Cycles raises $6.4M for private crypto clearing network

Cycles raised $6.4M led by Blockchange Ventures, with Coinbase Ventures and others, bringing total funding to $8.7M. Funds will develop a private clearing network and launch Cycles Prime with Lynq and FalconX.

Cycles, a crypto infrastructure startup founded by Ethan Buchman, has raised $6.4 million in a funding round led by Blockchange Ventures. Other participants include Coinbase Ventures, Compound VC, Primitive Ventures, and several angel investors. This round brings Cycles’ total funding to $8.7 million, following a previous $2.3 million pre-seed round. The new capital will accelerate the development of Cycles’ privacy-preserving clearing network for crypto markets and stablecoin payments. The platform aims to address inefficiencies in crypto trading by allowing firms to privately net obligations across counterparties, reducing liquidity needs and counterparty risk without requiring collateral, asset transfers, or changes to existing trading relationships. Cycles’ first institutional product, Cycles Prime, targets OTC trading firms and is launching with Lynq and FalconX as anchor partners. The participation of major investors highlights the growing demand for robust infrastructure solutions to support mainstream crypto adoption.