Cycles has raised $6.4 million in new funding to expand a clearing network designed to bring traditional financial-market netting infrastructure into crypto trading and stablecoin payments — an area many industry operators view as one of digital finance’s largest structural gaps.

The round was led by Blockchange Ventures with participation from Coinbase Ventures, Compound VC, Primitive Ventures, and angel investors. The financing brings the company’s total funding to $8.7 million following a $2.3 million pre-seed round last year.

The startup is building what it describes as an open, privacy-preserving clearing layer for on-chain finance, using multilateral netting and cryptographic technologies to reduce the amount of capital…