Payment giant Mastercard has reportedly abandoned plans to invest in Zerohash, as the digital asset infrastructure provider seeks to raise fresh capital at a valuation above $1.5 billion.
According to a report, the decision comes after Mastercard agreed to acquire BVNK, a move that appears to have shifted the payments giant’s focus toward building its crypto capabilities through acquisitions rather than minority investments.
According to people familiar with the matter, Zerohash is now in discussions with investors for a new funding round at a valuation higher than the $1.5 billion level under consideration earlier this year.
Mastercard shifted course after BVNK acquisition
Mastercard was reported in January to be considering a strategic investment in Zerohash, even after acquisition talks between the two companies ended.
These earlier discussions had reportedly valued Zerohash at as much as $2 billion. After those talks did not result in a deal, Mastercard reached an agreement in March to acquire BVNK, a company focused on stablecoin payment infrastructure.
Mastercard has not publicly commented on the reported decision to end investment talks.
Stablecoin push continues through new partnerships
Mastercard has continued to expand its stablecoin initiatives beyond acquisitions. On May 6, the company announced a partnership with Yellow Card to develop stablecoin-based payment systems across Eastern Europe, the Middle East, and Africa.
The initiative is focused on cross-border transfers, treasury operations, business payments, and loyalty programs, with an initial rollout planned in Kenya, Ghana, Nigeria, South Africa, and the United Arab Emirates.
Mastercard has also participated in blockchain settlement pilots involving Ondo Finance, Ripple, and JPMorgan Chase’s Kinexys platform, reflecting growing institutional interest in near-instant settlement using tokenized assets.
Zerohash seeks fresh capital
Meanwhile, Zerohash declined to comment on fundraising discussions, but sources say the company is pursuing a new financing round at a valuation above its previously reported target.
The company was last valued at $1 billion after raising $104 million in a September 2025 Series D-2 round led by Interactive Brokers. The round included new investors such as Morgan Stanley, SoFi, and funds managed by Apollo Global Management.
Founded in 2017, Zerohash provides APIs and embedded tools that allow banks, brokerages, and fintech firms to offer crypto trading, stablecoin payments, and tokenized asset services. Its client roster includes Morgan Stanley, Stripe, Interactive Brokers, BlackRock’s BUIDL fund, Franklin Templeton, and DraftKings. The company says its infrastructure supports more than five million end users across 190 countries.
Crypto infrastructure firms draw investor interest
The fundraising effort comes as institutional demand for crypto infrastructure continues to grow, particularly in areas such as custody, settlement, stablecoins, and tokenization.
Recent acquisitions and capital raises suggest established financial firms are looking to expand their digital asset capabilities as regulatory frameworks become clearer in major markets.
For Zerohash, a successful funding round at a higher valuation would underscore continued investor interest in the companies providing the underlying infrastructure for Wall Street’s expanding crypto push.
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