zerohash
Infrastructure for embedding crypto trading, stablecoins, and tokenization in platforms.
Website: https://zerohash.com/
Cover Block
PUBLIC
| Field | Value |
|---|---|
| Name | zerohash |
| Tagline | Infrastructure for embedding crypto trading, stablecoins, and tokenization in platforms |
| Headquarters | Chicago, Illinois, United States |
| Founded | 2017 |
| Stage | Series D+ |
| Business Model | B2B2C |
| Industry | Fintech |
| Technology | Blockchain / Web3 |
| Geography | North America (serving 190 countries) |
| Growth Profile | Venture Scale |
| Founding Team | Co-founders Edward Woodford and Brian Liston |
| Funding Label | $100M+ |
| Total Disclosed | ~$286M [Tracxn, 2025] |
Links
PUBLIC
- Website: https://zerohash.com/
- Documentation: https://docs.zerohash.com/
- LinkedIn: https://www.linkedin.com/company/zerohash
- Crunchbase: https://www.crunchbase.com/organization/zero-hash
Executive Summary
PUBLIC
zerohash sells the regulated plumbing that lets banks, brokerages, and fintechs offer crypto trading, stablecoin payments, and tokenized assets without building (or licensing) the back end themselves, and the last twelve months have made that proposition unusually timely. Founded in 2017 by Edward Woodford and Brian Liston, who met at MIT graduate school, the company emerged from the earlier Seed CX exchange business and refocused on embedded infrastructure for institutional clients [Forbes, 2019]. The product set spans three lines that the CEO has described publicly as crypto trading, stablecoins, and tokenization, delivered through APIs and backed by a New York BitLicense held by Zero Hash LLC and its affiliate Zero Hash Liquidity Services LLC [CNBC, Sep 2025] [docs.zerohash.com, 2025]. Named clients include Interactive Brokers, Stripe, Shift4, BlackRock's BUIDL Fund, and Franklin Templeton, a roster that places the company close to the institutional adoption curve for tokenized money-market funds and stablecoin rails [zerohash.com, 2025]. In September 2025 zerohash closed a $104 million round backed by Morgan Stanley, SoFi, Apollo Global Management, Point72 Ventures, and Interactive Brokers, valuing the business at roughly $1 billion [CNBC, Sep 2025] [Blockworks, 2025]. Fortune subsequently reported the company was in late-stage acquisition talks with Mastercard at a $1.5 to $2 billion valuation, a development that, if confirmed, would reset the read on the entire embedded-crypto category [Fortune, Oct 2025]. The next 12 to 18 months should clarify whether zerohash exits via that strategic path, continues independently against Paxos and Fireblocks, or becomes the standards-setter for tokenized fund distribution at the asset-manager layer.
Data Accuracy: GREEN -- Confirmed by CNBC, Fortune, Blockworks, and the company's own regulatory disclosures.
Taxonomy Snapshot
| Axis | Value |
|---|---|
| Stage | Series D+ |
| Business Model | B2B2C (embedded infrastructure) |
| Industry / Vertical | Fintech, crypto infrastructure |
| Technology Type | Blockchain / Web3, regulated APIs |
| Geography | HQ North America, supported across 190 countries |
| Growth Profile | Venture Scale |
| Founding Team | Two co-founders, MIT background |
| Funding | ~$286M total disclosed [Tracxn, 2025] |
Company Overview
PUBLIC
zerohash traces back to Seed CX, a Chicago-based institutional digital-asset exchange Woodford and Liston founded after meeting in graduate school at MIT [Forbes, 2019]. The Zero Hash settlement engine originated as an internal component of that exchange and was spun out to focus on embedded infrastructure as the founders concluded that the larger commercial opportunity sat with regulated firms wanting to offer crypto rather than with a standalone exchange. The legal entities Zero Hash LLC and Zero Hash Liquidity Services LLC are licensed by the New York State Department of Financial Services to engage in virtual currency business activity, the so-called BitLicense [docs.zerohash.com, 2025], a credential that is materially difficult to obtain and that frames much of the company's enterprise pitch.
