The company has debuted a pilot version of its Cycles Prime platform, which performs a similar function to a clearing house for crypto markets by helping trading firms finalize outstanding payments. Cycles also announced a pre-seed funding round of an undisclosed amount co-led by CMCC Global and Maven 11, which it plans to use to develop the platform and expand its user base. (The Logic)
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The company has debuted a pilot version of its Cycles Prime platform, which performs a similar function to a clearing house for crypto markets by helping trading firms finalize outstanding payments. Cycles also announced a pre-seed funding round of an undisclosed amount co-led by CMCC Global and Maven 11, which it plans to use to develop the platform and expand its user base. (The Logic)
Talking point: Buchman, the Toronto-based co-founder of the Cosmos crypto protocol, is Cycles’ CEO. The Cosmos network is worth US$35 billion and many popular blockchains and applications, including Binance Smart Chain and Singapore-based crypto-trading platform Crypto.com, were built using Cosmos software. Buchman is also CEO of Informal Systems, a Toronto-based crypto research and development firm that developed Cycles. In the Cycles white paper, Buchman and his co-authors say they hope the startup can help crypto bring about “large-scale positive impact on the real economy” by letting small firms avoid liquidity problems from late payments.
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