Exclusive: Cyclops raises $8 million to build stablecoin infrastructure for payments companies

Core Insights - Large multinational businesses are increasingly adopting stablecoins for instant, around-the-clock payment settlements, moving away from traditional banking systems that are limited by hours and potential delays [1] - Startups like Cyclops are emerging to facilitate this transition, aiming to provide a streamlined platform for payment companies to develop stablecoin solutions [2][5] Company Overview - Cyclops has successfully raised $8 million in funding from investors including Castle Island Ventures, F-Prime, and Shift4 Payments [2] - The startup is co-founded by Alex Wilson, Pat Duffy, and David Johnson, with a vision to become the primary platform for payment companies seeking stablecoin solutions [2] Use Cases - Blade, a New York-based company that offers helicopter services to airports, utilizes Cyclops for stablecoin infrastructure, facilitated by Shift4 Payments [3] - Blue Origin, founded by Jeff Bezos, also employs Shift4 and Cyclops for its payment processing needs [3] Founders' Background - The founders of Cyclops previously established The Giving Block, a platform for charities to accept crypto donations, which was acquired by Shift4 in 2022 [4] - Their experience at Shift4, where they dealt with multiple vendors for crypto services, motivated them to create Cyclops as a one-stop solution [5] Business Model - Cyclops operates with a team of 20 employees and generates revenue through transaction fees, although specific revenue figures have not been disclosed [6] - The company aims to expand its partnerships with major payment processors like Fiserv, Adyen, and Global Payments, as well as payment networks such as Visa, Mastercard, and American Express [6] Naming Rationale - The name "Cyclops" reflects the founders' desire to create a singular solution for payment companies, reducing reliance on multiple vendors, and is also inspired by their interest in Greek mythology [7]