Cycles Raises $6.4 Million to Build Open Clearing Network for Crypto Markets

Cycles, a startup building an open clearing network for crypto markets and stablecoin payments, has raised $6.4 million in funding led by Blockchange Ventures. The round brings Cycles' total funding to $8.7 million, following a $2.3 million pre-seed in 2025.

The funding will accelerate the development of Cycles' clearing network and scaling of its products, including Cycles Prime, which enables trading firms to net OTC obligations privately across the network. This infrastructure is expected to improve capital efficiency and unlock new opportunities for growth.

Crypto markets largely operate without a clearing system today, creating liquidity bottlenecks, higher counterparty risk, and settlement inefficiencies across billions in daily trading volume. Cycles aims to bring the benefits of clearing systems to the crypto market by enabling net settlement through its multilateral clearing network.