The advent of stablecoins has made it possible to settle global transactions instantly, but many payment providers have yet to catch up, relying instead on legacy banking infrastructure. The upshot is many merchants and consumers must rely on wire transfers that don’t operate on weekends, or outside banking hours. Miami-based startup Cyclops has plans to change all this and, on Wednesday, announced a $20 million Series A funding round to ensure that more payment providers can start to move money at internet speed.
Cyclops sells an all-in-one infrastructure platform to payments companies, bundling crypto and stablecoin services so they can offer faster settlement and cross‑border transactions without building that tooling themselves.
“There’s tons of businesses and consumers that benefit from that… they want to put that cash to work as quickly as possible,” said Cyclops co-CEO Alex Wilson, who launched the company along with cofounders Pat Duffy and David Johnson.
Nava Ventures led the round, which also included investments from Castle Island Ventures, Coinbase Ventures, Circle, Lasagna Ventures, and GPT Ventures. Cyclops declined to specify at what valuation the startup raised its most recent stash of capital. The new funding follows an $8 million seed round raised in March.
