When a large, multinational business settles payments through the conventional financial system, they are subject to banking hours and to possible delays. That’s why many big firms—airlines, hotels, stadiums, restaurant chains and others—are turning to stablecoins, which are built on blockchain technology and allow for instant, around-the-clock settlement. In response, startups are emerging to help the firms navigate this new landscape—including Cyclops, which aims to help payments companies expedite stablecoin adoption.
On Wednesday, Cyclops announced that it raised $8 million at an undisclosed valuation from Castle Island Ventures, F-Prime and Shift4 Payments.
