Miami-based startup Cyclops announced on Wednesday it has raised $20 million in a Series A funding round aimed at improving payment settlement speed through stablecoins. The funding will help payment providers transition from traditional banking infrastructure to faster, internet-speed transactions, according to the company.
Key Details
Cyclops offers an all-in-one infrastructure platform that integrates crypto and stablecoin services, allowing payment companies to facilitate quicker cross-border transactions without needing to develop their own systems. Co-CEO Alex Wilson stated,
There’s tons of businesses and consumers that benefit from that… they want to put that cash to work as quickly as possible.
The funding round was led by Nava Ventures, with participation from Castle Island Ventures, Coinbase Ventures, Circle, Lasagna Ventures, and GPT Ventures. Cyclops previously raised $8 million in a seed round in March 2023. The company was founded by Wilson and Pat Duffy, who previously co-founded the Giving Block, a platform that provided crypto services for charities.
Background
The startup aims to address the limitations of current payment systems, which often rely on wire transfers that are unavailable during weekends or outside banking hours. Cyclops seeks to enable faster transactions for both merchants and consumers by leveraging the capabilities of stablecoins.
The development could enhance the operational efficiency of payment processors and fintech companies, particularly those involved in cross-border transactions. Increased adoption of stablecoins may also influence the cryptocurrency market by driving demand for related services.
Investors will watch for updates on Cyclops' deployment of its new funding and any partnerships that may arise from this initiative.