The narrative of private settlement networks is interesting; front-loading counterparty risk filtering is much more reliable than chasing after compensation afterward.

CryptoWorld reports that Cycles has completed a $6.4 million seed round, bringing the total to $8.7 million. Blockchange Ventures led the investment, with participation from Coinbase Ventures, Compound VC, Primitive Ventures, and others. Cycles aims to build a private clearing network that purifies participant obligations before final settlement, reducing counterparty risk and market liquidity requirements. It uses zero-knowledge proofs and TEE to enable privacy cooperation for sensitive financial activities, addressing the lack of traditional clearing infrastructure in the crypto market.