Cross-chain platform Cancore raises $7.2M seed at $60M token valuation

What's the deal? Cancore, a cross-chain trading platform built on the CantonDealroom has a profile for this one. Try Dealroom → network, has raised $7.2 million in seed funding. The round valued its planned CNRX token at $60 million on a fully diluted basis.

Paper VenturesDealroom has a profile for this one. Try Dealroom → and dao5Dealroom has a profile for this one. Try Dealroom → took the largest allocations, with ArkStream CapitalDealroom has a profile for this one. Try Dealroom →, X VenturesDealroom has a profile for this one. Try Dealroom →, MH VenturesDealroom has a profile for this one. Try Dealroom →, and Proof of TalkDealroom has a profile for this one. Try Dealroom → also participating. The round had no official lead investor.

How it was structured: The financing was conducted through Simple Agreements for Future Tokens (SAFTs) rather than equity. Co-founder and chief executive officer Wasif Rashid said Cancore began contacting investors in June, launched the round in July, and closed it in mid-September.

What's the endgame? Cancore connects Canton assets to liquidity on public blockchains. Since going live on Canton's mainnet in April, it has processed more than $86 million in trades and currently supports Ethereum, Arbitrum, BNB Chain, and Tron, with plans to add Base and Solana.

Why now? Canton is drawing growing institutional activity. Recent milestones include a Tradeweb-facilitated tokenized US Treasury transaction and the London Stock Exchange Group joining the network as a Super Validator.

The signal: The round is a bet on bridging institutional blockchain markets with public-chain liquidity. Its payoff depends on whether cross-chain trading demand proves durable — something early volumes hint at but do not yet confirm.

Read more: bbx.com

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