Glacis Labs, the company behind multichain crypto clearing platform ZeroDelta, has raised $6.8 million in a seed round as it comes out of stealth, the company told The Block.

Lightspeed Faction led the equity round with token warrants, with participation from Franklin Templeton, Coinbase Ventures, A.GAIN (formerly IDC Ventures), Protein Capital and Techni Ventures. Fundraising began late last year and closed in March. Glacis declined to disclose its valuation.

As part of the deal, Lightspeed Faction received a non-voting board observer seat, though Glacis did not say which partner would occupy it. The company was founded in January 2024 and currently has a 10-person remote team mainly across New York and Europe, with plans to hire in engineering, compliance and GTM roles.

Glacis has built ZeroDelta, a clearing platform that matches, nets and settles digital asset transfers across multiple blockchains. The system is built on Glacis Core, its cross-chain messaging layer, and AirLift, its token transport layer. ZeroDelta currently supports USDC, USDT and Ethena’s synthetic dollar USDe and plans to expand to tokenized securities, RWAs and FX.

ZeroDelta targets institutional users in three buckets: market makers and dealers rebalancing assets across chains, aggregators and solver networks seeking cheaper settlement routes, and stablecoin issuers and tokenization platforms needing 24/7 liquidity. Glacis generates revenue via fees on cleared transaction volume.

Glacis said ZeroDelta has cleared more than $1 billion in transaction volume and is operating at a $1.5 billion annualized run rate, with roughly 90% of flows in stablecoins. CEO and co-founder Jacob Blish said the main challenge ahead is scaling transaction flow for the clearing engine while managing longer institutional onboarding cycles.

Blish positioned ZeroDelta as complementary to venue-specific clearing models such as EDX Markets’ institutional trading and clearinghouse platform, which recently raised a $76 million Series C. He added that components of Glacis’ stack overlap with offerings from Circle’s CCTP, LayerZero, Across and CoW Protocol, which he expects to be more partners or customers than direct competitors.

Blish said Glacis is differentiating by combining native mint/burn transport without bridge risk, a matching engine that clears matched flow at par before settlement, and neutrality by not running a proprietary trading desk. He noted that strategic investors such as Franklin Templeton and Coinbase Ventures can help the company add distribution and liquidity alongside their capital.

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