Cycles Raises $6.4M for Crypto Clearing Network

Cycles, a startup focused on privacy-first clearing infrastructure for crypto markets, has secured $6.4 million in new funding. The company builds an open network aimed at reducing settlement delays and improving how capital is used across crypto trading and stablecoin payments.

Funding Led by Blockchange Ventures

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 brings Cycles’ total funding to $8.7 million, following a $2.3 million pre-seed round in 2025. The company plans to use the fresh capital to expand its clearing network and launch products built on top of it.

First Product: Cycles Prime

Cycles’ first institutional product, Cycles Prime, lets trading firms privately net over-the-counter obligations across the network. It doesn’t require moving assets or posting collateral. Initial partners include Lynq and FalconX. The company is also developing Cycles Pay, a payment application aimed at businesses and individuals who use stablecoins.

Origins and Leadership

The team behind Cycles comes from Informal Systems, a blockchain infrastructure and research firm. The company is led by Cosmos co-founder Ethan Buchman. The idea, I think, taps into a growing need for more efficient and private settlement in crypto markets, where current systems can be slow or capital-intensive.

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