What is Loom used for?

Could you elaborate on the intended purpose and usage of Loom in the cryptocurrency and finance space? I'm particularly interested in understanding its core functionalities and how it's being leveraged by professionals in this domain. What specific challenges does Loom aim to address, and what are some of the key benefits it provides? Is it used primarily for transaction privacy, scalability solutions, or some other critical aspect of blockchain-based financial systems? I'd appreciate a concise yet comprehensive overview of Loom's use cases and its position within the broader cryptocurrency and finance landscape.