The company is headquartered in Chicago's Fulton Market district, with reported revenue of $73 million and a team of approximately 222 people in 2025 according to Latka's database, a figure that should be treated as third-party reported rather than confirmed by the company [getlatka, 2025]. zerohash states it has supported more than five million end users across 190 countries through its platform partners, a reach derived from the consumer-facing apps and brokerages that embed its rails rather than from any direct retail product of its own [zerohash.com, 2025].
Key milestones in the public record are concentrated in the past three years: a series of regulated product expansions across payouts, on-ramps and tokenization; a string of named institutional integrations with Interactive Brokers, Stripe, Shift4, BlackRock's BUIDL Fund and Franklin Templeton [zerohash.com, 2025]; the $104 million round in September 2025 that pushed total disclosed funding to roughly $275 to $286 million depending on the source [CNBC, Sep 2025] [Blockworks, 2025] [Tracxn, 2025]; and a November 2025 partnership with Plasma to support instant borderless stablecoin payments on a layer-1 chain [GlobeNewswire, Nov 2025]. CEO Edward Woodford was named to the Forbes 30 Under 30 list in Enterprise Technology in 2019 and recognized as a 2025 Chicago Titan 100 honoree [Forbes, 2019] [Business Insider, 2025].
Data Accuracy: GREEN -- Confirmed by Forbes, CNBC, Blockworks, and the NYDFS-linked company disclosures.
Product and Technology
MIXED
zerohash sells regulated infrastructure as APIs that platform builders embed into their own apps, with the company carrying the licensing, custody, settlement, liquidity-sourcing and compliance burden behind the scenes. The product surface is organized around three pillars the company and its CEO consistently cite in press: digital-asset trading, stablecoins (issuance, payments, on/off-ramps), and tokenization of real-world assets [CNBC, Sep 2025] [zerohash.com, 2025]. On the trading side the company operates an RFQ service in which Zero Hash Europe (ZHEU) sources prices from multiple liquidity providers and routes execution, with conflicts-of-interest controls including periodic spot-checks of client executions against independent benchmarks [zerohash.com, 2025].
The payments and settlement layer supports payouts in a published list of supported regions and is positioned for cross-border use cases including remittance, payroll and commerce settlement [docs.zerohash.com, 2025]. The tokenization layer is where the most recent enterprise activity sits: the company's blog discusses the lifecycle of tokenized assets from issuance through settlement, and zerohash markets named relationships with BlackRock's BUIDL Fund and Franklin Templeton, both of which are leading tokenized money-market fund issuers [zerohash.com, 2025]. The November 2025 Plasma partnership extends the stablecoin payment stack onto a dedicated layer-1, which is consistent with a strategy of being chain-agnostic at the rails level rather than tying the product to any single network [GlobeNewswire, Nov 2025].
From a defensibility standpoint, the technology story is inseparable from the regulatory story: the NYDFS BitLicense, the network of state money-transmitter licenses implied by the published payouts coverage, and the documented compliance program (independent execution monitoring, conflicts disclosures, custody segregation language in the docs) collectively raise the bar for any new entrant trying to offer the same embedded surface area to a US bank or broker [docs.zerohash.com, 2025] [zerohash.com, 2025]. Specific cloud, ledger, and HSM choices are not described in the public materials reviewed for this report.
Data Accuracy: GREEN -- Confirmed by company documentation, CNBC, and GlobeNewswire.
Market Research and Opportunity
PUBLIC
The market for embedded crypto and stablecoin infrastructure has shifted in 2024 to 2025 from a speculative narrative to a measurable institutional procurement cycle, and zerohash sits squarely on the buyer side of that shift. Stablecoin transaction volume, tokenized treasury fund AUM, and bank-led pilots in real-world asset tokenization have all expanded in the period covered by the cited press, with Yahoo Finance describing the round as occurring while "stablecoin fever is still running hot" [Yahoo Finance, 2025] and Fortune characterizing zerohash as operating in "a crowded field of infrastructure companies" servicing financial institutions building stablecoin, crypto-trading, and tokenization products [Fortune, Sep 2025].
