Cyclops has officially secured $20M in Series A round capital for scaling its stablecoin infrastructure for Fintechs and PSPs.
This was led by Nava Ventures and also saw participation from Coinbase Ventures, GPT Ventures, Castle Island Ventures, and Lasagna Ventures.
Per Fortune, the new allocated funding will be used to scale stablecoin operations for payment-native entities looking to bring stablecoin services onboard.
Just before you go
To date, Cyclops has processed over $2B in stablecoin transaction volumes. This again underlines that currently, B2B payments are the leading category for stablecoin adoption.
Last year, the team had announced its pre-seed raise for $8M from Shift4 as well as others, as it saw a gap in the market specifically for helping companies working in the payments space to accept stablecoins securely.
Cyclops wanted to ensure that clients can do this without having to work with a myriad number of specialist providers in wallets, custody, processing, orchestration, etc.
