Payment network giant Mastercard has abandoned plans to invest in crypto infrastructure firm Zerohash following its $1.8 billion acquisition of stablecoin infrastructure company BVNK, according to a person with direct knowledge of the matter. In January, reports suggested Mastercard was weighing a strategic investment in the Chicago-based firm even after Zerohash opted to remain independent, with the startup then in talks to raise $250 million at a $1.5 billion valuation.
Now, Zerohash is said to be raising a new funding round at an even higher valuation, two people with knowledge of the matter told Fortune, speaking anonymously because the details are private. A Zerohash spokesperson declined to comment on fundraising conversations, while Mastercard did not respond to a request for comment by publication time.
The relationship between the two companies dates back to late 2025, when Fortune reported that Mastercard was in advanced negotiations to acquire Zerohash for up to $2 billion. After Zerohash withdrew from the deal, Mastercard shifted focus and agreed in March 2026 to buy UK-based BVNK, which provides similar infrastructure for stablecoin operations.
Founded in 2017, Zerohash offers APIs and embeddable developer tools that enable financial institutions and fintechs to deliver cryptocurrency, stablecoin, and tokenization products. Its platform reportedly serves over 5 million users across 190 countries, with clients that include Morgan Stanley, Interactive Brokers, Stripe, BlackRock’s BUIDL fund, Franklin Templeton, and DraftKings.
Zerohash was last valued at $1 billion after closing a $104 million Series D-2 round in September 2025 led by Interactive Brokers. That round drew backing from Morgan Stanley, Apollo-managed funds, SoFi, Jump Crypto, Northwestern Mutual Future Ventures, FTMO, IMC, Liberty City Ventures, and existing investors PEAK6, tastytrade, and Nyca Partners.
The broader crypto dealmaking environment remains active, with exchanges and infrastructure providers racing to expand capabilities through acquisitions. Kraken’s parent company Payward recently agreed to buy derivatives platform Bitnomial, and Bullish (owner of CoinDesk) announced a $4.2 billion deal for Equiniti, aiming to combine transfer agency services with tokenization infrastructure. Analysts expect consolidation to persist as firms compete for custody, settlement, tokenization, and stablecoin capabilities amid rising institutional demand.