The company states it has supported more than five million users across 190 countries via its platform partners, and counts BlackRock's BUIDL Fund and Franklin Templeton among its tokenization clients, two issuers that together account for a meaningful share of the early tokenized-treasury market [zerohash.com, 2025]. The relevant adjacent and substitute markets are traditional cross-border payments (correspondent banking, card rails), prime brokerage and custody for digital assets, and transfer-agent and fund-administration services on the tokenization side.
Demand drivers cited in the public record include: (1) US regulatory clarity around stablecoins moving from draft toward enacted frameworks, (2) accelerating tokenization of money-market funds and treasuries by tier-one asset managers, (3) the entrance of payment networks (Mastercard's reported acquisition interest being the clearest signal) into stablecoin settlement, and (4) brokerage and neobank distribution partners like Interactive Brokers, SoFi, and Stripe wanting unified access to crypto, stablecoins, and tokenized assets through a single licensed counterparty [Fortune, Oct 2025] [CNBC, Sep 2025]. Regulatory and macro forces cut both ways: the same licensing complexity that makes embedded infrastructure attractive to buyers also constrains zerohash's product velocity, and any future US rule that re-classifies certain tokenized instruments as securities could reshape which lines grow fastest.
| Cited demand signal | Value | Source |
|---|---|---|
| End users supported via partners | 5,000,000+ | [zerohash.com, 2025] |
| Countries supported | 190 | [zerohash.com, 2025] |
| 2025 round size | $104M | [CNBC, Sep 2025] |
| Reported acquisition valuation range | $1.5B to $2.0B | [Fortune, Oct 2025] |
from this snapshot is that the market is being priced by strategic acquirers, not just venture investors: the Fortune-reported acquisition range is roughly 1.5x to 2x the post-money valuation of the September round, which implies the embedded-infrastructure category has moved into a phase where payment networks see it as core rather than adjacent.
Data Accuracy: YELLOW -- Demand-side proxies are GREEN; a named third-party TAM was not located in the cited research.
Competitive Landscape
MIXED
zerohash competes in a regulated infrastructure segment populated by both pure-play crypto firms and traditional-finance entrants, with the dividing line increasingly drawn between providers that hold their own US money-transmission and trust licenses and those that do not.
| Company | Positioning | Stage / Funding | Notable Differentiator | Source |
|---|---|---|---|---|
| zerohash | Embedded crypto, stablecoin, and tokenization APIs for banks, brokers, fintechs | Series D+, ~$286M raised, ~$1B valuation | NYDFS BitLicense plus marquee asset-manager clients (BUIDL, Franklin Templeton) | [CNBC, Sep 2025] [zerohash.com, 2025] |
| Paxos | Regulated stablecoin issuance and crypto brokerage infrastructure | Late stage, prior unicorn round | NY trust charter, USDP and PYUSD issuance history | [Fortune, Sep 2025] |
| Fireblocks | MPC-based custody, transfer, and tokenization platform | Late stage, multi-unicorn | Wallet and transfer network adopted by banks and exchanges | [Fortune, Sep 2025] |
| Anchorage Digital | Federally chartered crypto bank, custody and settlement | Late stage | Only US federally chartered crypto bank | [Fortune, Sep 2025] |
| BitGo | Qualified custody and trading services | Late stage | Long-standing custody franchise across institutional clients | [Fortune, Sep 2025] |
| Bakkt | Crypto and loyalty infrastructure for enterprises | Public (NYSE: BKKT) | Public-company disclosure profile, ICE heritage | [Fortune, Sep 2025] |
In the embedded-API segment, the cleanest head-to-head is with Paxos, which holds a New York trust charter and has a longer track record on stablecoin issuance, and with Fireblocks, whose strength is in custody and transfer rather than full brokerage and tokenization. zerohash's defensible edge today rests on three reinforcing assets: the NYDFS BitLicense and its supporting state-level coverage, a named customer roster that includes Interactive Brokers, Stripe, Shift4, BlackRock's BUIDL Fund and Franklin Templeton, and an investor base (Morgan Stanley, Apollo, SoFi, Interactive Brokers) whose own distribution can pull product through [CNBC, Sep 2025] [zerohash.com, 2025]. The durability of that edge is mixed: the licensing moat is genuinely durable on a multi-year horizon, while the customer-roster advantage is perishable if a competitor wins the same logos with better pricing or product depth.
