Cancore Raises $7.2M Seed at $60M Token Valuation for Canton

Cancore, a trading platform on the Canton Network that links Canton assets with liquidity on public blockchains, has raised $7.2 million in seed funding at a $60 million fully diluted token valuation. The money came in through SAFTs (simple agreements for future tokens) for its planned CNRX token, CEO Wasif Rashid said.

Six firms wrote checks: Paper Ventures, dao5, ArkStream Capital, X Ventures, MH Ventures and Proof of Talk. Nobody formally led, though Paper Ventures and dao5 took the largest allocations. Rashid said investor talks began in June, the formal raise opened in July and the round closed in mid-September.

Cancore pitches itself as the "Liquidity OS for tokenized finance." In practice, it works as a non-custodial execution and settlement layer for atomic trades between Canton and public chains including EVM networks and TRON, using cryptographic conditions similar to HTLCs (hash time-locked contracts). Rashid described the failure mode plainly:

"Either the trade completes on both chains, or both parties are refunded,"

Wasif Rashid, CEO of Cancore

Traction

Mainnet on Canton went live in April 2026, with two products: Cancore Trade and Cancore Wallet. Rashid cited over $86 million in volume across more than 160,000 trades since launch, with revenue above $700,000. A separate tally the platform reported as of mid-October put volume at over $50 million and more than 125,000 trades; the figures here follow Rashid's numbers.

Now the caveat. More than 25% of lifetime volume landed in a single eight-day window in September 2026. The company publishes its figures on a public Dune dashboard, so anyone can check. Whether monthly activity stabilizes or keeps arriving in concentrated bursts is the thing to watch. Cancore is listed as a Featured App on Canton.

Fees and footprint

Supported networks are Canton, Ethereum, Arbitrum, BNB Chain, Robinhood Chain and Tron. Base and Solana are planned, with Solana to follow an external security audit.

The fee structure is 0.5% on each side of a trade, plus 10% added to Canton network fees. On liquidity pools, Cancore takes 20% of profits and 80% goes to liquidity providers. The company also runs a validator on Canton and has locked 5 million CC tokens under CIP-0116.

CNRX has no launch timeline. Stakers would get lower fees and higher limits on trading and AI tools.

Competition and context

Rashid named LayerZero, Wormhole, Squid and Canton-based DEXs as rivals. His argument is that Cancore bundles trading, settlement and AI automation in one product.

"Tokenization puts financial assets onchain. Programmability takes this further, allowing assets to be traded, managed, and settled automatically based on predefined rules, without requiring manual intervention,"

Wasif Rashid, CEO of Cancore

The round fits a broader push to connect Canton to outside liquidity. Our coverage of FalconX and Interstice linking Canton to Ethereum, Solana and Robinhood Chain tracks the same bridge-building theme, and the network's app layer has been drawing grants as well.

For traders, the pre-token angle is the one that matters. A $60 million FDV on SAFTs gives CNRX an early price marker, but with no launch date, there is nothing to trade yet.

Cancore was founded in late 2025 and has 10 employees, mainly in the UAE and Pakistan. Rashid co-founded it with Aleksei Sdvizhkov. He previously co-founded BlockApex, which he said completed more than 125 audits and helped secure over $3.2 billion in assets.