Cycles, a startup building privacy-focused clearing infrastructure for crypto markets, has announced a new $6.4 million funding round. The company develops an open network designed to reduce settlement friction and improve capital use across crypto trading and stablecoin payments.
The round was led by Blockchange Ventures, an early-stage digital asset investment firm. Other participants included Coinbase Ventures, Compound VC, Primitive Ventures, and several angel investors. This new funding brings Cycles’ total capital raised to $8.7 million, following its $2.3 million pre-seed round in 2025.
What Cycles Plans to Build
The company said the money will be used to expand its clearing network and launch products built on top of it. Its first institutional product, Cycles Prime, allows trading firms to privately net OTC obligations across the network without moving assets or posting collateral. The launch includes Lynq and FalconX as initial partners.
Cycles is also developing Cycles Pay, a payment application for businesses and individuals using stablecoins. This suggests the company aims to bridge institutional and retail use cases over time.
Team Background
Cycles was created by a team from Informal Systems, a blockchain infrastructure and research company. It is led by Cosmos co-founder Ethan Buchman, which gives the project some credibility in the crypto infrastructure space. However, it remains to be seen whether the clearing network will gain significant traction among traders and payment users.
