Cycles is developing a unified clearing network that nets obligations across crypto trading and stablecoin payment flows using zero-knowledge proofs, trusted execution environments, and multilateral clearing. Its first products are Cycles Prime, an institutional product that enables private netting of OTC obligations without collateral or asset movement, and Cycles Pay, a stablecoin payments app for individuals and businesses that routes payments through the clearing engine to minimize capital movement. Cycles Prime is launching with Lynq and FalconX as anchor partners, and Cycles Pay offers invoicing and expense management with a private beta for business features. The company was spun out of Informal Systems and is led by Cosmos co‑founder Ethan Buchman. Financially, Cycles has raised $8.7 million to date, including a $2.3 million pre-seed in 2025 and the $6.4 million round announced in May 2026.

Total raised

$6M

Funding rounds

1

Latest round

Equity

Latest activity

May 2026