Cari raises $32.5m from banks to build its tokenized-deposit network
The bank-governed network will move toward production as participating institutions expand onboarding and programmable settlement use cases.
Commercial-bank money on a shared network
Cari is building a permissioned network where participating banks can issue tokenized commercial deposits and settle transactions around the clock. The system is anchored to Ethereum and governed by banks, keeping the digital money within participating institutions’ regulatory perimeter while enabling programmable transfers.
Cari raised $32.5 million with backing from banks including First Horizon, Huntington, KeyBank and M&T. The company will move the network toward production, onboard and integrate more institutions, and expand programmable-money and digital-asset capabilities. More than 30 financial institutions are working with the network, including six design partners.
Use of funds
Move the network toward production and scale
Accelerate bank onboarding and integration
Expand products and programmable money use cases
Advance digital asset capabilities for participant banks