Cari, a bank-led digital currency network, has raised $32.5 million in its first external funding round, with all capital provided by banking institutions. Participants included First Horizon Bank, Huntington Bank, KeyBank, M&T Bank, Old National Bank, SouthState Bank, Glacier Bank and other banks. The network is built on an Ethereum-anchored permissioned Layer 2 blockchain and is designed to help banks bring funds on-chain through shared infrastructure and programmable financial services. Cari said the new funding will be used to speed up bank onboarding and integration and expand use cases for tokenized deposits and programmable money.