Cyclops Announces $8M Raise For Stablecoin Payment Acceptance

Cyclops has raised $8M in a strategic investment.

Cyclops is gearing up to scale stablecoin acceptance and processing for traditional PSPs (Payment Service Providers) and e-commerce solutions. Recently going live, the latest $8M investment was made official by Shift4, Castle Island Ventures, and FPrime. They are already serving over 200K merchants, with $2B+ in processed volume.

Cofounder Alex Wilson expressed:

"Using a patchwork of existing solutions, we built products for pay-with-crypto, stablecoin settlement and stablecoin payouts at Shift4. It was so much harder than it needed to be. We shouldn't have needed multiple vendors and dedicated engineering and product teams to bring those products to market. Cyclops is the first platform where everything comes out of the box ready for a payments company."

The founding team is well-versed in integrating digital asset payments into traditional processing platforms, having previously supported crypto payments as donations under TheGivingBlock, and then as part of Shift4 - one of the largest PoS and global payment vendors. Cyclops is competing against existing solutions, such as BVNK and ZeroHash.