U.S. bank-led digital currency project Cari raises $32.5M

Cari, a digital currency network led by U.S. regional and mid-sized banks, said it raised $32.5 million. The funding round included six design partner banks in the Cari network: Huntington Bancshares, First Horizon, M&T Bank, KeyCorp, Old National Bancorp and SouthState. Cari said the proceeds will be used to expand the banks’ participation in the network and system integration, while supporting development of applications tied to tokenized deposits and programmable money.