Zerohash has reportedly been planning to raise approximately USD 100 million to reach a valuation close to USD 1 billion.
According to sources familiar with the matter, cited by Fortune, the publicly traded online brokerage Interactive Brokers is leading the funding round for Zerohash. Representatives from both Zerohash and Interactive Brokers declined to comment on the matter.
This fundraising effort comes after Zerohash's Series D round in 2022, during which the company secured USD 105 million from investors, including Bain Capital, Nyca, and Point72 Ventures. Data from PitchBook indicates that the Series D round valued the company at USD 340 million.
Zerohash, previously known as Zero Hash, provides backend infrastructure that enables banks, brokerages, and fintech companies to offer cryptocurrencies, NFTs, and other digital assets to their clients. The company has positioned itself as a key player in the growing sector of stablecoins, which are cryptocurrencies linked to underlying assets like the USD.
Strategic partnerships
Zerohash has partnered with Stripe to help fintech clients transition from cash to stablecoins by utilising Zerohash’s extensive network of banking relationships and regulatory licences. Furthermore, it has collaborated with Securitize, another cryptocurrency startup, to assist traditional financial providers such as BlackRock and Franklin Templeton in entering the tokenisation space, where traditional financial assets like money market funds are converted into blockchain formats.
Zerohash allows its clients to exchange stablecoins for tokenised assets. Among Zerohash's clients are the prediction marketplace Kalshi and the neobank MoneyLion.
More on the stablecoin market
Zerohash is one of several stablecoin startups garnering venture capital interest, following Stripe's USD 1.1 billion acquisition of Bridge in October 2024. Other startups like BVNK and Agora have also raised considerable funds recently. The renewed interest in stablecoins is driven by rising Bitcoin prices and Circle's successful IPO, which has seen its shares increase significantly. Recent regulatory developments, including a Senate bill on crypto asset regulation, have further spurred interest, with companies like Walmart, Amazon, and Big Tech exploring stablecoin integration. Unlike Agora, which issues stablecoins, Zerohash supports the stablecoin ecosystem by providing tools for developers to transition between cash and stablecoins, addressing the growing demand in this sector.
