Canton-Based Platform Cancore Raises $7.2 Million Seed Round to Expand RWA Liquidity

Cancore, a trading platform built on the Canton Network, has raised $7.2 million in seed funding.

The Block reported on October 28 that Cancore closed the round with participation from Paper Ventures, dao5, Arrington Capital, X Ventures, MH Ventures and Proof of Talk. The investment was structured as a Simple Agreement for Future Tokens, or SAFT, based on a fully diluted valuation of $60 million.

Cancore is a platform that links tokenized real-world asset, or RWA, products registered on Canton, an institutional blockchain, with stablecoins and decentralized-finance liquidity on external blockchains. Its core offering is automating trading and settlement for institutional assets while supporting cross-chain asset transfers.

The platform currently supports transactions between Canton and Ethereum, Arbitrum, BNB Chain, Robinhood Chain and Tron. It plans to expand support to Base and Solana. The Solana integration will proceed after an external security audit.

According to Wasif Rashid, Cancore's co-founder and chief executive officer, cumulative transaction volume has exceeded $86 million since the mainnet launched in April. The platform has processed more than 160,000 transactions, and revenue has topped $700,000 over the same period.

Cancore is also preparing to launch its native token, CNRX. Users who stake the token will receive benefits including trading-fee discounts and higher trading limits. The company did not disclose a launch timeline.