On May 21, PANews reported, according to The Block, that Cycles, a multilateral clearing startup founded by Cosmos co-founder Ethan Buchman, has raised a new 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 enables more trades to be cleared among multiple parties with less capital, using zero-knowledge proofs (ZK), trusted execution environments (TEE), and graph algorithms.
Cycles Raises $6.4M to Build a Multilateral Clearing Protocol and Launch the Stablecoin Cycles Pay
PANewsShare
Summary
Cycles, a multilateral clearing startup co-founded by Cosmos founder Ethan Buchman, has raised $6.4 million in a new funding round led by Blockchange Ventures. Coinbase Ventures, Compound VC, and Primitive Ventures also participated, bringing total funding to $8.7 million. The protocol update will focus on building an open clearing protocol using ZK proofs, TEEs, and graph algorithms. The project plans to launch its stablecoin, Cycles Pay, alongside its token launch announcement.
Source:Show original
Disclaimer: The information on this page may have been obtained from third parties and does not necessarily reflect the views or opinions of KuCoin. This content is provided for general informational purposes only, without any representation or warranty of any kind, nor shall it be construed as financial or investment advice. KuCoin shall not be liable for any errors or omissions, or for any outcomes resulting from the use of this information.
Investments in digital assets can be risky. Please carefully evaluate the risks of a product and your risk tolerance based on your own financial circumstances. For more information, please refer to our Terms of Use and Risk Disclosure.