Cari, the US tokenized deposit network targeting regional, mid-size, and community banks, has raised $32.5 million in the first tranche of its initial funding round, entirely from banks. Investors include Glacier Bank and others alongside the six original design partner banks, First Horizon Bank, Huntington Bank, KeyBank, M&T Bank, Old National Bank and SouthState Bank. So far 30 banks have joined with another 40 in active discussions.
The build reached minimum viable product stage at the end of March with a full product suite delivered in July, which included programmability, wallets and a portal to enable banks to mint, transfer and burn tokenized deposits for the pilot. It is still in pre-production.
“Cari’s shared infrastructure gives us access to capabilities that would be difficult and costly to develop independently, while allowing us to continue competing on the relationships and service that differentiate First Horizon,” said Bryan Jordan, Chairman, President and CEO of First Horizon Bank.
There are two important takeaways from the announcement, which may not be immediately obvious on first reading.
Article continues …
Want the full story? Pro subscribers get complete articles, exclusive industry analysis, and early access to legislative updates that keep you ahead of the competition. Join the professionals who are choosing deeper insights over surface level news.
