Digital Currency Network Cari Raises $32.5 Million from Banking Consortium

Cari, a bank-led digital currency network, raised $32.5 million in its first external funding round from institutions including First Horizon Bank, Huntington Bank, KeyBank, M&T Bank, Old National Bank, SouthState Bank, and Glacier Bank. Cari utilizes an Ethereum-based permissioned Layer 2 blockchain to enable banks to tokenize deposits and offer programmable financial services. The funds will be used to accelerate bank integration and expand tokenized deposit use cases.