Zerohash Secures $104 Million Series D-2, Achieves $1 Billion Valuation with Interactive Brokers and Morgan Stanley Backing

Executive Summary

Zerohash, a U.S.-based crypto and stablecoin infrastructure provider, has successfully completed a $104 million Series D-2 funding round. The investment, led by Interactive Brokers, establishes Zerohash's valuation at $1 billion, solidifying its status as a unicorn in the financial technology sector. This latest capital infusion brings Zerohash's total funding to $275 million. The round saw new participation from prominent financial institutions including Morgan Stanley, SoFi, Apollo-managed funds, Jump Crypto, Northwestern Mutual Future Ventures, FTMO, IMC, and Liberty City Ventures, alongside existing investors such as PEAK6, tastytrade, and Nyca Partners. The capital is designated to accelerate product expansion, support talent growth, and reinforce Zerohash's position in powering on-chain innovation for leading financial institutions.

The Event in Detail

Founded in 2017, Zerohash specializes in providing regulatory-compliant infrastructure that enables businesses to integrate crypto, stablecoin, and tokenization solutions. The company offers application programming interfaces (APIs) and an embeddable dev-kit that facilitate solutions across trading, cross-border payments, commerce, remittance, payroll, and tokenization. Zerohash has supported over 5 million users across 190 countries, serving a client base that includes Interactive Brokers, Stripe, Shift4, Blackrock's BUIDL Fund, Franklin Templeton, DraftKings, Kalshi, Lightspark, Tastytrade, and Republic. The recent funding round highlights surging demand for on-chain infrastructure, particularly as several marquee institutions are making their first crypto and stablecoin investments through Zerohash.

Financial Mechanics and Strategic Alliances

The $104 million Series D-2 raise is a significant financial event, contributing to Zerohash's $275 million in total funding and its $1 billion valuation. This financial commitment from institutional investors extends beyond mere capital injection, signifying strategic alliances. Interactive Brokers, a lead investor, is also a client of Zerohash, utilizing its services for crypto trading and custody. Notably, Morgan Stanley's participation is directly aligned with its digital asset strategy. The bank has disclosed plans to roll out crypto trading for its E*Trade clients by early 2026, leveraging Zerohash for liquidity, custody, and settlement services. Morgan Stanley's head of wealth management, Jed Finn, confirmed that E*Trade will initially list major cryptocurrencies, including Bitcoin, Ethereum, and Solana, with intentions to build a complete wallet solution and capture tokenized versions of traditional assets such as cash, stocks, bonds, and real estate.

Business Strategy and Market Positioning

Zerohash positions itself as the "AWS of on-chain infrastructure," catering to the increasing demand from traditional banks and brokerages to expand into stablecoins and tokenized assets. The company's strategy involves working with established financial names to serve as a bridge into new blockchain technology. This approach allows incumbent financial firms to accelerate their adoption of digital assets by investing in backend providers like Zerohash rather than building complex blockchain technology from scratch. Zerohash has already processed over $20 billion in transaction volume and has a focused emphasis on stablecoin infrastructure, facilitating over $2 billion in tokenized fund flows in the four months leading up to April 2025. The platform supports over 65 digital assets and 22 blockchains, with recent integrations including PayPal USD (PYUSD) in March 2025 and the Sui blockchain in July 2024.

Broader Market Implications

This funding round underscores a growing institutional interest in and validation of the underlying infrastructure of the crypto space. The substantial investment from major financial players suggests a maturing market where compliant infrastructure providers are attracting significant capital. This trend is expected to lead to increased adoption of crypto services by banks and fintech companies, potentially expanding the reach of digital assets and tokenized solutions within traditional finance. Zerohash CFO Adam Berg stated, "Every financial institution is looking to provide access to the crypto asset class and innovate with this technology at scale." The move by institutions like Morgan Stanley to integrate crypto trading within existing platforms and through partnerships minimizes operational risks. Furthermore, the capital raise occurs amidst a perceived shift in the U.S. regulatory climate, transitioning from skepticism to a more active support for digital assets, which may encourage further institutional engagement in the sector.