Cryptocurrency Network Cari Completes $32.5 Million First-Round Funding, With Participation From First Horizon Bank and Other Banks

According to Business Wire, the bank-led digital currency network Cari has announced the completion of the first phase of its initial external financing round, raising $32.5 million from an investor base consisting entirely of banking institutions. The investors include 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 banking entities such as Glacier Bank. Keefe, Bruyette & Woods (a Stifel company) served as the financial advisor for the transaction.