The Cari Network, the bank-governed digital money network, announced it has completed an initial external funding round from a consortium of banks.
Investors include all six of Cari’s Design Partner Banks—First Horizon Bank, Huntington Bank, KeyBank, M&T Bank, Old National Bank and SouthState Bank—as well as other banks, including Glacier Bank.
The investment marks the latest step in Cari’s partnership with its six Design Partner Banks around a shared goal of enabling regional, mid-size and community banks to participate in the next generation of digital money infrastructure.
The Cari Network is the first tokenized deposit network connecting chartered banks on a shared ledger, delivering instant, always-on settlement without leaving the regulatory perimeter.
S&C previously advised The Cari Network on its strategic partnership with Tassat.
The S&C team that advised The Cari Network on this transaction includes Pete Jones, Davis Wang, Adrienne Harris, Mike Escue, Jordan Wish and Patrick Gaughan.