We’re excited to announce that Cycles has raised $8.7 million to date. Our new $6.4M seed round was led by Blockchange Ventures, with participation from Coinbase Ventures, Compound VC, Primitive Ventures, and angels. It followed our $2.3 million pre-seed in 2025, and will accelerate the rollout of the Cycles clearing network and the first products being built on top of it.
Today, most of the crypto industry still operates without clearing infrastructure. Firms are required to prefund trades, move capital constantly between venues and counterparties, and settle transactions on a gross basis instead of netting obligations against each other. That creates unnecessary liquidity requirements, increases counterparty risk, and makes markets more fragile during periods of volatility.
Traditional financial systems solved this problem decades ago through clearing. Instead of every participant sending full payments back and forth, obligations are offset so that only the net difference needs to move. This dramatically improves capital efficiency and reduces the amount of liquidity required to keep markets functioning. Crypto and stablecoin economies need the same foundational infrastructure.
Cycles nets obligations across trading and payment flows through a multilateral clearing network designed to reduce capital movement while preserving privacy. The network combines zero-knowledge proofs, trusted execution environments, and multilateral clearing to enable participants to coordinate obligations without exposing sensitive financial data.
Historically, clearing infrastructure has largely only been accessible to large financial institutions. Cycles is designed to bring the capital efficiency benefits of clearing to a much broader set of participants through a privacy-preserving network built without centralized intermediaries.
Cycles is building a unified clearing network that serves as a base layer for an ecosystem of capital-efficient financial applications. We’re initially launching two products built on the same shared clearing architecture:
- Cycles Prime is an institutional product that allows trading firms to privately net OTC obligations across the network without requiring collateral, movement of assets, or changes in counterparties. The goal is to reduce liquidity requirements and counterparty exposure while making settlement dramatically more capital efficient. It is launching with Lynq and FalconX as anchor partners. Institutional trading firms interested in joining the Cycles Prime beta can apply at cycles.money/prime.
- Cycles Pay is a stablecoin payments app for individuals and businesses. It allows users to send and receive stablecoin payments, maintain privacy, and put idle balances to work. Under the hood, payments are routed through the same clearing protocol powering Cycles Prime which allows obligations across participants to net against each other and minimize the amount of capital that actually needs to move. Anyone can sign up for private beta access to business features at cycles.money/pay.
As stablecoins, crypto markets, and internet-native businesses continue scaling globally, efficient coordination of obligations will become increasingly important. We’re designing a clearing network capable of supporting institutional trading, global payments, business finance, and entirely new categories of capital-efficient financial applications. This funding round helps accelerate that vision, and we’re excited to continue building.