Cyclops, a stablecoin and crypto infrastructure platform, has raised $20m in a Series A funding round led by Nava Ventures.
The round included participation from Castle Island Ventures, Coinbase Ventures, Circle, Lasagna Ventures and Global PayTech Ventures. As part of the financing, Kevin Chenault of Nava Ventures has joined the Cyclops board.
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Cyclops was founded by Alex Wilson, Pat Duffy and David Johnson. The startup positions itself as a stablecoin infrastructure provider “built exclusively” for the payments industry.
The platform enables payments companies to integrate stablecoin and crypto capabilities through a single API. Cyclops said customers can use the platform for stablecoin settlement, crypto payments and treasury optimisation.
The company will use the proceeds to accelerate product development and expand local teams and licencing efforts. The 31- employee firm also plans to double its workforce by the end of the year.
Cyclops co-founder Alex Wilson said: “Stablecoins have reached an inflection point and their adoption has been accelerated by agentic commerce. “Payments companies are uniquely positioned to benefit from the growth of stablecoins but have historically struggled to adopt the technology. Cyclops is here to change that.”
Cyclops said it has expanded its merchant network to 300,000. The company also reported global expansion and volume growth of 350% month over month.
Wilson and Duffy previously founded The Giving Block, a crypto fundraising platform for nonprofits. Subsequently, The Giving Block was acquired by Shift4, where they led the crypto and stablecoin division for nearly four years.
Nava Ventures’ Kevin Chenault said: “Coming from the payments industry themselves, they are bringing the missing link of purpose built stablecoin infrastructure for the payments industry to scale the next wave of stablecoin growth.”
Earlier this year, Cyclops said it secured an $8m “strategic investment” from Castle Island Ventures, F-Prime and Shift4 Payments to build the platform. The platform became commercially available following that investment.
