Cycles raises $6.4 million to build a multilateral clearing protocol and launch the stablecoin Cycles Pay.

CoinFeed reported on May 21 that Cycles, a multilateral clearing startup founded by Cosmos co-founder Ethan Buchman, has completed a new funding round of $6.4 million, led by Blockchange Ventures, with participation from Coinbase Ventures, Compound VC, Primitive Ventures, and others, bringing its total funding to $8.7 million. Cycles aims to build an open clearing protocol that uses zero-knowledge proofs (ZK), trusted execution environments (TEEs), and graph algorithms to clear more transactions between multiple parties with less capital.