Canton-based trading platform Cancore raises $7.2 million at $60 million token valuation

Canton Network, built by Digital Asset and live since 2024, was designed to let banks and asset managers trade tokenized assets under a privacy-preserving, permissioned model, but that design leaves those assets cut off from the liquidity pools of public chains like Ethereum or Solana. Cancore is one of several platforms, alongside tokenization players such as Ondo and Securitize, trying to bridge that gap by routing institutional Canton assets into public-chain markets.

Backers Paper Ventures and dao5 take the largest stakes in a round with no formal lead, giving Cancore a distributed cap table rather than one anchor investor steering terms. Traders on the platform already have access to $53.2 million in volume across more than 84,000 trades, and the new capital is earmarked for AI trading agents and cross-chain settlement tools, meaning institutional desks get automated execution across Canton and public chains rather than manual bridging.

Linking a permissioned, institution-only network to open public chains tests how much of Canton's compliance model survives contact with public-chain liquidity, and how much of public chains' openness survives contact with institutional gatekeeping. The gap between a mid-September close and an October 27 disclosure is also worth noting on its own terms: seed rounds in crypto are increasingly announced well after they happen, which complicates any reader's sense of when a valuation actually applied.

The $60 million figure is explicitly a token valuation, pointing to a future token generation event that has not yet been dated; its terms, and whether Cancore attracts a named lead investor before then, will show how the market prices infrastructure meant to connect Canton to public chains. Growth past the current $53.2 million in trading volume will be the clearest sign of whether institutional demand for that bridge is real.