Cancore raises $7.2 million at $60 million token valuation
Key points
- Cancore raised $7.2 million in seed funding at a $60 million fully diluted valuation for its planned CNRX token.
- Paper Ventures, dao5 and four other investment firms participated, with Paper Ventures and dao5 taking the largest allocations.
- The company plans to expand cross-chain trading between Canton Network assets and public blockchain liquidity.
Cancore raised $7.2 million for its planned CNRX token, according to an exclusive report by The Block.
The seed round valued the planned token at $60 million fully diluted and used simple agreements for future tokens.
“Either the trade completes on both chains, or both parties are refunded,” Cancore co-founder and CEO Wasif Rashid said in a statement.
Paper Ventures and dao5 took the largest allocations, alongside ArkStream Capital, X Ventures, MH Ventures and Proof of Talk.
Since launching in April, Cancore has processed more than $86 million in trading volume across over 160,000 trades.
The platform connects Canton assets with liquidity across Ethereum, Arbitrum, BNB Chain, Robinhood Chain and Tron, with Base and Solana planned.
Cancore generated more than $700,000 in revenue during that period and plans to expand engineering, security, AI infrastructure and institutional business development.
The funding supports Cancore’s expansion across public blockchains, while the company has yet to announce a launch date for CNRX.
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