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The Venture Codex

Circle Ventures

1 Lincoln Street, Boston, MA, 02111, United States

Overview

Circle Ventures invests in projects that accelerate global crypto innovation and adoption in service. They foster crypto innovation by assisting founders and teams that are committed to open access, financial inclusivity, and programmable commerce, all of which may contribute to global economic success.

Total investments
71
Lead investments
2
Investments · 12mo
8
Active investors
2
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Investment portfolio

  • Cyclops

    Participated · Series A · Jul 2026

    Cyclops offers an all-in-one stablecoin platform purpose-built for payments companies, providing orchestration and full-stack integrations to enable stablecoin settlement, pay-ins, payouts and treasury optimization via a single API. The company emphasizes end-to-end integrations with leading providers across the stablecoin stack and proprietary technology layered on top to simplify payments use cases. Cyclops claims product and license redundancy in major markets, with dozens of partners and over 100 global licenses. Its founding team includes payments veterans Alex Wilson and Pat Duffy and international technology lawyer David Johnson, who shaped the company’s approach to global licensing. Operational metrics disclosed at the time of the raise include a merchant network of 300,000, 350% month-over-month volume growth, and a headcount of 31 with plans to double by year end. The company plans to use the Series A proceeds to accelerate product development, expand local teams and licensing, and scale its go-to-market efforts.

  • EarnOS

    Participated · Series A · Jun 2026

    EarnOS develops ero, an application designed to help brands verify web traffic authenticity, reduce bot-driven waste and reward real digital actions. The company said ero is nearing the end of its testing phase and will launch in the United States, Canada, Australia and the United Kingdom. Verona (formerly XION) is providing technology support for ero and will handle global verification, user registration and reward payouts as part of a four-year strategic arrangement. Financially, EarnOS announced a $6 million pre-Series A led by 1kx with participation from Coinbase Ventures, Circle Ventures and Social Graph Ventures, plus a $12.5 million non-dilutive strategic investment from Verona. The articles do not report revenue, user counts, founding year, or location.

  • Morpho Labs

    Participated · Equity · Jun 2026

    Morpho Labs operates a decentralized lending and borrowing protocol that aggregates markets and allows users to create their own on-chain lending markets with bespoke risk parameters. The protocol had about $6.6 billion in assets locked and counts customers and integrators such as Coinbase, Kraken, Anchorage Digital, and Galaxy Digital. Morpho was initially built on top of Aave before evolving into a distinct protocol that seeks to compete with incumbents by offering customizable markets and higher yields. The team includes cofounder Paul Frambot, who launched the project at age 20, alongside Merlin Egalite, Julien Thomas, and Mathis Gontier Delaunay. Morpho has experienced some security exposure tied to a broader exploit that affected Aave but has continued to grow adoption. The company has signaled plans to court traditional financial institutions as it further develops its protocol and market reach.

  • Turnkey

    Led · Equity · May 2026

    Turnkey builds programmable infrastructure that combines non-custodial embedded wallets with a verifiable cloud environment to enable automated on-chain transactions, gas sponsorship, and secure off-chain workload enforcement. The company powers major digital-asset platforms including Polymarket, Flutterwave, Anchorage Digital, and Tools for Humanity’s World App. Turnkey is led by CEO and co-founder Bryce Ferguson alongside co-founder Jack. It has raised over $65m in total funding to date and recently secured an additional $12.5m. The new capital is earmarked to accelerate the public launch of its Turnkey Verifiable Cloud, expand its engineering team, and grow operational infrastructure across crypto, fintech, and AI. The company is headquartered in New York City.

  • Brix

    Participated · Equity · Apr 2026

    Brix builds a platform to tokenise real-world financial assets from emerging markets—such as stocks, funds, and bonds—and make them accessible to a broader set of investors. It works with local banks and brokerage firms to issue, custody, and manage the underlying assets, ensuring regulatory and operational support. Tokenised instruments on the platform can be used as collateral and integrated into decentralized finance applications, enabling new on-chain financial structures and market-making. Brix plans to launch its first asset, a digital instrument backed by tokenised Turkish lira–denominated money market funds, and expects to roll out additional market-specific offerings. The company is expanding partnerships and asset coverage across Türkiye, the UAE, Egypt, Mexico, Brazil, and South Korea to broaden investor access to emerging market yield.

Team

  • Will Price

  • Brian Schultz

    General Partner

    LinkedIn