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Exclusive: Cyclops raises $20 million to help payment companies settle faster with stablecoins

First publishedJul 15, 13:00 UTC

Last updatedJul 15, 15:33 UTC · 8m ago

1 outlets over time — hover a bar for its window & outletslast updated

Exclusive: Cyclops raises $20 million to help payment companies settle faster with stablecoins

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6.0/10Source trustoutlet authority

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Answer

Reported by 1 outlet — Fortune. See all sources ↓

The advent of stablecoins has made it possible to settle global transactions instantly, but many payment providers have yet to catch up, relying instead on legacy banking infrastructure. The upshot is many merchants and consumers must rely on wire transfers that don’t operate on weekends, or outside banking hours. Miami-based startup Cyclops has plans to change all this and, on Wednesday, announced a $20 million Series A funding round to ensure that more payment providers can start to move money at internet speed. Cyclops sells an all-in-one infrastructure platform to payments companies, bundling crypto and stablecoin services so they can offer faster settlement and cross‑border transactions without building that tooling themselves.

Read the full report at Fortune ↗

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In brief

What's the story?: The advent of stablecoins has made it possible to settle global transactions instantly, but many payment providers have yet to catch up, relying instead on legacy banking infrastructure. The upshot is many merchants and consumers must rely on wire transfers that don’t operate on weekends, or outside banking hours.
How widely is it covered?: 1 outlet, average source rating 6.0/10.
When was it last updated?: 8m ago.

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Exclusive: Cyclops raises $20 million to help payment companies settle faster with stablecoins
Sources1
TypeCoverage
FortuneJul 15, 13:00

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organizationCEO Alex Wilson organizationCyclops organizationDavid Johnson. Nava Ventures organizationExclusive organizationMiami-based organizationPat Duffy organizationSeries organizationThere

Sources (1)

Avg source rating 6.0/10

Fortune6

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