Cosmos’s Ethan Buchman launches new crypto-clearing startup Cycles
Summary
The company has debuted a pilot version of its Cycles Prime platform, which performs a similar function to a clearing house for crypto markets by helping trading firms finalize outstanding payments. Cycles also announced a pre-seed funding round of an undisclosed amount co-led by CMCC Global and Maven 11, which it plans to use to develop the platform and expand its user base. (The Logic)Talking point: Buchman, the Toronto-based co-founder of the Cosmos crypto protocol, is Cycles CEO. The Cosmos network is worth US$35 billion and many popular blockchains and applications, including Binance Smart Chain and Singapore-based crypto-trading platform Crypto.com, were built using Cosmos software. In the Cycles white paper, Buchman and his co-authors say they hope the startup can help crypto bring about large-scale positive impact on the real economy by letting small firms avoid liquidity problems from late payments.