Cyclops Raises $20M Series A for Stablecoin Payment Rails
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Cyclops, a stablecoin infrastructure company based in Miami, Florida, has raised $20 million in a Series A round led by Nava Ventures. Castle Island Ventures, Coinbase Ventures, Circle, Lasagna Ventures and Global PayTech Ventures also participated. The round was announced on July 15.
Founded by Alex Wilson, Pat Duffy and David Johnson, Cyclops is the only stablecoin infrastructure company built exclusively for the payments industry. Its platform allows payments companies to onboard with a single partner and reach stablecoin settlement, payins, payouts and treasury optimization across global corridors through one API.
Growth at the company has been quick. Its merchant network has reached 300,000, its presence has expanded globally, and volume has grown 350% month over month. In less than a year the team has grown to 31 employees, with plans to double headcount by the end of the year.
Kevin Chenault of Nava Ventures has joined the Cyclops board as part of the round. The new capital will go toward accelerating product development, expanding local teams and licensing, and growing the go to market team.