Exclusive: Cyclops secures $8 million to develop stablecoin payment infrastructure for financial firms

Stablecoins Gain Traction Among Major Corporations

Large international companies often face delays and restrictions due to traditional banking hours when processing payments. To overcome these limitations, many leading businesses—including airlines, hotel groups, stadium operators, and restaurant chains—are increasingly adopting stablecoins. These digital assets, powered by blockchain technology, enable immediate, 24/7 settlement of transactions. In response to this shift, new startups have emerged to support companies in this evolving environment. One such startup, Cyclops, is dedicated to helping payment firms accelerate their integration of stablecoin solutions.

Cyclops Secures $8 Million in Funding

On Wednesday, Cyclops revealed it had raised $8 million in a funding round led by Castle Island Ventures, F-Prime, and Shift4 Payments. The company did not disclose its current valuation.

Building a Go-To Platform for Stablecoin Payments

Alex Wilson, Cyclops' co-CEO and co-founder, explained, “Our mission is to become the primary platform that payment companies turn to when developing stablecoin-based products.” Wilson launched Cyclops alongside Pat Duffy and David Johnson.

Real-World Adoption: Blade and Blue Origin

Blade, a New York-based service that offers helicopter rides to airports, is among the companies utilizing Cyclops’ technology. Cyclops supplies the stablecoin infrastructure for Shift4, which processes Blade’s payments and is also an investor in Cyclops. Additionally, Blue Origin, the space travel company founded by Jeff Bezos, relies on both Shift4 and Cyclops for its payment operations.

Founders’ Background and Motivation

Before Cyclops, Wilson and Duffy co-founded The Giving Block in 2018, a platform that enables nonprofits to accept cryptocurrency donations. Shift4 acquired The Giving Block in 2022, after which Wilson and his co-founders spent over three years at Shift4, with Wilson leading crypto initiatives.

Addressing Fragmentation in Crypto Payments

The trio’s experience at Shift4 highlighted the challenges of working with multiple vendors—such as ZeroHash, Bridge, and BVNK—to build crypto payment solutions. Frustrated by this fragmented approach, they set out to create Cyclops as a comprehensive platform where payment companies could develop and manage their crypto services in one place.

Business Model and Growth Plans

Cyclops currently employs 20 people and earns revenue through transaction fees, though specific financial details remain confidential. Looking ahead, the company aims to expand its partnerships to include major payment processors like Fiserv, Adyen, and Global Payments. Cyclops is also interested in collaborating with payment networks such as Visa, Mastercard, and American Express.

The Story Behind the Name

When asked about the inspiration for the name Cyclops, Wilson shared that the team wanted to create a single, unified solution for payment companies, eliminating the need for multiple vendors. The founders also have an appreciation for Greek mythology, which influenced their choice.

Clarifications

• Clarification: This article has been updated to specify that Cyclops’ goal is to assist payment companies in speeding up stablecoin adoption. A previous version suggested their infrastructure layer alone would facilitate this process.
• Clarification: The article now accurately states that both Duffy and Wilson co-founded The Giving Block.