
Episode #49
Ethan Buchman (Cosmos Co-Founder) on Cycles: The Clearing Protocol Reinventing How the World Settles Debt | The Index Podcast
What if the biggest unlock in crypto isn't moving money faster — it's not having to move it at all? Ethan Buchman, co-founder of Cosmos, CEO of Informal Systems, and founder of Cycles, sits down with Alex Kehaya to explain why 16th-century bankers may have understood finance better than we do today — and how he's bringing their playbook on-chain. From medieval merchant credit networks to a decentralized clearing protocol built for modern crypto market makers, this conversation goes deep into the history of money, why platforms are "dead" in this cycle, and what real product-market fit looks like in 2026. In this episode: ️ A crash course in medieval banking — how Renaissance-era bankers cleared massive trade volumes using almost no money at all ⚖️ What "balancing the trade graph" means and why it's the missing piece of modern crypto finance How Cycles nets out debts on-chain, automatically, without moving funds between parties Why Cycles is migrating from Cosmos/Neutron to Arc (Circle's new chain) and what that partnership means Cycles' real-world use case: crypto market makers, OTC desks, and liquidity providers settling millions daily with zero clearinghouse Ethan's honest take on the current market, the "infrastructure hangover" in crypto, and why builders need to focus on real users now Cycles Pay is live in the App Store today — private, on-chain payments and invoicing Links mentioned: Cycles: https://cycles.money/ Cycles on X: https://x.com/cyclesmoney Ethan Buchman on X: https://x.com/buchmanster Ethan Buchman on LinkedIn: https://www.linkedin.com/in/ethan-buchman-10b34944/ The Index Podcast: https://www.youtube.com/@theindexpodcast Show Links The Index X Channel YouTube






