Loom Network (LOOM) Price

LOOM

Buy

Before trading any crypto asset, it is important to understand the risks. This overview summarizes certain risks associated with this asset. No securities regulatory authority has issued an opinion regarding this asset, including an opinion that it is not itself a security and/or derivative.

Investors in Canada are reminded that no securities regulatory authority or regulator in Canada has assessed or endorsed any Crypto Contract or Crypto Asset made available through the Uphold Platform.

Token Description & Project Background

Loom Network is a L2 sidechain focused on supporting data management solutions for healthcare providers and government departments. 

It was originally designed as a scaling solution for Ethereum. The Loom Network’s mainnet, called Basechain, uses a Delegated Proof-of-Stake (DPoS) model that acts as an interconnected multi-chain platform supporting chains such as Bitcoin, Ethereum, and Binance networks to validate transactions and secure the network. 

The LOOM token is a staking token that is used to secure the Basechain network. The token is also used by developers to pay for dApp hosting on Loom.

The founding team is composed of Matthew Campbell (CEO & Co-Founder), Luke Zhang (CTO and Co-Founder) & James Duffy (CMO and Co-Founder. 

Risks of LOOM

Like an investment in other crypto assets, there are some general risks to investing in LOOM. These include:  (i) volatility risk and liquidity risk, (ii) short history risk, (iii) demand risk, (iv) forking risk, (v) code defects, (vi) regulatory risk, (vii) electronic trading risk, and (viii) cyber security risk. For additional information of these and other general risks associated with crypto assets and Uphold’s platform, please refer to the Risks Specific to Holding Digital Assets statement.

In addition to these general risks, an investment in LOOM is subject to the following specific risks:

  • Any potential success associated with LOOM relies on the rate of its adoption by developers, users, and projects. 
  • Other factors such as the extent of demand for blockchain interoperability solutions, as well as the competitiveness of the Loom Network’s fees and scalability relative to other networks are likely to impact LOOM’s potential success.

We emphasize that this Crypto Asset Statement is not an exhaustive description or summary of all risks associated with LOOM. Investors should conduct their own research and perform their own assessment before trading any crypto asset to determine the appropriate level of risk for their personal circumstances.

The LOOM community and Loom Network team are not under any legal or regulatory obligation to disclose material information to the public regarding its activities. Holders of LOOM have no recourse to the LOOM community, Loom Network team, or Uphold if LOOM declines in value for any reason.

Changes to applicable law may adversely affect the use, transfer, exchange, or value of any of your crypto assets, and such changes may be sudden and without notice.

Uphold’s Evaluation Process

Prior to listing LOOM on the Uphold Platform, Uphold performed due diligence on LOOM and determined that LOOM is unlikely to be a security or derivative under relevant securities legislation. Uphold’s analysis including reviewing publicly available information on the following: 

  • The creation, governance, usage, and design of LOOM, including ensuring the source code being open-source, audited and peer reviewed, security, and roadmap for growth in the developer community. 
  • The supply, demand, maturity, utility, and liquidity of LOOM.
  • Marketing materials put forward by the LOOM social team including, Twitter, Medium blog, LinkedIn posts, Discord and Telegram channels.
  • Material technical risks associated with LOOM, including any code defects, security breaches and other threats concerning LOOM and its supporting blockchain (such as the susceptibility to hacking and impact of forking), or the practices and protocols that apply to them.
  • Legal and regulatory risks associated with LOOM, including any pending, potential, or prior civil, regulatory, criminal, or enforcement action relating to the issuance, distribution, or use of LOOM. 

General

Uphold has prepared this Crypto Asset Statement based on publicly available information. Although Uphold has taken steps to obtain information from apparently reliable sources, information contained in this Crypto Asset Statement may be inaccurate, incomplete or out-of-date. This overview is a starting point for you to perform your own research prior to investing in a crypto asset.

Uphold users should read the Risks Specific To Holding Digital Assets statement for additional discussion of general risks associated with crypto assets made available through the Uphold platform.  

Canadian residents, please note that Uphold has filed an application for registration in certain Canadian jurisdictions but has not yet obtained registration. Until such time as Uphold obtains registration, Uphold has agreed to abide by the terms of an undertaking available at the following link. Please also review the Uphold Canada – Crypto Risk Statement for additional discussion of general risks associated with the crypto assets made available through Uphold Platform. Please be aware that statutory rights of action for damages or rescission in section 130.1 of the Securities Act (Ontario) and, if applicable, similar statutory rights under securities legislation in the other provinces and territories of Canada do not apply in respect of this Crypto Asset Statement or other disclosures on the Uphold website and Risks Specific To Holding Digital Assets statement. 

Last updated on June 5, 2023.

How to buy Loom Network (LOOM)

With Uphold, you can buy digital currencies in just 11 clicks - even if you don’t have an account yet. 

Nothing could be easier.

Here’s how fast it is to get started:

1. Go to Uphold.com and click sign up.

2. Enter your email address and personal details. 

3. Click the link we send you and create a password

… and you’re off to the races!

Just start trading.

Similar Assets

Get more coin for your coin

0% withdrawal fees

Low spreads

Learn more