Cycles, a startup focused on privacy-focused clearing infrastructure for crypto markets, has secured $6.4 million in new funding. The company is building an open network aimed at reducing settlement times and improving how capital is used in 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 new capital to expand its clearing network and launch products built on it.
First product: Cycles Prime
Cycles’ first institutional product, Cycles Prime, allows trading companies to privately clear their OTC obligations across the network. This does not require moving assets or providing collateral. Initial partners include Lynq and FalconX. The company also develops Cycles Pay, a payment application for businesses and individuals using stablecoins.
Origins and leadership
The team behind Cycles comes from Informal Systems, a blockchain infrastructure and research company. The company is led by Ethan Buchman, co-founder of Cosmos. I believe the idea addresses the growing need for more efficient and private settlement in crypto markets, where current systems can be slow or capital-intensive.
