PANews reported on May 21 that Cycles, a multilateral clearing startup founded by Cosmos co-founder Ethan Buchman, has completed a new funding round of $6.4 million, led by Blockchange Ventures, with participation from Coinbase Ventures, Compound VC, Primitive Ventures, and others, bringing its total funding to $8.7 million. Cycles aims to create an open clearing protocol that uses zero-knowledge proofs (ZK), trusted execution environments (TEEs), and graph algorithms to clear more transactions between multiple parties with less capital. Lynq and FalconX, as the first partners of Cycles Prime, will participate in pilot testing on the testnet with market makers, prime brokers, exchanges, and several leading trading institutions. The company also launched Cycles Pay, a stablecoin pegged to its clearing engine.