Mastercard is pivoting from acquisition talks to considering a strategic minority investment in blockchain infrastructure company Zerohash, after the firm decided to remain independent. According to sources familiar with the matter, formal discussions for a full acquisition, which were reportedly in late stages last year with a potential valuation of up to $2 billion, have concluded.
Zerohash, founded in 2017, provides critical backend infrastructure including custody, settlement, and fiat on-/off-ramp solutions via APIs. This allows fintechs and traditional brokers like Interactive Brokers, Stripe, BlackRock's BUIDL Fund, Franklin Templeton, and DraftKings to integrate digital assets without building their own systems. The platform serves over 5 million users across 190 countries.
The company's decision to stay independent is central to its strategy. A Zerohash spokesperson stated, "We are not entertaining an acquisition by Mastercard... Our team is central to our velocity, and we believe that remaining independent best positions Zerohash to continue innovating, building and delivering for our customers." The spokesperson added that the company looks forward to scaling commercial partnerships while preserving autonomy.
This shift highlights a broader trend in crypto M&A, where large financial incumbents are increasingly targeting established, revenue-generating infrastructure projects with regulatory compliance and institutional clients, rather than speculative protocols. Zerohash fits this profile perfectly, having raised $104 million in a Series D-2 round led by Interactive Brokers in October 2025, achieving a $1 billion valuation. Other participants included Morgan Stanley, Apollo-managed funds, SoFi, and Jump Crypto.
For Mastercard, a strategic investment would allow it to maintain exposure to the growing crypto infrastructure sector without the integration risks and balance-sheet commitment of a full takeover. The payments giant has also been linked to discussions with other infrastructure firms like BVNK, a London-based stablecoin payments fintech.
The outcome of these negotiations may set a precedent for how traditional finance giants engage with mature crypto infrastructure providers, balancing the desire for exposure with the providers' growing preference for independent, partnership-driven growth.
