Cyclops Secures $20 Million Series A for Stablecoin Payment Infrastructure

Miami-based startup Cyclops announced a $20 million Series A funding round on Wednesday, aimed at enabling payment providers to settle transactions faster using stablecoins. The company offers an all-in-one infrastructure platform that bundles crypto and stablecoin services, allowing payment companies to provide quicker settlement and cross-border transactions without developing the necessary tooling themselves. This funding aims to bridge the gap between the instant settlement capabilities of stablecoins and the legacy banking infrastructure still relied upon by many payment providers, which often results in delays for merchants and consumers, particularly on weekends or outside banking hours.

Cyclops co-CEO Alex Wilson stated that the goal is to allow businesses and consumers to "put that cash to work as quickly as possible." Nava Ventures led the Series A round, with participation from Castle Island Ventures, Coinbase Ventures, Circle, Lasagna Ventures, and GPT Ventures. The company did not disclose the valuation at which it raised this capital. This latest funding follows an $8 million seed round secured in March.

The origins of Cyclops trace back to 2018 when Wilson and cofounder Pat Duffy established their first venture, The Giving Block. This earlier company also focused on crypto and stablecoin services but was specifically tailored for the charity sector. Despite initial challenges in convincing charities to adopt crypto fundraising, they successfully onboarded clients such as Save the Children and St. Jude. The Giving Block was later acquired by the payments company Shift4, where Wilson subsequently led the crypto and stablecoins division, gaining further experience in implementing stablecoin settlement solutions.