Crypto infrastructure startup Zerohash raises $104 million
Crypto infrastructure startup Zerohash has secured $104 million in Series D funding, drawing backing from some of the biggest names in traditional finance, including Morgan Stanley and SoFi. The round, which values the company at $1 billion, was led by global trading powerhouse Interactive Brokers.
The funding also saw participation from Apollo-managed funds, alongside other strategic investors who are already Zerohash clients, founder and CEO Edward Woodford told CNBC.
“We wanted to raise from the largest, most trusted brands in the world and have that be the bridge into this new technology,” Woodford said.
Riding a Regulatory Shift
Zerohash’s raise comes amid a dramatic shift in the U.S. regulatory climate for cryptocurrencies. Under President Donald Trump, regulators have eased their stance on digital assets compared to the skepticism that defined the tenure of former SEC Chair Gary Gensler. The change has emboldened major financial institutions, with CEOs from Morgan Stanley, Bank of America, and others signaling readiness to re-enter the crypto space.
SoFi CEO Anthony Noto, for example, told CNBC earlier this year that the firm was preparing to restore crypto trading services following the regulatory reversal.
Expanding Blockchain Infrastructure
Founded in 2017, Zerohash provides the behind-the-scenes infrastructure that allows banks and fintech firms to integrate crypto trading, stablecoins, and tokenization into their platforms.
“Part of this raise is obviously accelerating [adoption] across all three of those verticals with a range of customers who are also investors,” Woodford explained.
Interactive Brokers, already a Zerohash client, uses the firm for crypto trading and custody and plans to roll out a stablecoin product through the partnership.
While Woodford declined to confirm whether Morgan Stanley and SoFi are currently clients, he hinted at forthcoming announcements. “These groups aren’t VCs,” he said. “You can assume that there’s obviously a couple of announcements coming down the road with these other investors.”
Later on Tuesday, CNBC reported that Morgan Stanley, in an internal memo, said it was preparing to launch crypto trading through its E-Trade division, with Zerohash providing the infrastructure.
Bridging Traditional Finance and Crypto
The Series D round underscores a broader trend of traditional finance converging with digital assets, with Wall Street giants now moving from cautious observers to active participants. For Zerohash, the backing of firms like Morgan Stanley, Interactive Brokers, SoFi, and Apollo could solidify its position as one of the key infrastructure providers powering the next wave of crypto adoption.
