Cancore, a startup building trading rails between the institution-focused Canton Network and public blockchains, has closed a seed round at a $60 million valuation.
Six firms backed the round: Paper Ventures, dao5, ArkStream Capital, X Ventures, MH Ventures and Proof of Talk. Nobody formally led the deal. According to co-founder and CEO Wasif Rashid, speaking to The Block, Paper Ventures and dao5 took the biggest allocations.
What Cancore actually does
The company calls its product the “Liquidity OS for Tokenized Finance.” Technically, it is a non-custodial execution and settlement layer. It enables atomic trades between the Canton Network and public networks, including EVM chains and TRON.
“Atomic” is the key word. A trade either completes fully on both sides or does not happen at all. There is no scenario where one party sends assets and the other side never arrives.
To guarantee that, Cancore relies on cryptographic conditions similar to hash time-locked contracts, or HTLCs. These are locks that only open when both sides of a deal meet agreed conditions within a set window. If the conditions are not met, the trade unwinds.
Assets also stay on their home chains. There are no wrapped tokens and no custodians holding funds in escrow.
The traction behind the valuation
Cancore’s mainnet went live in April 2026. By mid-October 2026, the platform reported more than $50 million in total transaction volume.
It has also executed more than 125,000 trades across its supported networks. The company publishes its performance figures on a public Dune dashboard, so anyone can check the numbers.
The activity has not been evenly spread. More than 25% of lifetime volume landed within a single eight-day window in September 2026.
Cancore is listed as a Featured App on Canton.
The team and its background
Rashid co-founded Cancore with Aleksei Sdvizhkov. Rashid has approximately 10 years of experience in blockchain security. Sdvizhkov brings more than 15 years in enterprise fintech.
Why Canton connectivity is the bet
The Canton Network is designed for institutional tokenized assets. Public chains like EVM networks and TRON are where much of crypto’s open liquidity sits. Today, those two worlds are largely fragmented.
Cancore’s answer is to let each asset stay put and let the trade itself do the bridging.
What this means for the market
The investor lineup, with no formal lead and two firms taking the largest slices, points to a syndicate-style round.
The September volume burst also deserves a second look. Readers should watch whether monthly activity stabilizes or keeps arriving in concentrated waves.
The public Dune dashboard makes that easy to monitor. In a sector where startups often ask investors to take growth figures on faith, verifiable on-chain metrics are a quiet competitive advantage.
Disclosure: This article was edited by John Chen. For more information on how we create and review content, see our Editorial Policy.