Cyclops Raises $8 Million to Expand Stablecoin Infrastructure
According to the company, new funding will build 24/7 stablecoin settlement rails, with existing merchant reach via Shift4 and planned integrations across Fiserv, Adyen, Global Payments, Visa, Mastercard, and American Express.
Fact Check
The funding amount, lead investors, and the specific list of planned integrations (Fiserv, Adyen, Global Payments, Visa, Mastercard, and American Express) are all corroborated by an exclusive Fortune report and secondary crypto news outlets. The existing reach via Shift4 is also confirmed, as Shift4 is both an investor and a partner using Cyclops's infrastructure for clients like Blade and Blue Origin.
Summary
In an official announcement, Cyclops said it raised $8 million to build 24/7 stablecoin settlements, with investors Castle Island Ventures, F-Prime, and Shift4 Payments; valuation undisclosed. The company supports merchants such as Blade and Blue Origin via Shift4 and plans ties with Fiserv, Adyen, Global Payments, Visa, Mastercard, and American Express.
Terms & Concepts
- Stablecoin: A cryptocurrency pegged to a stable asset such as the U.S. dollar to minimize price volatility.
- Stablecoin infrastructure: Platforms and rails that enable issuing, handling, and settling stablecoin transactions for merchants and payment processors.
- 24/7 stablecoin settlements: Round-the-clock clearing and settlement of payments using stablecoins, unconstrained by traditional banking hours.