Cycles Raises $6.4M for Clearing Network

Cycles, a startup building privacy-focused clearing infrastructure for crypto markets, 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, with participation from Coinbase Ventures, the venture arm of Coinbase exchange, Compound VC, a crypto-focused investment company, Primitive Ventures, a blockchain and Web3 investment fund, and several angel investors.

The new funding brings Cycles’ total capital raised to $8.7 million after its $2.3 million pre-seed round in 2025. 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.

Cycles was created by a team from Informal Systems, a blockchain infrastructure and research company, and is led by Cosmos co-founder Ethan Buchman.

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