Company research
Fetched Sep 24
Cycles builds an open, privacy-preserving clearing network for crypto markets and stablecoin payments, with products for institutional trading firms, businesses, and individuals.
- Founders
- Ethan Buchman · Co-founder and CEOBefore Cycles, Ethan Buchman co-founded Cosmos, led development of the Tendermint consensus engine, contributed to the IBC protocol, served as Technical Director of the Interchain Foundation, and co-founded and led Informal Systems.
- Ethan Buchman · Co-founder and CEO
- Total raised
- $8.7 million · as its sources put it, more than the rounds on record
WHY IT MATTERS
Crypto markets largely operate on a gross, prefunded basis, creating liquidity bottlenecks, higher counterparty risk, and settlement inefficiencies across billions in daily trading volume. Cycles has raised $8.7 million to apply private multilateral netting—starting with Prime for institutional trading firms and Pay for stablecoin payments—so less capital and fewer assets need to move.
Checked against 9 sources on Sep 24
Sources
Investors
Seed$6.4M2026-05-214 investors
Also named as backers in company research: CMCC Global, Maven 11, Nascent, Cygni Labs