Zerohash Raises $104M at $1B Valuation

Chicago-based crypto and stablecoin infrastructure firm Zerohash raised $104 million in a Series D-2 round led by Interactive Brokers that values the company at $1 billion. The round included participation from Morgan Stanley, Apollo-managed funds, SoFi, Jump Crypto, Northwestern Mutual Future Ventures, IMC, Liberty City Ventures and existing backers, bringing Zerohash’s total funding to about $275 million. The company said the capital will fund product expansion and hiring as it pursues its goal to become “the AWS of on-chain infrastructure,” offering APIs and embeddable tools that let banks and fintechs deploy crypto trading, stablecoins and tokenization products. Zerohash’s platform powers clients including Interactive Brokers, Stripe, BlackRock’s BUIDL fund, Franklin Templeton and DraftKings, and Interactive Brokers plans to launch a stablecoin product using Zerohash. The $1 billion valuation represents a sharp jump from an estimated $340 million valuation in 2022 and underscores growing institutional demand for enterprise-grade on-chain infrastructure amid a more favorable U.S. regulatory backdrop.