Cycles raises $6.4M led by Blockchange Ventures to build a private clearing network for crypto markets and stablecoin payments
Founded by Ethan Buchman after spinning out of Informal Systems, the startup aims to reduce liquidity bottlenecks and settlement risks in digital assets
Fresh capital will help scale Cycles Prime and Cycles Pay, with Lynq and FalconX joining as anchor partners
Crypto markets move trillions of dollars, yet they still lack one of the most basic tools that traditional finance has relied on for decades: clearing infrastructure.
In conventional markets, clearing networks offset obligations between counterparties so that only net balances are settled, freeing up liquidity and reducing risk. In crypto, that system largely does not exist. Firms have to fully prefund trades, tying up billions in capital and leaving markets exposed when conditions turn. That vulnerability became concrete in October 2025, when over $19 billion in crypto leverage was liquidated within a single day.