The most exposed flank is custody at scale against Anchorage Digital, which holds a federal charter that zerohash does not, and BitGo, whose qualified-custodian history is longer. On the stablecoin issuance line specifically, Paxos's prior work powering PYUSD and USDP gives it a reference set zerohash cannot fully match. There is also a category zerohash does not own: closed-loop card-network settlement, which is precisely why the reported Mastercard acquisition interest is strategically logical for both sides [Fortune, Oct 2025].
Looking 18 months out, the most plausible scenario is bifurcation. Winner if Mastercard (or another network) closes the reported deal: zerohash becomes the default crypto and stablecoin infrastructure layer behind a global card network, and the embedded-API category effectively consolidates around two or three regulated providers. Loser if a competitor (Paxos most plausibly) wins a federal stablecoin charter under new US legislation before zerohash does: the licensing differential narrows and the marketing position resets to product depth, where the contest is closer.
Data Accuracy: YELLOW -- Subject-row data is GREEN; competitor stage and differentiator framing is analyst-assembled from public press rather than from each competitor's primary disclosures.
Opportunity
PUBLIC
If zerohash executes against the demand the cited press already describes, the prize is to become the default regulated infrastructure layer for any large US financial institution offering crypto, stablecoins, or tokenized funds.
The headline opportunity. The single largest outcome zerohash could plausibly become is the embedded-finance equivalent of a regulated network operator for digital assets: the API counterparty that a bank, broker, asset manager, or payment network calls when it needs licensed crypto, stablecoin, and tokenization functionality without building its own compliance stack. The cited evidence makes that outcome reachable rather than aspirational: the company already counts Interactive Brokers, Stripe, Shift4, BlackRock's BUIDL Fund, and Franklin Templeton as named clients [zerohash.com, 2025], it holds the NYDFS BitLicense [docs.zerohash.com, 2025], and its $104 million September 2025 round drew direct checks from Morgan Stanley, Apollo, SoFi, Interactive Brokers, and Point72 Ventures, an investor mix more typical of a strategic infrastructure asset than a pure venture bet [CNBC, Sep 2025].
Growth scenarios.
| Scenario | What happens | Catalyst | Why it's plausible |
|---|---|---|---|
| Strategic exit to a payment network | zerohash is acquired by Mastercard (or a peer) and becomes the network's crypto and stablecoin rail | Closing of the reported $1.5 to $2.0 billion deal | Fortune reports late-stage talks at that valuation [Fortune, Oct 2025] |
| Tokenized fund standard | zerohash becomes the de facto distribution and settlement layer for tokenized money-market funds | Expansion of named relationships with BlackRock's BUIDL Fund and Franklin Templeton to additional issuers | Both anchor issuers are already public clients [zerohash.com, 2025] |
| Embedded stablecoin payments at scale | zerohash powers stablecoin payouts and settlement for fintech and commerce platforms in 190 countries | Plasma layer-1 partnership and continued onboarding of platforms like Stripe and Shift4 | Partnership announced November 2025 [GlobeNewswire, Nov 2025] |
What compounding looks like. The flywheel is regulatory-led rather than product-led. Each new state or sovereign license unlocks a new set of platform partners, and each marquee platform partner (Interactive Brokers on brokerage, Stripe on commerce, BlackRock on tokenized funds) pulls in end users whose volume is reflected in the company's stated figure of more than five million supported users across 190 countries [zerohash.com, 2025]. Volume in turn improves liquidity sourcing through the multi-provider RFQ engine, which tightens spreads, which makes the platform a more attractive default for the next embedding partner [zerohash.com, 2025]. The compounding shows up most clearly in the institutional logos already disclosed: a tier-one asset manager publicly using a provider for tokenization is among the most credible procurement signals available in this category.
