credit and capital allocation infrastructure. Learn more at formation.so and join the conversation on X.
Forward-Looking Statements
This release contains forward-looking statements, including regarding planned products and the expected benefits of the merger. Actual results may differ materially. Planned products are subject to applicable legal and regulatory requirements and may not be available in all jurisdictions or to U.S. persons. Nothing in this release is an offer to sell or a solicitation of an offer to buy any security or other financial product, or investment, legal or tax advice.
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SOURCE Orca Management Company S.A.
