Crypto
Cycles develops blockchain-based multilateral settlement protocol, launches stablecoin
Crypto startup Cycles, founded by Cosmos co-founder Ethan Buchman, has raised $6.4 million in funding. Blockchain Ventures led the round, with participation from Coinbase Ventures, Compound VC, Primitive Ventures and angel investors. Cycles said its total funding has risen to $8.7 million. The company is developing a blockchain-based settlement protocol that nets payments among multiple parties to minimise actual fund movements. It also plans to launch a stablecoin, Cycles Pay, linked to its settlement engine.