The size of the win. A credible comparable is the reported acquisition discussion itself: Fortune's $1.5 to $2.0 billion range implies a roughly 1.5x to 2x markup over the September 2025 post-money valuation in a matter of weeks [Fortune, Oct 2025] [Blockworks, 2025]. If the tokenized-fund scenario plays out and zerohash becomes the settlement rail behind a meaningful share of the tokenized treasury market that BUIDL and Franklin Templeton anchor, the comparable shifts toward listed market-infrastructure businesses whose multiples are materially higher than late-stage private fintechs (scenario, not a forecast). The downside symmetry of these scenarios is covered in the private Risk Analysis section.
Data Accuracy: GREEN -- Confirmed by CNBC, Fortune, Blockworks, GlobeNewswire, and the company's own client disclosures.
Sources
PUBLIC
[zerohash, 2025] zerohash | The Infrastructure Behind Modern Finance | https://zerohash.com/
[zerohash, 2025] About zerohash | https://docs.zerohash.com/page/about-zero-hash
[zerohash, 2025] zerohash Security | https://zerohash.com/security
[zerohash, 2025] Conflicts of Interest Disclosure | https://zerohash.com/disclosures/conflicts-of-interest-disclosure
[zerohash, 2025] Inside the Tokenized Asset Lifecycle | https://zerohash.com/blog/inside-the-tokenized-asset-lifecycle
[zerohash, 2025] Supported Regions | https://docs.zerohash.com/docs/supported-regions
[CNBC, Sep 2025] Crypto startup Zerohash raises $104 million from Morgan Stanley, SoFi, Apollo and others | https://www.cnbc.com/2025/09/23/startup-zerohash-raises-104million-morgan-stanley-sofi-apollo.html
[Fortune, Sep 2025] Fast-growing crypto and stablecoin startup Zerohash raises $104 million | https://fortune.com/crypto/2025/09/23/zerohash-edward-woodford-fundraise-interactive-brokers-morgan-stanley/
[Fortune, Oct 2025] Mastercard in late-stage acquisition talks with Zerohash | https://fortune.com/crypto/
[Yahoo Finance, 2025] Exclusive: Zerohash to raise $100 million at an almost $1 billion valuation | https://finance.yahoo.com/news/exclusive-crypto-stablecoin-infrastructure-startup-180343319.html
[Blockworks, 2025] Zerohash $1 billion valuation coverage | https://blockworks.co/
[Crunchbase, 2025] zerohash company profile and funding | https://www.crunchbase.com/organization/zero-hash
[Tracxn, 2025] Zero Hash funding history | https://tracxn.com/
[Forbes, 2019] 2019 30 Under 30 Enterprise Technology: Brian Liston and Edward Woodford | https://www.forbes.com/pictures/5be5b8d54bbe6f78bda781d9/brian-liston-26-l-edward/
[Business Insider, 2025] Edward Woodford recognized as 2025 Chicago Titan 100 | https://markets.businessinsider.com/news/stocks/edward-woodford-founder-and-ceo-of-zero-hash-recognized-as-2025-chicago-titan-100-1034036453
[GlobeNewswire, Nov 2025] zerohash and Plasma partner for stablecoin payments on layer-1 | https://www.globenewswire.com/
[Startup Intros, 2025] zerohash Funding, Team & Investors | https://startupintros.com/orgs/zerohash
[LinkedIn, 2025] zerohash company page | https://www.linkedin.com/company/zerohash
[getlatka, 2025] zerohash revenue and team data | https://getlatka.com/
[Leaders in Payments, Jan 2026] Edward Woodford, CEO & Founder of zerohash, Episode 460 | https://leadersinpayments.com/2026/01/22/edward-woodford-ceo-founder-of-zerohash-episode-460/
Articles about zerohash
- Zerohash Is Wiring Stripe, BlackRock, and Interactive Brokers Into the Same Stablecoin Rail — The Chicago infrastructure firm just raised $104M and is reportedly fielding a Mastercard bid north of $1.5B.