Cyclops is on a mission to become the backbone of global money movement
Cyclops announced that it has raised a $20M Series A led by Nava Ventures with participation from Castle Island Ventures, Coinbase Ventures, Circle, Lasagna Ventures and Global PayTech Ventures, helmed by Javier Perez, former President of Mastercard and founding investor in Adyen. As part of the round, Kevin Chenault of Nava Ventures joined the Cyclops board. Cyclops, founded by Alex Wilson, Pat Duffy and David Johnson, is the only stablecoin infrastructure company built exclusively for the payments industry.
“There is no better team equipped to solve this problem. They lived in this world already and know exactly where the pain points are. 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.” said Kevin Chenault from Nava Ventures.
While demand for stablecoins is clear, payments companies have struggled to scale these efforts with legacy providers. Cyclops, built exclusively for payments companies, helps them bring stablecoin products to market more quickly by offering the only all-in-one solution purpose built for payments. Previously, payments companies had to stitch together multiple solutions in order to offer products such as stablecoin settlement or pay-ins and payouts. With Cyclops, they can now get everything from one partner and bring solutions to market in weeks rather than months or years.
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“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.” said Alex Wilson, Co-Founder of Cyclops.
The Cyclops founding team has deep payments expertise. Pat Duffy and Alex Wilson previously founded The Giving Block, an end-to-end crypto fundraising solution for nonprofits. The Giving Block was acquired by Shift4 where they led the crypto and stablecoin division for nearly four years. Third co-founder David Johnson, the international technology lawyer, is the architect behind Cyclops’ unique approach to global licensing. Cyclops has grown its merchant network to 300,000, expanded globally, and grown volume 350% MoM. In less than one year, the team has grown to 31 employees with plans to double headcount by year end.
“I spent my career helping to build the rails that moved money over the last 50 years. I’ve been looking for the opportunity to invest in the platform that will power the next 50. We’re betting on Cyclops to be that platform.” said Javier Perez, Founder & Managing Partner of Global PayTech Ventures.
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