Crypto clearing startup Glacis Labs has successfully raised $6.8 million in a seed funding round, marking its emergence from stealth mode. The round was led by Lightspeed Faction and included participation from prominent names like Franklin Templeton, Coinbase Ventures, A.GAIN (formerly IDC Ventures), Protein Capital, and Techni Ventures. Fundraising began late last year and concluded in March, structured as equity with token warrants; the valuation was not disclosed.
As part of the deal, Lightspeed Faction received a non-voting board observer seat. Glacis Labs, founded in January 2024, built ZeroDelta—a multichain clearing platform that matches, nets, and settles digital asset transfers across blockchains. It runs on Glacis Core, a cross-chain messaging layer, and AirLift, a token transport layer. Currently, ZeroDelta supports Circle's USDC, Tether's USDT, and Ethena's USDe, with plans to expand into tokenized securities, real-world assets (RWAs), and foreign exchange.
CEO Jacob Blish explained the focus on stablecoins, noting that RWAs still require more compliance work. The platform has already cleared over $1 billion in transaction volume at a $1.5 billion annualized run rate, with roughly 90% in stablecoins. Blish emphasized ZeroDelta's institutional client base, including market makers, aggregators, and stablecoin issuers. The company differentiates itself from EDX Markets (which recently raised $76M) by clearing across multiple blockchains and venues, not just a single trading venue, and by maintaining neutrality without trading against clients.
Glacis plans to hire across engineering, compliance, and go-to-market roles, with revenue generated from transaction fees. Blish noted that investors like Franklin Templeton and Coinbase Ventures can aid distribution and liquidity, addressing the challenge of building transaction flow while meeting institutional onboarding requirements.
