Cyclops Raises $20 Million to Scale Stablecoin Platform
Cyclops raised $20 million in a Series A funding round to accelerate the development of its stablecoin rails for the payments industry.
The firm enables payments companies to onboard with a single partner and use one API to access stablecoin settlement, pay-ins, payouts and treasury optimization across global corridors, according to a Wednesday (July 15) press release.
With dozens of partners and more than 100 global licenses, the company provides product and license redundancy in all major markets. Its merchant network has grown to 300,000, and its volume has grown 350% month over month, according to the release.
Cyclops will use the new funding to accelerate its product development, expand its local teams and licensing, and grow its go-to-market team, per the release.
“Stablecoins have reached an inflection point, and their adoption has been accelerated by agentic commerce,” Cyclops Co-Founder Alex Wilson said in the release. “Payments companies are uniquely positioned to benefit from the growth of stablecoins but have historically struggled to adopt the technology. Cyclops is here to change that.”
Cyclops’ latest funding round came about four months after the company’s March 4 announcement that it raised $8 million and made its stablecoin and cryptocurrency platform commercially available on that day.
The company said at the time that the Markets in Crypto-Assets Regulation (MiCA) and the GENIUS Act had created the legal clarity necessary for payments companies to capitalize on the stablecoin boom.
Cyclops’ Series A funding round was led by Nava Ventures. The investment firm’s Kevin Chenault highlighted in the press release the backgrounds of Cyclops co-founders Wilson and Pat Duffy, who together previously founded a crypto fundraising solution for nonprofits called The Giving Block, and David Johnson, who is an international technology lawyer.
“There is no better team equipped to solve this problem,” Chenault said. “They lived in this world already and know exactly where the pain points are. Coming from the payments industry themselves, they are bringing the missing link of purpose-built stablecoin infrastructure for the payments industry to scale the next wave of stablecoin growth.”
PYMNTS reported Tuesday (July 14) that another company, Velocity, raised $38 million in a Series A funding round to expand its stablecoin payments and treasury platform designed for global enterprises.
