Bank-Backed Digital Currency Network Cari Raises $32.5 Million

Bank-backed digital currency network Cari said it raised $32.5 million in its first external funding round, with all capital coming from banking institutions including First Horizon Bank, Huntington Bank, KeyBank, M&T Bank, Old National Bank, SouthState Bank, and Glacier Bank. According to ChainCatcher, Cari is built on an Ethereum-anchored permissioned Layer 2 blockchain and is designed to help banks move funds onchain through shared infrastructure and programmable financial services. The new funding will be used to accelerate bank onboarding and integration, while expanding use cases for tokenized deposits and programmable money.