ZKsync partner Cari Network raises $32.5M backed entirely by banks, building tokenized deposits governed by financial institutions for American banking [- ๐/@zksync](https://leviathannews.xyz/redirect/301433?utm_medium=telegram&utm_source=11&utm_campaign=approved&ch=-1001923526882&skip_landing=true)
Regulation & Gov ยท
Cari Network, a partnership involving ZKsync's Prividium institutional rails, has raised $32.5M in funding backed entirely by banks. The capital will support development of tokenized deposits governed by financial institutions for American banking infrastructure, according to reporting on the initiative.
Prividium operates as a blockchain-based system designed to bring regulated financial institutions directly onto onchain rails. The tokenized deposit structure creates a mechanism for banks to issue digital versions of traditional deposits while maintaining regulatory oversight and FDIC eligibility. This approach positions regulated financial entities as central participants in onchain finance rather than marginal participants, contrasting with other blockchain infrastructure models that operate outside traditional banking frameworks.
Key details about Cari Network's specific governance structure, the roster of participating banks, and timeline for deployment remain unclear from available reporting. The mechanism by which tokenized deposits will interface with existing banking regulations and settlement systems has not been detailed.